New Research Uncovers Profit Increases, Productivity Gains, and Enhanced Customer Experience
SASKATOON, SK, May 7, 2024 /PRNewswire/ – Coconut Software, a leading provider of appointment scheduling, queue management, and video banking solutions, today announced the findings of a commissioned Total Economic Impact™ (TEI) Study conducted by Forrester Consulting, which details significant financial and operational benefits for financial institutions using Coconut Software.
Integral to the research was Forrester TEI experts designing a composite financial institution based on interviews and data from financial institutions already using Coconut Software. The resulting analysis presents positive business value associated with implementing Coconut, including:
- 325% ROI: The composite organization experienced benefits of $2.21M over three years versus total costs of $521K, adding up to a net present value (NPV) of $1.69M and an ROI of 325%.
- 2.5% Increase in New Deposit Accounts: Institutions saw an increase in new deposit accounts, leading to an additional profit of $330,000 over three years, with 355 new accounts opened.
- 8.5% Increase in Pull-Through Rates for Loans: Coconut Software contributed to an additional 1,200 loans, and 95 additional mortgages sold over three years, resulting in $1.6 million in additional profit.
- $294,000 in Recaptured Productivity: With automated appointment scheduling and customer engagement features, institutions recaptured significant staff productivity over a three-year period.
“Coconut helps us, from a strategy standpoint, to transform our branches from providing transactional interactions to advice interactions. It helps us tee up our services in a way that enables customers to easily connect with the right person and get the help they need.” EVP and chief community banking officer, Bank (~$6M in AUM).
“We are thrilled that this Forrester TEI study finally gives financial institutions a proven framework to assess the financial impact of bringing Coconut Software into their organizations,” says Katherine Regnier, CEO of Coconut Software. “Our customers have proof that bringing customers and qualified staff together for productive conversations around high-value products drives growth and improves engagement. We believe this TEI study now democratizes that data for all banks, credit unions, and other financial institutions.”
To learn more about the results of the Forrester TEI study and how Coconut Software can benefit your institution, visit go.coconutsoftware.com/TEI or contact Coconut Software [email protected].
About Coconut Software:
At Coconut Software, we believe that connecting with your financial institution should feel as breezy as a day at the beach. That’s why we spent a decade building a platform that makes it effortless for customers to connect with representatives and easy for staff to deliver exceptional experiences. Our appointment scheduling, queue management, and video banking solutions are trusted by 150+ leading financial institutions across North America, including RBC, Vancity, and Rogue Credit Union. Coconut Software helps these FIs (and more) attract new customers, improve experience, sell more products, and improve customer loyalty.
SOURCE Coconut Software
