A couple of weeks ago, Earnix proudly launched the Earnix 3D Personalization Suite™.
I’d love to share my answers to the two questions I get asked most often: “The What Suite?” and “What’s the big deal?”.
“The What Suite?”
Our brochures call it a Pricing and Product Personalization Software Suite, driven by world-class Analytics and Machine Learning. What it is in practicality is a set of 3 enterprise-software products that together empower Financial Institutions to offer the right financial product (we call this product “Earnix Personalize-it”, at the right price (You already know this product as “Earnix Price-it), at the right time (we call this product “Earnix Detect-it”).
Equally important, the Earnix 3D Personalization Suite stitches these three products together seamlessly to optimize for the Business KPIs, while maintaining governance and compliance, and improving the enterprise-wide end-to-end product personalization and pricing process.
“OK… So, what’s the big deal?”
Glad you asked 😉. First, some context – Among banks and insurance companies, Earnix has been known since 2001 as the pioneer, innovator, and current leader in analytics-driven pricing. As we continue to work on the next generation of Enterprise-Software for the Financial Industry, we’ve come to realize that for banks and insurers – hitting the right price, while critical, is no longer enough. Banks and Insurance companies crave the ability to offer the right financial product bundle to the right person, at the right time, AND with the right price.
Unfortunately for these companies, when competing for digital business – they compete for consumer attention with some 4,000 to 10,000 ads that we’re exposed to every day. As this Forbes Article states, consumers – including myself – only pay attention to ads that generate our personal interest.
“OK, got the context. So… what’s the big deal?”
In recent years, many companies have increased investment in personalized marketing communications. Some companies ventured into product recommendations, similar to those you see from digital leaders like Amazon or Netflix. These companies analyze browser-cookie data and offer similar products. They call it “Product Personalization”.
Where the problem starts for banks and insurers, is that the risk-based products they sell are seemingly so complicated, that according to this Forbes article more Millennials would rather visit the dentist than listen to banks. Among other reasons, financial product offers are often loaded with features, bundling options, terms, and conditions. Sometimes I too wish a company that knows me and that I trust would simply offer me to choose between a few financial offers that were recently tailored just for me based on my current financial needs. Right now, my banking and insurance providers don’t do this. If you ask me, the company that seems closest to being able to do this is… Amazon.
Earnix is here to help banks and insurance companies not become the next Barns & Noble. By the way, check out here what HBO’s Axios had to say on How Barnes & Noble fell to Amazon.
The Earnix 3D Personalization Suite is the ONLY Enterprise Software that fully connects Financial Institution Pricing TO Financial Product Personalization.
Do you think this is a big deal for banks and insurance companies? Do you believe, like I do, that with the right privacy standards in place we’d love it if our banks and insurers gave us more personally-relevant offers – in a way that was simple to understand, decide, and purchase?