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How Banks Can Use CRM Data to Land the Right Customers in 2019

You’ve probably heard the term “data-driven” more times than you can count.

It’s everywhere. From sales to marketing to operations, financial institutions want to do everything they can to be “data-driven.” But, this can often be a cliché if it’s not used as the foundation of an actual plan, strategy, or business effort.

When you take your bank's CRM data and apply it to real business and marketing decisions, it can be the difference between meeting expectations and exceeding them. With the banking industry accounting for 14%, or $22 billion of worldwide data analytics revenue, there is significant opportunity to use data to your advantage. It’s just a matter of identifying the right data to use at the right time to land the right customer.

A robust CRM provides you access to this data, so you can turn leads into customers and customers into bank loyalists. Here are a few types of CRM marketing data to focus on as you build a data-driven strategy.

Marketing Touch Points

By tracking your prospective customers’ engagement with your marketing channels, you’ll be able to identify what is most important to them and determine how best to reach them. Examples of these touch points include: email opens and clicks, marketing collateral downloads, web page visits, webinar registrations, etc.

A CRM system records and houses all of this activity data, and includes analytics and reporting capabilities. With this insight, you can assess the effectiveness of each marketing channel, monitor engagement trends, and build out a strategy for staying in front of qualified leads via targeted communications and campaigns.

Life Events

Test CTABanks and credit unions can also use their CRM to access information about their customers’ and prospective customers’ major life events, such as buying a home, getting married, or having a child. With this data, you can move beyond descriptive analytics, or focusing on the data alone, and into diagnostic or predictive analytics that look at why a customer took an action and what they may do next.

For example, if your CRM system data highlights homeownership statuses, you can select individuals who are homeowners to receive targeted campaigns around home equity loans. When you have insight into what’s going on in the lives of your customers and prospective customers, you can accurately pinpoint the offerings that will be most compelling at specific times.

Wealth Information

When it comes to growing your existing customer relationships, access to wealth data is strategically beneficial. A CRM marketing tool integrated with wealth intelligence allows you to segment your customers according to levels of wealth, so you can ensure they only receive content and offerings that are applicable to their financial status.

One piece of wealth data that’s useful for tracking is your customers’ investable assets. With this data as your starting point, you can launch a marketing campaign around investment planning and target each customer segment with a planning package relevant to their asset level. This type of data allows you to focus on landing higher potential deals and extending customer relationships over the long run.

Account Profitability

Another valuable data set that can be used to strengthen existing customer relationships is profitability data within your CRM. This information gives you a clear picture of the value of individual customers to your business. Specifically, household relationship information highlights the revenue one customer brings across all of his or her accounts with your bank.

With this holistic view of your customers, you can tailor your growth initiatives according to level of profitability. For your most profitable clients, you’ll want to increase the number of touch points and maintain ongoing communications, ensuring they feel valued and taken care of. In the case of your least profitable clients, focus on identifying new products and services that are better fits for them and incentivizing them to pursue these alternatives.

Data-Driven Marketing with 360 View

The 360 View growth platform can be the foundation of your data-driven bank marketing strategy. More than a standard CRM, our platform includes marketing automation, analytics, profitability rankings, and employee goals and incentives tracking.

With access to customer data around marketing touch points, life events, wealth, and account profitability, you’ll be equipped to create a robust strategy for landing the right new clients and growing the relationships you already have.

We want to tell you more. Schedule a demo with our team, and we’ll show you how our platform can help you build a truly data-driven business.


CRM 101 for banks