2005 Deluxe Knowledge Exchange Expo Redefines Relationship Between Financial Institutions and Customers

- Collaborative Research Reveals Strategies for Driving Satisfaction, Loyalty

ST. PAUL, Minn., April 25 /PRNewswire-FirstCall/ -- The inaugural Deluxe Knowledge Exchange Collaborative revealed findings from a year-long initiative to improve customer experiences on behalf of the financial industry to more than 350 professionals from 190 financial institutions during the 2005 Knowledge Exchange Expo, April 20-21 at Disney's Yacht & Beach Club Resort in Lake Buena Vista, Fla. The Expo was designed to help financial institutions network and share knowledge for overcoming shared business challenges.

The Collaborative, a unique partnership of 11 professionals from national and community banks and credit unions from across the country, presented strategies for improving business results by transforming transactions into compelling customer interactions during a session moderated by best-selling business author Joe Calloway. Although collaborative research has been well received in other industries, such as health care, the presentation marked the first time it has been used in the financial services industry for the purpose of improving customer service.

The group initially assessed the customer satisfaction challenge through research that indicated a financial institution's newest customers were also the most fragile. These customers expressed a strong desire for flexibility, personalized attention and consultative advice from their financial institution. In contrast, the Collaborative's findings revealed financial institutions viewed the customer relationship as functional and transactional, with an emphasis on efficiency.

Collaborative members then worked with Deluxe business experts and customer experience thought leaders to design and pilot strategies that transformed transactions into compelling interactions for customers. The tactics, piloted over a three-month period, included facilitating personal connections between branch employees and customers, appointing branch "customer experience champions," and developing opportunities to win loyalty by wooing, rather than wowing, new customers.

The tactics boosted customer satisfaction, customer loyalty and employee engagement between 10 and 30 percent among participating branches. Collaborative members reported an increased number of customers who said they were "completely satisfied," more likely to continue to do business with the financial institution, or "extremely likely" to recommend their financial institution to a friend. Results also indicated that participating financial institutions improved their share of wallet, adding one product or service per household. In addition, the pilot garnered stronger employee engagement, with a 23 percent improvement in how employees felt about their role within the organization and their organization's business strategy.

"The 2004-2005 Knowledge Exchange Collaborative demonstrates how a committed group of financial professionals can achieve stronger business results simply by putting aside competitive differences and sharing best practices," said Chuck Feltz, president, Deluxe Financial Services. "In addition, their research underscores the importance of improving the customer experience for reaching other critical business objectives, including stronger customer retention and increased revenue."

The 2005 Knowledge Exchange Expo also featured a keynote presentation from Benjamin Zander, acclaimed conductor of the Boston Philharmonic Orchestra, on the transformative power of passion and focused leadership.

Other Expo highlights included the launch of two new services from Deluxe. The Deluxe Knowledge Insider(SM) is a new online resource arming financial executives with timely industry research and insights. The Deluxe Business Advantage(SM) program maximizes business check programs by providing financial institutions and small businesses with face-to-face personalized services.

The Collaborative and 2005 Expo are extensions of the Deluxe Knowledge Exchange Series, which features information and ongoing events for financial institution executives to network and develop innovative solutions to shared business challenges. The series includes The Deluxe Knowledge Exchange Quarterly publication, web seminars and a Web site, https://knowledgeexchange.deluxe.com/ . More than 1,400 financial institutions participated in the Knowledge Exchange Series over the last year.

About Deluxe Financial Services

Deluxe Financial Services (Deluxe) is a business unit of Deluxe Corporation (NYSE: DLX - News). Building on the company's history as the leading check printer, Deluxe uses its knowledge and understanding of consumer preferences to orchestrate outstanding consumer 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 http://www.deluxe.com .

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Source: Deluxe Corporation

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