Dormant accounts have traditionally been viewed as a compliance burden for financial institutions. However, dormant accounts represent untapped engagement opportunities that, when approached strategically, can strengthen customer relationships and drive revenue growth.
By leveraging advanced solutions like WIOLP’s AI Match Finder, financial institutions can not only reconnect rightful owners with unclaimed assets but also open doors for new customer relationships, cross-selling financial products, and strengthening trust.
Why Traditional Methods Fall Short
Traditionally, financial institutions have relied on outdated methods to handle dormant accounts, such as sending letters, making phone calls, or publishing names in government bulletins and public notices. These methods are inefficient, costly, and yield low success rates. Many account owners or their heirs are unaware of these assets, leading to funds being transferred to government entities rather than staying within the financial ecosystem.
Learn more about: Why people don’t contact financial institutions to find dormant accounts
WIOLP revolutionizes this process by enabling people to search for unclaimed assets using intelligent algorithms that analyze vast databases. People generally know more about their family history than financial institutions, and therefore searching with WIOLP can uncover hidden connections that traditional manual methods might miss.
Recovering dormant funds is just the beginning. Once a financial institution reconnects with an account holder or heirs, it has a unique opportunity to deepen the relationship by offering tailored financial products and services.
From a financial perspective, it is far more beneficial for institutions to help customers reclaim their funds and reinvest back them into the system of institutions than to transfer idle assets to the government. Not only does this strengthen customer engagement and retention, but it also improves cash flow and increases revenue.
How WIOLP Turns Dormant Accounts Into Revenue Opportunities
When people use WIOLP to search for their forgotten assets or their ancestors’ lost assets, they engage with financial institutions in a way that benefits both parties. Here’s how:
- Reactivating Accounts: Instead of transferring dormant assets to the government, institutions can work with customers to revive these dormant accounts, update contact information, and convert them into active financial relationships.
- Cross-Selling Opportunities: People discovering unclaimed assets may need financial advice or additional services. This presents a prime opportunity to offer savings accounts, investment products, insurance, or estate planning solutions.
- Boosting Customer Deposits: It is much more profitable for institutions to have active customers depositing and investing money rather than losing dormant funds to government escheatment. When an institution re-engages a client, it increases the likelihood of securing additional deposits, loans, or wealth management services.
- Enhancing Institutional Reputation: Proactively helping customers recover their assets strengthens trust and demonstrates a commitment to financial transparency and customer care. This goodwill can lead to increased customer loyalty and referrals.
- Streamlining Compliance Efforts: Instead of spending time and resources on regulatory reporting and asset transfers, financial institutions can leverage WIOLP to efficiently match unclaimed funds with rightful owners, reducing administrative overhead.
When customers reclaim dormant assets, they often reinvest them in savings, loans, or investment products, generating new business opportunities for the institution.
A Win-Win Solution for Financial Institutions and Customers
By embracing WIOLP’s AI-powered solution, financial institutions can move beyond merely closing dormant accounts. They can turn these interactions into opportunities for customer engagement, increased revenue, and improved brand reputation.
Financial institutions that actively promote WIOLP’s search tools can attract new clients, deepen relationships with existing customers, and maximize the financial potential of previously dormant assets.
Instead of allowing funds to sit untouched and eventually be lost to escheatment, financial institutions can now take a proactive approach – one that benefits both their bottom line and their customers.
Get Started with WIOLP Today
Financial institutions that would like to unlock the potential of dormant accounts and capitalize these accounts, should consider integrating WIOLP into their customer outreach strategies. By doing so, they can transform a compliance challenge into a profitable and customer-centric opportunity.
Are you ready to unlock the potential of dormant accounts and turn them into an engagement opportunity?
Book a meeting ans let’s start the conversation to explore how our solutions can benefit your institution.
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