Potential Cost Savings And Efficiencies Achievable, Following The Implementation Of Doxim’s Customer Engagement Management Platform
Doxim, in conjunction with Hobson & Company, developed a model to calculate the potential cost savings and ROI achievable when implementing a comprehensive customer engagement management platform from Doxim.
Hobson & Company interviewed several Doxim clients to understand the beneficial impact of Doxim’s solution on their business. They used the results to produce an illustrative example of the potential costs savings and efficiencies to be achieved after implementing Doxim CEM.
The example is based on a sample organization that has migrated from less sophisticated solutions for account opening and loan origination, to a Doxim solution.
Doxim CEM platform delivers strong cost savings and a quick return on investment
Indicating effort and financial expenditure prior to the Doxim CEM solution, followed by the cost reduction and ROI achievable post-implementation.
Key input metrics for Company A, prior to implementing a Doxim CEM solution:
- Annual revenue of $10 million.
- Average of 100 new accounts opened each month, at 30 minutes each.
- Average of 50 new loans sold per month, taking 8 hours each to process and review.
- Achieved average added revenue of $2,000 per new loan.
- Achieved averaged added revenue of $200 per new account.
- Spends an average of $250,000 on sales and marketing promotion per year.
- Spends 80 hours per month tracking campaigns/sales performance.
Return on Investment results (indicative) following the implementation of Doxim’s CEM solution:
Implementing a comprehensive customer engagement management solution from Doxim can achieve a return of 113% over 5 years and a positive cash flow within 7.3 months.
- Estimated annual benefits $129,000 from increased efficiencies alone.
- Estimated annual savings of $239,000 when including reduced costs and improved CX.
- Investment in Doxim’s CEM platform can generate positive cash flows in 7.3 months.
- 5-Year net present value (NPV) was strong at $425,500.
- An ROI of 113% over 5 years
If your account opening and loan application process is manual or cumbersome, you can achieve a fast ROI and many other benefits from a customer engagement management platform from Doxim.
Contact a Doxim CCM expert for a customized ROI calculation.
Vice President, Product Management for Payments and CEM
With close to 15 years of industry experience, Sean Kennelly brings a wealth of technical knowledge to Doxim. During his career, he has led both Managed and Professional Services teams, and been involved in both Project and Product Management; he has also led both presales engineering and business development teams responsible for growth of a product portfolio across North America. For the last decade, Sean has been heavily involved in the support, implementation, design, and planning of Doxim's engagement management platform.
This experience, as well as his engagement with hundreds of North American financial institutions, informs his vision around origination, analytics, and customer experience strategy. Sean has been closely engaged with Financial Institutions across North America, As Doxim's VP of Product Management for Payments and CEM. Sean leads an experienced team, as they identify, plan and build the right solutions for the complex problems faced by today's clients.