IIf you’ve heard it once, you’ve heard it a thousand times: in today’s landscape, data reigns supreme. Working hand in hand with digital transformation, data provides a powerful tool for community banks. Its accessibility, readability and applicability in today’s digital-first environment have enhanced community banks’ ability to serve their customers, creating a heightened experience. But beyond its analysis to help you in your product journey, data can help transform your marketing efforts, offering insights into customer interests and behaviors to better align your offerings with their expectations. In fact, 73% of consumers believe companies should understand their unique needs and expectations, and 56% think offers should always be personalized. Fortunately, your community bank does have the information necessary to do just that. Data analysis and performance marketing do not have to be in-house skillsets. Working with trusted third-party providers to mine your data for opportunities will help you not only grow your business but better serve your customers in the process. For example, ThinkTECH Accelerator alumni FI Works, a data-driven sales and marketing software platform, partnered with a community bank to deepen customer engagement. Through statistical and machine learning techniques, the FI Works platform estimated the probability that a customer would want a specific product. The bank then used that data to create a personalized marketing piece, providing individualized offers based on customers’ predicted preferences. The results? Following the eight-week campaign, the bank captured $25 million in new deposits. Or consider how another Accelerator participant, KlariVis, saved one bank up to 400 hours per month of ad hoc reporting by consolidating and aggregating data from the core and ancillary systems. With data dispersed in multiple places due to acquisitions, this consolidation yielded not only increased bank efficiency but also a way to deliver more targeted product offerings to existing clients. Another ThinkTECH alumni company, Fintel Connect, worked with a bank to extend its brand marketing via HOW TO USE DATA TO DRIVE BANK GROWTH BY CHARLES POTTS, EXECUTIVE VICE PRESIDENT AND CHIEF INNOVATION OFFICER, ICBA GUEST ARTICLE 22 Community Banker
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