Jump Start Your Bank’s Data-Driven Marketing Program

Jump Start Your Bank’s Data-Driven Marketing Program

By Stefan Willimann , Practice Lead, iSOCRATES

Data has been the buzzword de jour over the last five years. Still, most banks haven’t moved beyond data being “nice to have.”

 

1. Profiling and Base-lining – Append demographic data of existing customers to better understand those you are doing well with and those you are not.  Also look at key metrics to identify baselines and trends.
2. Customer Segmentation – Did you know you can use generic segments from Experian, Nielsen, etc. or create your own? Either way the segments can help better target marketing.
3. Smarter, Deeper Analysis – By applying the results of steps one and two, banks can more easily identify better cross-sell targets.
4. Dashboards and Reporting – Once you start to become more data-driven you’ll notice the request for reports will increase.  Creating dashboards that are connected to live data has several benefits including creating a single source of truth and allowing end users to identify more insights than static reports.

5. Modeling and Prediction – Once you understand your customers, have made some wins with targeted cross-sell, and have your dashboards set up, it’s time to move on to predictive modeling.  Predictive models combine many variables related to demographics and behavior into one simple score that can be used to guide your marketing efforts.  They use advanced statistical techniques to identify those who are most likely to become a customer, buy a particular product, or close an account.  Once you have this information in hand, you can act on it to improve acquisition and retention, while deepening customer relationships.