Marketing Goal
Find the best candidates within your customer database to cross-sell specific products + identify the most valuable customers at risk of draining deposits and/or leaving the bank.
Target Market
Cross-selling existing customers in the institution’s database.
Program
WordCom’s Bank Intelligence Scores™
- A unique analysis of single-service and multi-service customers to more cost-efficiently cross-sell them additional products.
- WordCom has partnered with Customer Intelligence of Atlanta to develop a pool of participating mid-tier financial institutions (assets of $1 to $15 billion). Through pooling millions of account records for numerous banks over four years of history, we have developed a sufficient observation set of millions of data points that would be impossible to achieve on an individual basis.
- While traditional cross-sell just takes ALL customers in a class and mails them an offer of products they do not have, this analysis reviews your customers' summarized transaction behaviors (such as how many checks written, number of debit/ATM transactions, HELOC account trends, savings deposits and withdrawals, etc.) and compares them to multi-service customers.
- These scores will accomplish two things that every marketing and sales function should seek: simple and direct predictions about which customers want to buy which products and which customers are likely to close (or drain substantial balances from) the products they currently hold.
- Using this methodology allows for any new accounts opened or closed to be documented and tied back to the characteristics of the households prior to those account changes.
- After receiving your database, WordCom/Customer Intelligence will perform all the necessary modeling and analysis and will provide a thorough report by product within the bank and compared to the industry model.
- We will not have individual household identification; therefore, there are no privacy concerns. Your data will not be shared with other banks/CUs.
- Without this data, if you were to contact 100% of your customer base about a product and only 20% of them have a demand for that product, 80% of those contacts represent a waste of marketing dollars.
- The job of these analytical tools is to stack the odds in your favor as much as mathematically possible. Using the Bank Intelligence Scores™ allows leverage to be built, usually by placing more than a majority of the likely purchasers of the product into one third or less of the overall population.
- The specific data can be applied back to your database to allow for much more cost-efficient target marketing cross-sell programs to be developed.