Do you know how much money banks are leaving on the table?

Everyone knows that feeling of finding some extra cash lying around. Maybe you found a $20 bill in an old pair of pants? You could have found a few bucks under your driver's seat in the car. Of course, we all know how change likes to fall in between the couch cushions, too!

What if financial institutions could easily find extra revenue slipping through the cracks in their existing customer base? Not just finding some loose change, but discovering potentially millions of dollars in increased revenue!

Can a bank really miss millions in revenue?

Yes, it happens a lot. Every time we at BOND.AI run a bank's data through our Empathy Engine, we see the significant amount of revenue banks are missing out on. Within seconds of passing the data through the engine, it outputs an array of parameters. But most importantly, it gives out two key ones.

       1. The BOND Score, a.k.a our financial health score for consumers.

       2. The potential revenue banks are not seeing.

The algorithm is based purely on consumers' needs and behavioral stability and not on the propensity to buy. This is a big game-changer for banks. The flexibility of the AI in developing personas engages the financial institution to help them maximize their potential revenue while assisting consumers in making changes to better their financial situations. Talk about a win-win! This isn't just speculation and wishful thinking, either. We have the data to back it up.

Real-world results

In a recent analysis¹ of a partner bank, we looked at the data of a little more than 1,500 of the institution's customer base. What we found out was stunning. A vast majority of their consumers have a low BOND Score. That is startling in a sense, but the deeper we dug, the more holes we found. About 41% of the consumers had low behavioral consistency, 34% had unmet needs, and almost 28% of the consumers had the potential to grow that was not being harnessed. When extrapolated to their whole customer base, it was $2.4 million in revenue the bank wasn’t seeing. Huge, isn't it?

Our Empathy Engine® can help banks discover about 1% of their total asset size in revenue. That's $8 million for a bank with $800 million in assets, for example.

In the same analysis, the Empathy Engine also found 49 of the consumers were only making the minimum payments to their credit cards. For example, we estimated $6,672 as the average amount of credit card debt in the United States with an estimated 19% interest rate assuming the customer would be paying the debt off over two years. A debt consolidation loan can significantly impact a customer's finances while increasing revenue for a bank or credit union. Let's say the bank offered a customer a debt consolidation loan at 8.2% over two years. That's a savings of $815 in interest for the customer and a profit of $544 for the bank, assuming a 7.58% net interest margin. Statistically speaking, there are 675 customers in a similar situation across the bank's entire customer base. That comes out to $367,000 in net interest income for the bank. It also adds up to a savings of $550,000 for the customers!

This is a simple example, but the power and value the Empathy Engine brings to an institution and its consumers is priceless. It takes the guesswork out of selling financial products and services and is a concierge-level service for every customer. What do you think would convince a customer to do this? Telling them "think I can save you some money" or "I can save you $815"?

The power and value the Empathy Engine® brings to a financial institution is priceless.

Another startling example from the same analysis found a customer loan with a 780% interest rate! The customer only borrowed $300 but would end up paying more than $2,000 in interest. Isn’t that predatory? Banks can easily help, and BOND.AI reveals where customers need help along with gaps in product offerings.

Financial health isn't just a buzzword anymore. We're helping banks and credit unions not only build back the bond with their consumers but also translate data into meaningful revenue. This technology isn't just for personal accounts; it works with commercial or small-business accounts as well.

There is revenue in your existing customer base. You just need to know where to look. Click the link below and let BOND.AI show you how to find it.

BOND.AI provides artificial intelligence for finance, powered by the world's first Empathy Engine. Embed its SDK to help your consumers and small businesses remove financial uncertainty. The Empathy Engine acts as a genuine superpower for consumer financial health. When data is run through this engine, it creates unique personas for every consumer or a small business of your bank or fintech app. A persona that connects their behaviors, strengths, potential needs to understand them holistically and creates multiple paths to boost their financial lives. Learn more about how BOND.AI combines its onboarding experience, text and voice bot, and persona clusters to drive customer engagement and improve financial wellness by visiting BOND.AI.

1   The bank data is anonymized data and encrypted. We do not view or store any PII information.