The Financial Brand Insights - Fall 2021

Data Is The Secret Weapon Creating relevant experiences requires a deep understanding of an account holder’s data, models that identify propensity to adopt a particular product or service, and the ability to deliver the right message to the prospect in the channel they prefer to interact (online, mobile, email, SMS, etc.). Here’s an example: Derek moved into a new house just a year ago, just after getting married. He has a checking account with his credit union, but his mortgage, auto loan, and credit cards are all “held away” with other financial institutions. By analyzing Derek’s specific “home improvement” transactions across a number of merchants, his credit union is able to see that a Home Equity Line of Credit would be very helpful. Rather than running up large credit card balances with another bank’s credit card, Derek could benefit from a low interest HELOC. And guess what, his credit union just benefitted from understanding his needs and being there at the right time! Wins all around. Finding all the consumers like Derek, before the competition does, is easy once you know where and how to look for them. Easy to use tools that put all of your account holder data in your hands are available, providing you with the ability to match prospects to your strategies and also pivot based on what’s happening today. Predictive models, which are more advanced and more accurate than basic “look alike” models, can then be used to identify exactly the right target, so that they can receive a message that is timely and relevant to their individual situation, in exactly the right channel based on their usage behaviors. Using the example above, there’s little reason to target Derek for a mortgage, he’s just opened one in the last year. If Derek’s financial

institution knows he only uses mobile channels, targeting him with a direct mail offer to come into a branch isn’t likely to be successful. Finally, if the message isn’t delivered at the right time, Derek could wind up opening that HELOC somewhere else. Marrying the consumers you just found with “always on” marketing campaigns ensures

that you are able to deliver the right message, to the right individual, at precisely the right time and place for them to engage. You can effectively compete with…and win…against the competition. Data is your secret weapon . Putting It All Together But how do you know where to look in the first place? That’s where the Competitive Insight Report (CIR) comes into play. The CIR is a dashboard that shows payments going to your competitors, with a breakdown by categories including credit card, mortgage, auto loan, investment, student loans, etc. Knowing which competitors your account holders are banking with, and what products they have with each competitor, can help you discover who your true competitors are, how much money is leaving your bank, and where you are falling short. The CIR will

help you compete with more intensity by evolving your product offerings, marketing, sales approach and holistic strategy based on your account holder’s first-party data. Erosion of the banking system is happening so quickly, with brands being disintermediated from their account holders and FIs losing share of wallet. Competitors continue to surface without a moment’s notice, and there’s no sign of that changing anytime soon. In fact, we’re likely to see more competition in the near future, rather than less. One way to combat these new entrants and maintain relationships and wallet share is to leverage your customers’ data to your advantage, while benefiting them with timely and relevant offers. Data being foundational within a financial institution is the game-changing component banks and credit unions need to take back banking. n

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THE FINANCIAL BRAND INSIGHTS FALL 2021