Founders: Scott Herring, Ted Kitten, Scott Porterfield
Founded: 2011
Employees: 5
ZenCX is developing business intelligence software to help retail banks, commercial banks, private banks and credit unions to engage their customers and reduce churn with tools to identify customers at risk of leaving and offering targeted products through cross-selling.
The high performance U.S. banking industry crashed into the wall in 2008. From the wreckage, legislation introduced eliminated many banking fees & increased capital requirements, which challenged growth for many financial institutions. In the aftermath, the average churn rate for bank customers is over 10% EVERY YEAR, and over half of all customers are contemplating changing their bank within the next 12 months.
ZenCX has developed a strategic approach to reviewing banking customer data. We use predictive data analytics and data mining to find customer churn patterns and identify customers at risk of leaving. We also search for additional cross-selling opportunities and “best customers” to identify ways to generate additional revenue. Reducing customer turnover can increase net profits as much as 80%, so a modest investment in our technology can reap huge rewards.
Our solution can work for retail, commercial and private banks, as well as credit unions. Each financial institution can take advantage of features that address unique problems of their business.