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Banks Need Data: The Want For More Data On Customers And Members
SourceMedia Research surveyed CIOs at credit unions, banks and financial institutions and asked what their goals and priorities were in 2017 and how this related to their plans for technology. In the top 3 was the desire to know more about their customers and members.
An article on American Banker cited: “About 40% said they plan to spend more on data analytics. That is perhaps a smart move, particularly for the smaller banks in the bunch, as larger organizations are pouring resources into finding the best ways to use their data — ranging from compliance solutions that pick up abnormalities to marketing solutions that help big banks show customers they know them, which encroaches on community banks’ main competitive edge.”
When it comes to spending budget on technology, it becomes crucial to bank leadership to know more about their customers to envision their use of the solution. For any company, you want to make sure your investment will pay off in the end. If you make an investment, it should be for the right reasons.
The positive here is that banks have all the data they need. They know their customer’s transaction patterns, whom they pay, how much, and at what frequency. So how can they compile this data using available technologies in the market to make decisions about what solutions they should be offering?
The opportunity is there to generate additional revenue while satisfying the needs of existing and future customers.
TargetSphere™ by MineralTree
MineralTree TargetSphere™ is a service that allows a bank to leverage customer transaction data to bring opportunity into clear view, and provide a roadmap for seizing the market – every step of the way, including:
- Understanding the scope of the opportunity, and building a solid business case
- Pinpointing customers best suited for a business payments solution
- Developing and deploying targeted, highly personalized and data-driven campaigns to engage customers and drive adoption
Here is a sample of the types of reports you can generate about your customers:
ABOUT THE AUTHOR
Christina Pappas is the Director of Marketing at MineralTree.
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