How Banks & Credit Unions Can Effectively Use Data
Posted by Colleen Cormier on September 16th, 2021
Many financial institutions don’t know the proper way to use data analytics to improve customer experience but learning the steps can prove to be invaluable in terms of attracting and retaining customers! The modern banking experience has given banks and credit unions a variety of ways to analyze data, and five things in particular can really strengthen your institution\'s relationship with its customers.
Connect Data from All Departments
Different departments collect different data from customers, but rarely do they connect the dots and share with each other. The true value of the data can only be maximized through a holistic viewpoint, so banking institutions can really benefit from appointing a data expert to create a complete picture of a customer’s journey.
Assess Transactional and Behavioral Data
The two main categories of banking data are transactional and behavioral. Transactional data includes quantitative figures, such as account balances, while behavioral data focuses on things like spending habits. Looking at both types of data will give you more insight into your customers’ wants and needs.
Understand How Data is Captured
To take full advantage of the information you gather, you need the right tools. There are several kinds of data that you must consider, including:
A high-quality analytics dashboard, especially one that is customizable and allows you to see a single line of data across all these areas, is a key piece of understanding and connecting these different types of information.
Maximize Your New Customer Data
Capturing, integrating, and eventually, using this data to your advantage is helpful to your institution’s success, particularly in two areas: in-person banking and cross-selling. When your institution has a deep understanding of customer needs, tellers can make personalized recommendations more easily and identify customers with specific needs to cross-sell the offers that would work best for them.
Always Safeguard Customer Data
Gathering the data you need to improve customer experience is key to succeeding as a financial institution, but you should always take every step necessary to protect your customers’ personal information. This is important from an ethical and business standpoint, because your customers will feel better banking with you when they know their information is not at risk.
On The Mark Strategies is a team of trailblazers guiding financial institutions in the areas of speaking, branding, strategic planning and marketing services. Technically, they are a consulting firm, but their clients prefer to think of them as trail guides. Their experience as former credit union employees, combined with the customized programs they create in-house, enable them to lead financial institutions through the great unknown. On The Mark Strategies stands ready to guide financial institutions looking to chart a new course or navigating their current path.
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About the AuthorColleen Cormier
Joined: January 12th, 2020
Articles Posted: 11
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