How do financial institutions get maximum account holder adoption? Velocity Solutions has developed an automated direct mail, email and web-based system to encourage and receive account holder responses and opt-ins.

From a current perspective, many financial institutions are struggling with the new opt-in requirements laid out in changes to Regulation E which began to impact overdraft revenue in July 2010. But, with more regulatory changes on the horizon, there will be many more reasons to adopt an integrated communications and messaging system for all kinds of future opt-in requirements.

The Reg. E change requires all consumers to opt-in, or affirmatively consent, to overdraft services for ATM and debit card transactions before overdraft fees can be assessed. This could mean a significant reduction in revenue for the average financial institution. And, this is not a one-time event of reaching out to all existing account holders to encourage them to opt-in to these overdraft services, but an ongoing process to manage overdraft services. What are the best methods to manage and communicate with new and existing account holders on an ongoing basis to maximize service and optimize revenue?

The Opt-In Solution, is designed specifically to help financial institutions manage the opt-in process analytically and educate account holders on the best option for them. The Opt-In Solution provides an integrated and comprehensive plug-in process for you to assure the highest level of service for all account holders.

• Provides ongoing tools to help consumers do what is best for them. This maximizes revenues and relationships in the long run.
• Segmented strategies target accounts with revenues at risk.
• Comprehensive communication tools and methods include: mail, phone scripts, pre-packaged Internet tools with text and video explanations, decision wizards and integrated opt-in or out choices online.
• Simple integration with full tracking and reporting; compatible with existing overdraft software and core providers.

The challenge that most financial institutions face is identifying the segment of account holders that would be impacted the most by the new regulatory changes. For example, a financial institution could get 95% of their account holders to opt-in to overdraft services and still miss the 5% that ultimately matter. It may be a simple task to identify your heavy over-drafters, but it is much more difficult to tie those back to debit card use versus check and ACH transactions.

The Opt-In Solution makes this process easy and efficient. Through our proprietary segmentation and communication strategies, we have the capability to focus only on the account holders who rely heavily on overdraft services for their debit card transactions. We then engage those consumers with targeted offers directing them to the information they need to educate themselves on their options and provide them with the ability to opt-in to overdraft services.

Start managing your financial institution’s opt-in processes in the most profitable manner now.