Whatever size your financial institution, you need to know how to best spend your promotional dollars. Data analysis is difficult for institutions, so WordCom developed Bank Intelligence Scores—an analytical science and proactive database marketing system that can show which customers are likely to open additional accounts and services and which customers are likely to be idle or close accounts.
BENEFIT FROM NATIONWIDE DATA
Maybe your financial institution has only a small sampling of customer data, or your IT department is too busy with daily activities to take on an in-depth project. No matter. WordCom can help you with this specialized analysis. Plus, we developed the Bank Intelligence Scores strategy using millions of account records pooled from financial institutions across the country.
Accounts were tracked over months and their changes and behaviors, openings and closings, became part of our analysis.
This data pool allows bankers and marketers to predict the characteristics of households prior to the changes.
Additionally, the large data sample makes Bank Intelligence Scores more accurate than any analysis your own staff can perform.
BEGIN MULTI-SERVICE MARKETING
Single-service marketing, the focus of most promotional campaigns, has limitations because it’s narrowly focused. The WordCom Bank Intelligence Scores method is the only analytical science in the marketplace that addresses this issue.
Instead of focusing on a single product, by applying this program’s intelligence your marketing can concentrate on the most likely candidates for various accounts and services.
HOW IT WORKS
In simple terms, if you market your products to your customers, you typically…
Contact 100% of customers
Only 20% are likely interested
So 80% of your marketing expenses are wasted
Let’s stack the odds in your favor. Bank Intelligence Scores allow you to place a majority of the most likely new account-openers—current customers and prospects—into one-third or less of the overall population.
It may be no surprise that the households most likely in the market for additional accounts rank in this order.
1. Multi-product households
2. Single-product households
3. Free checking households
How likely is it that those households will open an additional account at this moment? Analysis shows…
About 50% of multi-product households
About 33% of single-product households
About 10% of free checking households
IDENTIFICATION IS KEY
Obviously, you want to market to the prospects and customers who have the highest likelihood to open a new account and avoid those with the least chance. It’s both better for business and less strain on your budget.
Bank Intelligence Scores can analyze your market territory and your customer data and offer you best next-step answers for marketing and retention. This is the type of big data intelligence program that can give your marketing campaigns the added edge.
Contact WordCom today for a complete description of Bank Intelligence Scores.