Yes& Blog: How Banks Can Use Data to Improve Customer Experience

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.

 

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.

Draw connections with existing customers

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 internal data resources, off the shelf products, or customized software solutions that are 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.

Identify new opportunities

While retaining existing customers is key to any organization, as a bank marketer, you are undoubtedly tasked with increasing net new ones as well. The next method we’ll discuss is using data to find ways to reach new customers.

 

Here’s an example. If one of your goals is to increase your business banking portfolio, you can mine readily available information to locate newly-opened businesses within key zip codes. By identifying key zip codes and cross-referencing that with the types of businesses that are the best fit for your banking products, you can create a target list of new potential customers with relatively minimal effort.

 

To take this a step further, by further analyzing your data, you can also find seasonal cycles, patterns of which products are a better match for specific types of companies, and all sorts of other ideas for any type of customer.

Improve the customer experience

Finally, let’s discuss a very important thing that your data can help you do to improve your bank customers’ interactions and impression of your customer service. By using data to analyze and improve your banking experience, you can demonstrate that you are able to adapt and respond to customer needs, and place their priorities first.

 

For instance, by analyzing the time it takes your customers to perform key actions on your website, and comparing that to the number of completed actions over time, you can be continually testing these areas to improve both marketing performance and customer satisfaction. Add in the ability to use multivariate testing on messaging, placement of calls to action and imagery, and you’re able to very quickly learn and adapt.

 

As you can see, there are many ways you can either get started or continue to use your data to better engage your bank’s existing customers or reach brand new ones.

 

The best part is that we’ve only scratched the surface. There is so much potential once you are able to start better utilizing your data to drive your marketing efforts. If you’re interested in learning more, contact Yes& and let’s talk about how we can help your bank or financial institution make the most of data in your marketing efforts.

Read the rest on the Yes& blog here

Greg Kihlstrom