Distributed Product Strategy: Helping Clients Improve their Customer Advantage and Engagement

2022-08-31  |  Marco DeiCont, VP, Client Office

These are unpredictable times for businesses and consumers. We’ve all been feeling it. Consumers across Canada are dealing with increasing pressure from rising interest rates and financial institutions (FIs) are facing stiff competition for engagement and loyalty. With so many variables at play, it’s hard to direct consumer attention to what your FI may have to offer.

As a solutions provider to financial institutions, Valeyo is always looking for ways to help generate new opportunities to deepen customer engagement and bring additional value to everyday interactions for our clients and partners. In addition to our core offerings: loan origination technology and insurance programs, Valeyo works with multiple carriers and industry-leading providers to offer a growing suite of distributed product solutions, which are becoming an important part of our client’s overall customer engagement and growth strategy.

Distributed Products – A Core Business Proposition

Simply put, distributed products are important because they enhance clients’ core business propositions. They provide additional value to financial institutions in terms of non-interest revenue, and to their customers in terms of insurance protection and services. As financial institutions feel the squeeze of shrinking margins, distributed products serve as future-proof solutions that meet long-term needs for growth and improve customer engagement.

At the core of our business proposition, is our commitment to creating strong partnerships, whether it’s with our clients, the industry, or end-users. Our goal is to be a full-value provider for our clients and partners.

Our distributed product strategy is based on four key principles:

Our distributed product strategy is based on four key principles:

  1. Provide added value to clients and partners and their channels, enabling them to optimize the value proposition to their customers and members.
  2. Offer an integrated suite of solutions that aren’t siloed, but work together to fulfill the gaps in an organization’s existing product and service line-up.
  3. Work with our clients and partners to generate new products and services by developing a deep understanding of the challenges they may be facing and provide cutting-edge, innovative solutions.
  4. Develop partnerships with clients and partners that not only demonstrates long-term commitment, but also our role as trusted advisors who understand their business needs and priorities.

Meeting Customer Expectations – A Critical Strategy in a Volatile Market

We know that what customers expect from their institution is changing. They want more than the traditional interaction on an online banking app or a friendly brick-and-mortar experience. It’s no longer enough for organizations to fulfill minimum expectations. Customers are looking for a differentiated and tailored customer-centric experience.

Research indicates that 69% of customers believe companies should provide new ways to get existing products and services in the wake of the pandemic, and 54% believe they should offer entirely new products and services.

Unpacking these statistics suggests that end users are not only seeking a more integrated approach to engaging with valued service providers (FIs would be on the top of this list!) but that they also expect those offers to be more customized and tailored to their specific needs – all the while ensuring data privacy, security and legal compliance. In such a quickly evolving and volatile marketplace, distributed products are a natural and necessary step for organization’s looking to add value to their customer offering.

We believe that in meeting the critical needs of banks, credit unions and other traditional and non-traditional institutions, Valeyo helps foster the trust and security that generates long-term customer engagement and loyalty.

As a full-service provider, Valeyo is focused on creating tailored value-add portfolios and an integrated suite of products and services, to help meet our clients evolving business needs and deliver innovative customer-focused solutions.

Our aim is to bring a consultative solutions approach versus offering individual products. This is a key differentiator for Valeyo. We assess our client’s needs and then recommend turnkey compliant solutions. We keep adding new products to our portfolio, while staying true to our commitment to look for solutions that are relevant to what our clients are encountering today.

If you’d like more information, reach out to me directly at marco.deicont@valeyo.com

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