Velocity Solutions has launched its Retail Performance Engine to help community banks and credit unions boost performance of their consumer checking accounts, from the initial acquisition stage all the way to retention. The Engine is made up of a group of proven solutions that are powered by the Velocity Intelligent Platform™ and that focus on different strategies at different stages of the checking account life cycle. Through use of the Velocity Intelligent Platform’s unique metrics, participating banks and credit unions will obtain deep insights and a 360-degree view into account activity, empowering them to make better decisions and to drive checking account performance exactly where they need it most.
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Some of the highlights of Velocity’s Retail Performance Engine include:
- Digital Acquisition
Uses multiple strategies to drive profitable new account acquisition with a data-driven and digital approach. - Digital Engagement
Uses analytics and segmentation to drive account onboarding, engagement, and transactional activity using personalized marketing strategies. - Digital Debit Rewards
This strategy generates additional transactional activity and revenue by tying premium rewards and benefits to the debit card. - Velocity’s Rewards Platform
The Rewards Platform works seamlessly with the Retail Performance Engine and can be used to incentivize a number of account holder behaviors and activities. Velocity Solutions maintains a US-based, 25,000 square-foot warehouse, distribution and operations center, allowing Velocity to directly manage 100% of the inventory, fulfillment, customer service and incentive delivery.
“Our Retail Performance Engine is a truly unique offering in the banking/credit union space,” said Christopher Leonard, CEO of Velocity Solutions. “While the marketplace becomes saturated with niche fintechs who are proficient at driving performance of a specific checking account KPI, our Engine drives performance continuously throughout the entire account life cycle. For instance, while many financial institutions cease onboarding efforts after 30, 60 or 90 days, our Engine makes it easy to continue the onboarding efforts until our clients’ objectives are achieved. We provide complete transparency into our clients’ data and performance through the Velocity Intelligent Platform, allowing financial institution executives to identify specifically where they have opportunities to improve financial performance, drive cross-sales, and better serve their account holders with relevant information and offers.”
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