2007 Deluxe Knowledge Exchange Expo Reveals Insights into Delivering Outstanding Small Business Customer Experiences
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ST. PAUL, Minn., Jan. 18: Financial executives and customer experience experts from around the country have come together to unveil insights and strategies for improving the customer experience for small businesses at Deluxe Financial Services' 2007 Knowledge Exchange Expo, held January 17 - 18, 2007, at Disney's Yacht & Beach Club Resort in Lake Buena Vista, Fla. The Expo features key findings from the Deluxe Knowledge Exchange Small Business Collaborative -- a group of 13 financial executives who recently completed an 18-month research initiative surrounding the small business customer experience.
"With its theme of 'Transforming the Customer Experience for Small Businesses,' the 2005-2006 Collaborative allows financial institutions to generate a deeper knowledge of their customers and craft innovative strategies to create more engaging experiences -- a benefit for the entire industry," said Luann Widener, president, Deluxe Financial Services.
Through their research and pilot program, Collaborative participants discovered small businesses generally categorize their experience with a financial institution as "neglectful, disengaged or unhelpful." While financial institutions typically make business decisions based on risk assessment, the Collaborative found that focusing on needs assessment -- the specific needs of each individual small business -- can improve loyalty and satisfaction among these crucial customers.
Initial results show the pilot significantly impacted customer loyalty and provided new opportunities for revenue growth. After participating in the pilot, 97 percent of small business owners said they would likely recommend the financial institution to another small business. In addition, 98 percent believed the financial institution, "treats me like an important individual," and 89 percent said they would likely use other products and services offered by the participating financial institution.
The Collaborative also discovered that while one-third of participating small businesses were not customers of the financial institution prior to the pilot, they often decided to become customers due to their positive experiences.
The Collaborative and Expo are extensions of the Deluxe Knowledge Exchange Series, which features information and ongoing events for financial institution executives. The series includes The Deluxe Knowledge Exchange Quarterly publication, Web seminars and the Knowledge Exchange Web site, https://knowledgeexchange.deluxe.com/
"At Deluxe, we strive to provide financial institutions products, services and programs that enable them to create meaningful connections with all consumers, building loyalty and growing revenue," said Widener. "The Knowledge Exchange Series is just one component of our commitment to helping banks and credit unions find and maintain a competitive edge -- and surpass the competition."
About Deluxe Financial Services
Deluxe Financial Services (Deluxe) is a business unit of Deluxe Corporation (NYSE:DLX). Building on the company's history as the leading check printer, Deluxe uses its knowledge and understanding of consumer preferences to orchestrate outstanding client experiences for the financial institutions it serves. Deluxe offers a variety of checks and related products to enhance consumer satisfaction, strengthen check program security, increase revenue and improve efficiency. More information about Deluxe is available at www.deluxe.com/
First Call Analyst:
FCMN Contact: nan.palmer@deluxe.com
Source: Deluxe Financial Services
CONTACT: Maureen Hatteberg of Deluxe Financial Services,
+1-651-483-7503; or Jessica Newman of Weber Shandwick, +1-952-346-6026
Web site: www.deluxe.com/
https://knowledgeexchange.deluxe.com/
