AXYM™ is the intersection of insight and foresight where credit unions can predict, with a high degree of confidence, a member’s next financial purchase. Satori Consulting Inc. has been building analytical models and providing strategy and consulting to credit unions since 2004.  With a strong understanding of the intricacies of many core banking systems such as DNA, Fiserv, and RFS, AXYM™ is Satori’s proprietary Predictive Analytics Solution for all credit unions.

AXYM™ helps credit unions effectively analyze and strategically leverage member data to build relationships that last a lifetime.

AXYM™ Predictive Segmentation

AXYM™ builds Predictive Segmentation models tailored specifically for your credit union. Leveraging over 15 years of data modeling experience, and working specifically with credit unions, we formulate segments that are customized and specific to the behaviors and uniqueness of your members.

Our two main proprietary measures are Member Engagement and Member Future Buying Potential.  In other words,  focuses on both sides of the equation by deepening member relationships and engagement with the credit union, and growing member share of wallet. A winning combination that is powerful, predictive and personalized.

When it comes to predictive modelling is it better to consolidate data across multiple credit unions to create the models?

No, not necessarily…

While more data seems like it would be better, larger credit unions dominate the modelling process because of size and transaction volume. This means that models will skew toward the bigger credit unions which tend to be more urban with distinct behavioural patterns. It is best to use individual credit union data to build models that reflect the uniqueness of each credit union and which will produce stronger results.

AXYM™ Key Outputs that drive ROI:

  • Eight actionable and customized segments;
  • Next Best Product and Next Best Service for each member;
  • Channel analysis;
  • Attrition scores for each member;
  • Analysis of current member onboarding statistics with strategic recommendations;
  • Third party data integration (Aviso, Cards, Insurance, Net Promoter, Survey data) ;
  • Opportunity analysis for growth projections;
  • Credit Union Benchmarking;
  • Easy to use table for membership analysis on 100+ variables and turn-key list pulling;
  • Ongoing consulting, best practices and training to drive maximum value and ROI;
  • Other add on models such as Wealth.
  • Integrated into Microsoft Power BI.

 

AXYM™ Powerful, Predictive, Personalized

Where are you on YOUR Journey?

Click here for our Segmentation White Paper

AXYM™ Attrition

65-85% Prediction Accuracy

AXYM™ Attrition helps you predict member attrition before it happens, so that you can be proactive in tackling membership churn. Analyzing the member behavior, transactions, demographics data and usage patterns, AXYM™ Attrition converts structured and unstructured data/information into meaningful insights that predict, with a 65-85% accuracy, which members are likely to leave 4 months into the future.

Not convinced that closing the backdoor is important? Here are 5 compelling reasons:

  1. On average, credit unions have a 1 to 1 ratio of new to closed members.
  2. According to Forrester.com, it costs 5 times moreto acquire new customers than it does to keep an existing one.
  3. They leave without being seen – only 28% of members use the branch as their main channel.
  4. It will cost you 16 times more to bring a new customer up to the same level as an existing customer.
  5. Only 57% of members are using credit unions as their main financial institution.

Knowledge is Power

The AXYM™ suite of products are designed to be used unilaterally, however using them in tandem will yield even stronger results. Imagine knowing that one of your highly growable, highly engaged members is likely to leave in the next few months. What action would you take? The saying “knowledge is power” has never been so true and AXYM™ gives you the power to be proactive and confident in your conversations with your members.

Research & Optimization

CRM Consulting

Satori leverages more than 15 years of extensive CRM and sales experience to help you maximize the AXYM™ output and integrate it with your CRM.    Our consultants are not only available to help you to configure, execute, and capture the data for your campaigns, but our experts can train and equip your staff to sell more effectively.

CRM can be a powerful tool – we are here to help.

We know that CRM solutions are a significant investment for any organization – both in the time required to select the solution and train staff, as well as the financial commitment.  Organizations that have made an investment in a CRM tool are looking for a strong ROI. However, we have found that there is often a gap in engagement, proper use and buy-in. Satori has the expertise to support credit unions to optimize CRM understanding, adoption, and value to the organization and your members.  To achieve this we have created the CRM Health Check.

Do You Need a CRM Health Check?

  • Our staff struggle to use our CRM effectively/consistently.
  • Our CRM offers many functions, but we are not sure that everyone knows how to use them.
  • We use CRM as a coaching tool, but are not sure the results are accurate.
  • We have not captured the best practices of our high performers relative to using CRM.
  • Campaign management is not where it should be, but we are unsure why.
  • We don’t know what we don’t know and need help streamlining our CRM use.

If you checked any of the above boxes, then a CRM Health Check will help you be more successful.

Here’s what a CRM Health Check will offer:

  • Comprehensive analysis of functionality and current use
  • Identification of strengths and weaknesses, along with prescribed changes
  • Best practices
  • CRM configuration – designed to optimally leverage
  • Integration of AXYM™ Predictive Analytics services into CRM
  • Campaign management, report pulling and “How to” campaign
  • Relationship sales coaching
  • Coaching the Coaches

Member Effort Survey

According to research published in the Harvard Business Review, measuring customer effort outperforms the Net Promoter Score and customer satisfaction measures in predicting customer behaviour. This research has led Satori Consulting Inc. to partner with the US firm Competitive Edge, to bring the Member Effort Survey technology and practices and strategy, to Canadian Credit Unions.

Member Effort Survey measures the amount of effort that a member needs to exert to do a transaction or conduct banking at a credit union. Whether it is applying for a loan, accessing mobile banking, calling a branch or cashing a cheque, the data collected provides insight to processes or channels that require more effort and therefore provides tangible data to create internal changes to streamline processes and make dealing with the organization easy and seamless.

The Statistics Speak Volumes

According to the Harvard Business Review article, Stop Trying to Delight Your Customers, of the customers who reported low effort, 94% expressed an intention to repurchase, and 88% said they would increase their spending. Only 1% said they would speak negatively about the company. Conversely, 81% of the customers who had a hard time solving their problems reported an intention to spread negative word of mouth. In short loyalty is not driven by happiness, but rather it is driven by banking made easy.

Timeliness is Critical

Member Effort Surveys are sent via email based on a members most recent transaction. Focussing on the most recent transaction allows the Credit Union to be agile in its reaction, and reach out to rectify a poor situation or to simply thank the member for being a member. Both outreaches are equally as powerful.

The timeliness of the feedback is equally as important to uncover trends within an organization. Whether issues are at the branch, department, product, staff level or systemic across the organization MES is a wealth of information that can quickly right a ship that is going off course.

Once a year member surveys are good, but they are typically answered by members that are highly engaged and happy or member who at that moment in time is upset. With a typical 25% – 30% response rate, it leaves a vast group of members who go unheard. With MES, the survey response rates are similar but the bias of happy is taken out of the equation, providing a more accurate measurement across multiple channels.

Call today to find out more

Contact Us Today for More Information

Other Research and Optimization Services

Relationship + Onboarding Strategy

Marketing works hard to bring new members to your organization. When they arrive at your door sales is there, prepped to ready to make a sale. The cost for this marketing and sales powerplay is expensive as it costs 5 times more to acquire new customers than it does to keep an existing one. Therefore having a consistent and tracked on-boarding strategy is so incredibly important.

Hard hitting statistics:

  • On average, 9% of members close within 12 months of opening a membership
  • 85% of a new members product holdings, within the first 12 months, are acquired in the first interaction (the first time they see a sales person)
  • The average products per member of a new member 12 months after joining is 1.75

Why does marketing bothering to drive new traffic into the branches or online? The answer is simple.

Growth Trifecta 

Attracting is a integral part of the Growth Trifecta. Attracting, growing and deepening relationships, and fighting membership attrition, all need to work in tandem. But bringing members to you door is not enough. A well thought out and consistent approach to member onboarding is just as important.  At Satori we use data and experience to help clients build on-boarding strategies that are unique to their member base and sales culture. We also help with re-boarding members. Not sure what that is..call us today to find out more.

Contact Us Today for More Information

Branching & Marketing Strategies – Using data to drive results

At Satori, we offer many services designed to make your organizations more efficient. Here are just a few:

  • Branch hours and transactional review
  • Branch closures
  • New branch opening
    • Location analysis that includes where members shop
  • Member Journey Mapping
  • Product and service audits
  • Member satisfaction survey results compared to transactional data
  • Census and third-party overlay data to drive marketing strategies
  • Much, much more…

Attracting is a integral part of the Growth Trifecta. Attracting, growing and deepening relationships, and fighting membership attrition, all need to work in tandem. But bringing members to you door is not enough. A well thought out and consistent approach to member onboarding is just as important.  At Satori we use data and experience to help clients build on-boarding strategies that are unique to their member base and sales culture. We also help with re-boarding members. Not sure what that is..call us today to find out more.

Need some research? Contact us today to see what we can do you you.

About Satori Consulting inc.

Satori Consulting inc. is a leading Canadian owned management consulting and leadership development firm, based in Burlington Ontario. Being based in Burlington Ontario supports our geographically close service areas of Hamilton, Oakville, Mississauga, Cambridge, Waterloo, Toronto and the GTA, but we are also national and global in scope providing management consulting services from coast to coast.

We bring a unique, cross-disciplinary approach to clients’ challenges, ensuring the right balance of expertise, real world experience and best practices across business strategy, governance, organizational performance and executive & talent development.

Providing expertise in credit union consulting, insurance industry knowledge, academia (coaching and teaching), general business management solutions, family business solutions, leadership development and team building – Satori Consulting inc. is passionate about management consulting and partnering with clients that want change.