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Extraco Banks
Extraco Banks and Consulting
Take SWARM Banking Digital
2014
to integrate its SWARM Banking experience into its digital channels. It found the right fit with digital
engagement powered by LivePerson. Initially deployed in 2011 as live chat, the LivePerson LiveEngage
solution has evolved into digital engagement and is delivering results such as a 30 percent annual growth
Founded: 1902
rate in live chat interactions equating to 1,000-plus per month, a 20 percent call deflection rate, and a 90
FDIC: Member
percent-plus customer satisfaction score. The addition of mobile live chat in early 2013 is getting rapid
adoption; more than 19 percent of live chat is coming from mobile devices.
Assets: $1B+
Locations: 19
Employees: 400+
extracobanks.com
Extraco Consulting
In 2005, Extraco Banks began to think outside of the box on how to interact and transact business with
its customers. The bank studied other companies, including those outside of the financial services
segment, with a goal of finding best practices that would differentiate it from competitors. We looked
Formed: 2011
at companies across various industry segments and determined that our business is much broader
Subsidiary Corporation of
than simply being order takers in a bank lobby, recalls James Geeslin, the vice chairman and chief
Extraco Banks
Focus: People, Products,
Processes, and Technology
Methodology:
SWARM Banking
extracoconsulting.com
consumer banking officer at Extraco Banks and president and CEO at Extraco Consulting.
The unique nature of its business was a key factor that drove Extraco Banks search for a new customer
engagement model. About 40 percent of our income is non-interest income from non-traditional
banking products such as a mortgage division, insurance, financial services, and trust services, Geeslin
notes. Extraco Banks is unique in other ways as well. Were probably the first bank in the nation to
have a small business technology company that manages its networks, Geeslin proudly states.
The Results
Adoption-Growth
20% of customer
Customer Satisfaction
90%+ customer
Protect customer
interactions and data
Integrate with Jack Henry
Banking Online and Mobile
solutions platform
The Solution
Engagement Model
Proactive live chat on
desktops and mobile
engagement channels
Under the Hood
LiveEngage platform for live
chat integrated with Jack
Henry Banking Online and
Mobile banking solution
Customer Success
Implementation, training,
and ongoing support,
including scorecard analysis
and consulting
James Geeslin, Vice Chairman and CCBO, Extraco Banks, and Chairman and CEO, Extraco Consulting
was the overriding priority for the bank. Each digital interaction
agents in 2012 and another in early 2013 for a total of six. Directly
out of the gate, Geeslins team elected to offer both static and
Training time for our staff was also important in our evaluation of
Integration of live chat into its existing Jack Henry Banking Online
the larger project for Extraco Banks. Simply buying the technology
isnt enough, Geeslin says. You need the people, products, and
help our customers answer their questions, solve their problems, and
cross-sell and upsell additional services.
Security was a critical requirement for Extraco Banks when it came to the
the bank also began to integrate mobile live chat using LivePersons
rollout of mobile live chat. We are a conservative bank, and the security
standards built into the LiveEngage platform are very important to us,
19 percent of all live chat interactions now occur via mobile live chat.
Green says. These security requirements factor into Extraco Banks social
For its mobile live chat deployment, Extraco Banks added a mobile
component to the digital-engagement training track for its employees.
How customers chat via mobile is different than how they chat from
their desktops, Green says. We have our associates refresh their training
periodically, and thus they all were able to gain insights into
the different nuances of chatting with customers who were using their
mobile devices.
Consulting is born
Extraco Banks didnt plan for the launch of its consulting business; it simply happened. Geeslin recounts: Different banks were visiting our
headquarters to gain insight into our banking operations. We found that more and more were coming to visit, and we were spending increasing
amounts of time hosting them. We determined that we should create a new revenue stream and formed Extraco Consulting in January of 2011.
Geeslin argues that Extraco Consulting has a unique advantage. Because were also bankers, we very likely have seen and tackled nearly every
challenge facing our customers, he says.
James Geeslin, Vice Chairman and CCBO, Extraco Banks, and Chairman and CEO, Extraco Consulting
Extraco Consulting bakes digital engagement directly into its service offerings. We provide services around 42 different areas that are based on
different use cases and banking pain points, and digital engagement is part of the broader set of services we provide, Green relates. It may begin
with an assessment but then evolves into an actual implementation and training.
Helping the client understand the value of digital engagement and get LiveEngage configured to deliver optimal results is a critical starting point, Green
says. Then, to encourage adoption, we offer a train the trainer approach where we work with the client to certify their employees to do training.
The response of Extraco Consulting clients has been very positive. Our clients typically see high digital adoption rates after deployment, Green
reports. And as growing numbers of customers use digital engagement, this drives website traffic.
As part of the consulting engagement, Extraco Consulting works with its clients to construct a scorecard that is used to hone their metrics around
live chat deployment and all other touch points the client provides for interactions with their customers. This enables them to showcase how the
increase in interactions translates into more tangible results such as improved conversion rates, enhanced customer satisfaction, and even higher
referral rates, Green explains.
Recognizing the value it was seeing around mobile live chat into those engagements, Extraco Consulting added this component to its consulting
offerings in early 2013. It makes sense to include both, Green notes. We advise our clients on everything from the design of their websites, to what
marketing strategies they should implement, to technology options.
About LivePerson
LivePerson, Inc. (NASDAQ: LPSN) offers a cloud-based platform that enables businesses to proactively connect in real-time with their customers
via chat, voice, and content delivery at the right time, through the right channel, including websites, social media, and mobile devices. This
intelligent engagement is driven by real-time behavioral analytics, producing connections based on a true understanding of business
objectives and customer needs. LivePerson is headquartered in New York City with offices in San Francisco, Atlanta, Tel Aviv, London,
Amsterdam, and Melbourne.
Contact
LivePerson, Inc.
T: 212.991.1794
5th Floor
info@liveperson.com