The Total Economic Impact™ Of Coconut Software

Cost Savings And Business Benefits Enabled By Coconut Software

A Forrester Total Economic Impact Study Commissioned By Coconut Software, April 2024

For financial institutions, delivering great customer experiences (CX) is essential to driving loyalty and revenue.1 Coconut Software helps banks and credit unions ensure staff are equipped to deliver exceptional experiences at every stage of the customer journey to drive satisfaction and business growth.

Coconut Software offers appointment scheduling, queue management, and video banking solutions built for financial institutions. Coconut’s suite enables banks and credit unions to bring customers and qualified staff together for productive conversations around high-value products including new accounts, loans, mortgages, and financial advice. With Coconut, financial institutions can improve revenue, growth, operational efficiency, and customer satisfaction.

Coconut Software commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) financial institutions may realize by deploying Coconut Software.2 The purpose of this study is to provide readers with a framework to evaluate the potential financial impact of Coconut Software on their organizations.


Return on investment (ROI)



Net present value (NPV)


To better understand the benefits, costs, and risks associated with this investment, Forrester interviewed five representatives from four financial institutions with experience using Coconut Software. For the purposes of this study, Forrester aggregated the interviewees’ experiences and combined the results into a single composite organization that is a financial institution with several physical branches.

Interviewees said that prior to using Coconut Software, their organizations lacked any formal appointment scheduling or queue management system. They explained this made it challenging for customers to connect for financial advice, which limited the ability of staff to adequately prepare for conversations with customers and didn’t offer leadership any insights into branch traffic patterns. These limitations led to poor CX, long handle times, and missed opportunities for business growth.

Interviewees said that after the investment in Coconut Software, their organizations gained capabilities that enabled customers to conveniently book time with qualified staff to address their needs. The organizations were also able to provide staff with more time and better access to important customer information that allowed them to prepare for conversations around high-value products. Key results from the investment include increased revenue, productivity gains, and improved CX.

Key Findings

Quantified benefits. Three-year, risk-adjusted present value (PV) quantified benefits for the composite organization include:

  • Improved pull-through rate of 8.5% for loans and 1% for mortgages. With Coconut Software, the composite organization’s customers and staff are better prepared for appointments, leading to more productive engagements and improved close rates for loans and mortgages. Automated reminders and pre-appointment communications ensure that the composite’s customers are well-informed and bring necessary documentation to their appointments. Additionally, the organization’s staff gains visibility into customer information, which helps them deliver personalized and efficient service. For the composite organization, the incremental revenue driven by additional loans and mortgages sold totals $1.6 million over three years.
  • Increased new account growth by 2.5%. Coconut Software enables the composite to connect customers with staff to answer questions about new account options, which increases customer acquisition. In addition, staff members are more prepared to discuss rates and offers, which leads to more personalized experiences for customers. For the composite organization, the incremental revenue driven by new accounts totals $331,000 over three years.
  • Time savings of 10 minutes per appointment for appointment-takers.  With a better view of which customers are visiting along with when and what their needs are, staff have more control over their days. Because the composite is able to provide staff with more time to prepare and offers improved access to customer information ahead of appointments, it reduces its overall handle time and limits the number of follow-ups required to complete product sales. Over three years, the recaptured productivity is worth $295,000 for the composite organization.

Unquantified benefits. Benefits that provide value for the composite organization but are not quantified for this study include:

  • Improved CX. By offering more convenience, streamlined processes, and improved communication with customers, the composite organization enjoys higher customer satisfaction scores.
  • Enhanced employee experience (EX). By empowering both scheduling and appointment-taking staff with tools to do their work more effectively and efficiently, the composite improves its EX.
  • More convenience through self-service booking. With Coconut Software, the composite offers self-service scheduling capabilities to its customers through various channels. This provides greater convenience, reduces call volumes, and allows the financial institution to capture customer interest around specific products.
  • Reduction in no-show appointments. Automated email and text reminders ensure that the composite’s customers are aware of their upcoming appointments, which makes them less likely to miss them. This results in a reduction in no-show appointments.
  • Better tracking, decision-making, and schedule management. Managers and leadership gain better insight into branch traffic, the types of services customers come in for, and how staff spend their time. This helps them improve reporting, decision-making, and staffing.
  • Increased cross-sell opportunities. By improving efficiency, the composite’s staff has more time to foster relationships and to cross-sell to customers during and after appointments.
  • Strong vendor support and partnership. Coconut Software maintains a strong partnership with the composite to ensure success with the solution by providing responsive support and being attentive to the organization’s feedback and needs.

Costs. Three-year, risk-adjusted PV costs for the composite organization include:

  • Coconut Software fees. The composite organization pays $428,200 in fees to Coconut Software over three years.
  • Internal implementation, training, and ongoing management costs. The composite organization incurs $93,000 in costs associated with internal implementation labor, user training, and ongoing management labor over three years.

The representative interviews and financial analysis found that a composite organization experiences benefits of $2.21 million over three years versus total costs of $521,000, adding up to a net present value (NPV) of $1.69 million and an ROI of 325%.

“The better our team members are prepared, feel like they can do their best every day, [and] have the tools and resources to do what they need to do, the better experience our customers get.”

EVP and chief community banking officer, bank

“Coconut has allowed our teams to manage increasing traffic flows. It’s given our teams the ability to really manage their day instead of the day managing them.”

AVP of member experience, credit union

Key Statistics

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    Return on investment (ROI)

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    Benefits PV

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    Net present value (NPV)

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    <6 months
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Benefits (Three-Year)

Incremental profit from mortgages and loans Incremental profit from deposit accounts growth Productivity savings

TEI Framework And Methodology

From the information provided in the interviews, Forrester constructed a Total Economic Impact™ framework for those organizations considering an investment in Coconut Software.

The objective of the framework is to identify the cost, benefit, flexibility, and risk factors that affect the investment decision. Forrester took a multistep approach to evaluate the impact that Coconut Software can have on an organization.

  1. Due Diligence

    Interviewed Coconut Software stakeholders and Forrester analysts to gather data relative to Coconut Software.

  2. Interviews

    Interviewed five representatives at four financial institutions using Coconut Software to obtain data about costs, benefits, and risks.

  3. Composite Organization

    Designed a composite financial institution based on characteristics of the interviewees’ financial institutions.

  4. Financial Model Framework

    Constructed a financial model representative of the interviews using the TEI methodology and risk-adjusted the financial model based on issues and concerns of the interviewees.

  5. Case Study

    Employed four fundamental elements of TEI in modeling the investment impact: benefits, costs, flexibility, and risks. Given the increasing sophistication of ROI analyses related to IT investments, Forrester’s TEI methodology provides a complete picture of the total economic impact of purchase decisions. Please see Appendix A for additional information on the TEI methodology.


Readers should be aware of the following:

This study is commissioned by Coconut Software and delivered by Forrester Consulting. It is not meant to be used as a competitive analysis.

Forrester makes no assumptions as to the potential ROI that other organizations will receive. Forrester strongly advises that readers use their own estimates within the framework provided in the study to determine the appropriateness of an investment in Coconut Software.

Coconut Software reviewed and provided feedback to Forrester, but Forrester maintains editorial control over the study and its findings and does not accept changes to the study that contradict Forrester’s findings or obscure the meaning of the study.

Coconut Software provided the customer names for the interviews but did not participate in the interviews.

Consulting Team:

Kara Luk

Chengcheng Dong

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