Deluxe Corp., a longtime leader in check printing, has announced the rollout of SwitchAgent, a tool set designed to help consumers easily switch from one financial institution to another.
SwitchAgent is offered by Minnesota-based Deluxe directly to financial institutions, at prices Deluxe vice president Petro Tsarehradsky declined to reveal in an interview.
The selling proposition for Switch Agent is that in an age of electronic payments and bill pay many consumers may sign up for a new account but their transition process stalls as they become overwhelmed with the challenges of keying in so much data anew.
SwitchAgent is intended to largely automate the process for the consumer.
“Using SwitchAgent, people can make a switch in 30 minutes or less, instead of hours or days, and this is the first end-to-end solution that will help financial institutions better serve their customers and increase the likelihood of converting a greater percentage of new accounts into multiple service customers,” said John Filby, a senior vice president for Deluxe Corp., in a prepared statement.
Tsarehradsky elaborated that in tests Deluxe “found a 20% reduction in inactive accounts when SwitchAgent helped bring new accounts on board.”
Tsarehradsky indicated that SunTrust, a $178 billion institution with branches in the southern U.S., has pioneered implementation of SwitchAgent.
Earlier this year, Credit Union Times reported that Texas Trust Credit Union, a $753 million institution based in Mansfield, Texas, had implemented the SwitchAgent service.