Four Reasons Why Invo Is The Right Vendor For Your Financial Institution
At Invo Solutions, our primary goal is to provide value to our partners and the customers they serve. I use the word partner intentionally. We build true partnerships with those we work alongside, partnerships that lead to better experiences for the employees and customers of the financial institutions we serve. Through our unique suite of products, including video banking, two-way SMS text, and co-browsing, our partners see dramatic growth.
Since 2012, Invo has aggressively pursued innovation within the financial space and acted as a disruptor in the industry. We want banks and credit unions to thrive in their unique markets, providing best-in-class products and services to their customers and members. Picking a vendor is tough. We understand that. Here are four reasons we think Invo could be the right fit for you.
1. Our Partners See A Dramatic Return On Investment
Choosing a financial technology vendor comes down to the bottom line. Will the money we invest lead to our financial institution increasing revenue or saving money? For community banks and credit unions that don't have the budget of larger financial institutions, the Return on Investment (ROI) is crucial. At Invo, our products have a measurable ROI that helps financial institutions generate revenue and save money.
Invo's average partner ROI is 290%. Some of our partners see an ROI well over 500%. These results are delivered through decreased wait times, centralized staffing, and increasing revenue through tools such as co-browsing.
I am committed to holding up our end of the bargain. Our partners invest in us, and I don't take that lightly. We want to deliver results, and I believe the data speaks for itself. Our partners average nearly $130,000 in annual full-time equivalent (FTE) savings through our product suite.
2. Invo Products Deliver Real Results
Ultimately, the strong ROI comes from products that deliver real-world results. Those results are what I am the most proud of at Invo from a product standpoint. On average, here are a few of the results our partners see:
4-to-1 desk-to-agent ratio
>25% increase in product and service cross-sales
Under two-minute average wait times in branch lobbies (90% lower than the national average)
20% increase in Net Promoter Scores through video banking, chat, and text channels
These are just a few results that deliver a strong vendor ROI for financial institutions. But how will these results save your bank or credit union money? Well, these results reflect financial institutions getting the most out of their existing staff. For banks and credit unions struggling to hire, 4-to-1 desk-to-agent ratios help keep even the most understaffed branches efficient.
One thing I heard over and over in 2023 was how difficult it was for banks and credit unions to hire. Our products are designed for those exact circumstances. Better yet, our products have proven not only to help understaffed branches maintain their level of service but to improve the customer experience, without adding staff.
Even for the best performers in the industry, ten-minute wait times are standard. With the efficiency Invo brings to your staff, financial institutions can have wait times under two minutes.
3. We Partner With Financial Institutions of All Sizes
Partnering with a vendor is hard for many community banks and credit unions. From budgetary restrictions to unavailable vendors, we pride ourselves on partnering with financial institutions of all sizes. Regardless of your budget, we want to help you get where you want to go as soon as possible through speedy implementation and engaged customer service.
The way we put it internally: we want to be known as the partner that answers the phone. One frustration many financial institutions have with choosing a vendor is how difficult it is to get the ball rolling. We want to be the vendor that hears your needs and is willing to work around your budget and circumstances. The quicker we get partners off the ground, the faster they can see results.
4. Invo Products Are Agile and Evolving
Ultimately, picking a vendor is about identifying pain points, finding solutions, and evaluating if the ROI is worth it. Financial institutions should evaluate their short-term needs and long-term goals, without one taking disproportionate precedence over the other. Partnering with an agile vendor that isn't stagnant is crucial.
Since rolling out the first-ever in-branch video banking solution over 10 years ago, Invo's product suite has grown according to the needs of banks and credit unions. Whether it be appointment scheduling or lobby management, or even deploying a chatbot, we have adapted our product pipeline based on the direction of the industry and built products designed for financial institutions. Two-way SMS text, for example, is a vital communication channel for financial institutions. So we built a text platform from scratch that is affordable and provides mass texting and two-way texting that your customer and members want and need.
We are not, and never will be, stagnant, and continue to evolve every year with the needs of our partners. In 2022, we identified SMS text as a significant need and are now working hard to provide every community bank or credit union with a texting platform that is powerful and budget-friendly.
We Believe We Are The Right Vendor For Your Financial Institution
Invo provides banks and credit unions with the absolute best products and services at a reasonable price point. We want to be the vendor known for excellent customer service, speedy implementation, and an undeniable ROI. And we would love to talk to you about it. Schedule time with our team to learn more!
