Client-based case study shows quantified benefits of $10.8M in a five-year period in Customer Engagement Platforms for Financial Services
BARCELONA, Spain–(BUSINESS WIRE)–March 15, 2022–
Latinia, the Real-time communication’s software vendor for the financial industry, today announces the results of its Forrester Consulting Total Economic Impact (TEI™) study, examining the potential return on investment (ROI) through investing in Latinia’s Real Time Decisions Engine. Based on interviews and results for a mid-tier Latin American bank with around 350,000 digital channel customers, the TEI™ found that the client was able to achieve a 162% ROI in 5 years, a payback below 6 months, and generate new business because of the monetization of the bank’s digital services worth at least $1.5 million per year, with a net present value (NPV) up to $6.66M, adding some other quantifiable benefits like cost-savings and shortening time-to-market (TTM), not to mention unquantified benefits like customer empowerment and a leading-edge innovative positioning in the region.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220314005409/en/
“Many banks are facing competition from challengers who are both internal and external to the financial industry, and oftentimes, the competitive differentiation comes down to having a better understanding of customer’s needs. To overcome this, banks need a better knowledge what their customers are doing in real-time to deliver relevant content to them in a consistent and useful way. Latinia’s Real Time Decisions Engine allows them to do this”, said Marc Alcón, CEO and co-founder of Latinia.
In terms of the quantified benefits from signing Latinia’s, the bank identified $7.6M over 5 years because of the incremental revenues from messaging subscriptions of its customer base, $1.3M in cost savings by replacing its legacy messaging infrastructure, and $1.8M in shortening its time-to-market (TTM), totaling benefits around $10.8M in a five-year period row.
Unquantified benefits include increasing the bank’s customer knowledge, easiness to create better service experiences because of the real-time analysis and content delivery, and customer empowerment because of the self-service customer subscription mode.
Forrester’s Total Economic Impact™ (TEI) consulting practice develops business value justification analysis to help organizations understand the financial impact of a technology investment. The TEI methodology has been used for over 20 years by technology organizations. It consists of four components to evaluate investment value: cost, benefits, flexibility, and risk.
To review the full Forrester Total Economic Impact study about Latinia’s Real Time Decisions Engine, please visit here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220314005409/en/
Oriol Ros ([email protected])
VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn More
Source: Read Full Article