Post Tags

3 Actionable Ways to Implement Analytics at Your Bank or Credit Union

We’ve already talked about how your CRM can serve as the foundation of a data-driven marketing strategy  for your bank or credit union. But, you can get even more value out of CRM data when you apply analytics to your strategy.

This is especially pertinent when it comes to identifying and maximizing wealth management opportunities for your customers. As millennials become the largest generation, their wealth is also increasing. In fact, a Deloitte report found that “Until 2020, the aggregated net worth of global millennials is predicted to more than double compared to 2015.”

The way banks and credit unions market to this growing customer segment will need to account for continued wealth accumulation. Here are three ways you can apply wealth data to campaigns and use analytics to grow your bank’s reach and revenue.

1. Further Segment Customers and Prospects

When you have access to wealth data such as investable assets, net worth, and real estate value, you can categorize your customers and prospects according to their level of wealth. This segmentation allows you to deploy targeted communications and campaigns, rather than promote products and services that are not relevant to specific groups. Analytical intelligence gives you a clearer picture of who your audience is, so you can make smart CRM marketing decisions.

For example, as the millennials in your customer base grow older, you want to know when they buy homes and when they’re ready to move funds into investment accounts. Wealth data analytics will indicate when these events occur, so you can appropriately segment your customer lists.

2. Focus Sales and Marketing Efforts on High Potential Deals

The more you know about your customers and prospects, the better. And that knowledge comes from analytical tools working in conjunction with your CRM. Analytical intelligence allows you to not only segment targets according to wealth level, but also according to their likelihood to buy. You can then focus your sales and marketing efforts on the highest potential deals, and pause activity around low-potential targets.
A customer or prospect’s wealth data is typically a strong indicator of buying potential. It can help you better understand a person’s lifestyle, and derive what his or her banking preferences are now and will be in the future.

3. Create Strategic Programs for Customer Retention

Test CTAAnalytical intelligence around wealth data also supports your customer retention goals, as it can inform the initiatives you launch to maintain strong client relationships. Saving and making money is important to everyone, and you can determine your customers’ propensity to grow their accounts by examining their existing wealth status. Using this intelligence, you can design incentive campaigns with compelling offers such as additional investment accounts, or increased rewards for credit card activity. 

Srini Nallasivan, chief analytics officer at U.S. Bank, recently stated “Our goal is to build meaningful, trusted relationships with our customers, because the deeper these relationships get, the more involved in their financial lives we can be.” One way to build deep relationships with your customers is to apply analytics to your CRM marketing data. Through this approach, you’ll learn what’s important to your customers and their financial interests, and will be better positioned to meet their needs and earn their loyalty.

360 View Analytics Helps You Grow

By prioritizing analytics today, you’ll be able to set your business up for success over the long run. With this approach, you can monitor your customers and prospects over extended periods of time to identify trends and areas of opportunity. And, you can help your customers grow their wealth, while you also grow your business.

The 360 View CRM platform includes an Analytics module to help banks and credit unions like yours gain valuable insights from customer data that can be applied to critical business decisions. The module works in tandem with the 360 View CRM, enhancing the quality and depth of data you can use. Download our guide “Getting Started with CRM” to learn more about our platform, and how it can support your long-term goals.


Download the Getting Started with CRM Guide