Using both existing and new data strategically and effectively is key to any bank’s success. In this article, we’re going to discuss a few ways that you can do this that has worked well for Yes& clients.
As a bank marketer, you have a lot of competing priorities to bring in new business and personal banking customers, increase the product portfolios of your existing customers, and to continually drive new and innovative ways to do all of the above.
The first method of using data to enhance your marketing involves increasing engagement and product utilization with your current customers.
Your bank core data has a literal wealth (pun intended) of information. By properly mining this data, you can see the most common product overlaps that a customer might have, identify opportunities to offer home or auto loans or HELOCs based on potential life moment activity, or even identify when a business owner whose company uses your bank for business services might be a good candidate for a personal account.
To do this, you can utilize three methods:
1. Internal data resources
2. Off the shelf products, or
3. Customized software solutions
Through this, your bank is able to quickly analyze and provide you and your marketing team with actionable data. Yes& has experience with all three methods, and each are appropriate depending on your bank’s unique needs.