Pub. 6 2018 Issue 1

www.uba.org 10 Harland Clarke's ClickSWITCH Helps Customers Switch with Ease C lickSWITCH TM , Harland Clarke's turnkey account­ switching solution, eliminates the hassle of transferring recurring deposits and payments. Account holders don’t have to complete multiple forms or payee notifications. The process is entirely automated and takes less than 10 minÂutes to initiate a switch. Once the switch is completed, they receive a real-time confirmation. ClickSWITCH removes account holder anxiety associated with switching accounts and saves them and your :financial institution time. In a case study, a bank with more than $600 million in assets wanted to capture more direct deposits and ACH payments with its new checking accounts. Capturing direct deposits is import- ant as it often helps secure primary :financial institution (PFI) status. The bank also wanted to welcome new members with the high level of service and conveÂnience for which it was known. The bank used ClickSWITCH TM , which allows account holders to initiate a switch of recurring deposits and payments in less than 10 minutes. To maximize the benefits of ClickSWITCH TM , the bank implemented the following best practices. • Integrate ClickSWITCH into the account opening process. New processes and procedures were adopted to ensure a switch code was issued with each new checking account. To ensure full activation, branch staff encour- aged members to complete the direct deposit switch in-branch. If necessary, the bank’s branch staff set appointments for members to come back in to complete the switch. • Incentivize frontline branch staff to reinforce Click- SWITCH into the process and drive key metrics. Each branch and employee had specific targets and stretch goals related to ClickSWITCH. In addition, frontline staff shared lessons learned and best practices during team huddles. • Ensure leadership support and tie adoption of Click- SWITCH into organizational goals. Senior-level buy-in was key to getting everyone onboard and keeping ClickSWITCH top of mind for staff. • The bank’s focus on best practices paid off big - 88 percent of new checking accounts were issued a switch code. When the switch code was issued, the bank achieved a phenomenal 87 percent direct deposit capture rate, setting the stage for the bank to achieve primary financial institution status with members. Member feedback was very positive, as well. They appreciated the convenience of ClickSWITCH and the time it saved from having to switch everything the “old-fashioned” way. They also liked not having to go back to their previous financial institu- tion. To learn how Harland Clarke can help account holders quickly and securely switch recurring payments and deposits to your fi- nancial institution, call 1-800-351-3843, email us at contactHC@ harlandclarke.com or visit harlandclarke.com/ClickSWITCH. n Who is switching Financial institutions -and why? The answers may surprise you. Who is Really Switching? On average, 8% of account holders switch financial institutions every year. Of that number, 78% are under age 35. 1 47% of total switchers are urban dwellers under age 34. 2 At Chase, using digital banking services resulted in a 10% increase in primary banking relationship status and • • • a 15% decrease in attrition. 3 78% of switchers are moving from a primary banking relationships at national/regional banks. 5 65% of switchers cite the availabili- ty of mobile banking as an import- ant or extremely important factor in their decision to switch. 4 1AlixPartner, "Consumer Bank Switching Behavior," AlixPartner, financial Services Franchise Health Study, 2,4Ibid, 3Gordon Smith, 5JP Morgan Chase & Co. "JPM Investor Day: Consumer & Community Banking," February 24, 2015)