1 | VERICAST.COM Banks and credit unions possess a wealth of customer data, but those rich veins of intelligence don’t always translate to an effective acquisition strategy. “The amount of data — much of it siloed — can be almost paralyzing,” says Bill Jordan of Vericast, a marketing solutions company. “You don’t need to boil the entire ocean,” he says. At a time when marketing budgets are under pressure, Jordan says financial institutions must consolidate multiple data points so they can relate it to a consumer or household. By efficiently combining and analyzing the data, financial services organizations can better attract customers and build profitable relationships. First, financial institutions are constantly experiencing customer attrition. Second, as we see expenses increase and margins tighten, balance growth becomes much more important. Financial institutions need to grow balances to offset the increase in expenses such as human capital costs, as well as the loss of an important source of revenue in non-interest income like overdraft fees. Third, banks want to grow by diversifying their customer relationships and targeting new segments to expand their base. It’s understanding the customer analytics to determine and predict behavior such as spending habits. It’s understanding how somebody buys, when they buy, what they buy and the channels they use. You want to market products and services across multiple channels: branch, online, call center, and mobile. Q1 Q2 WHY IS NEW CUSTOMER ACQUISITION SO IMPORTANT IN 2023? WHAT IS THE KEY TO EFFICIENTLY ACQUIRING NEW CUSTOMERS? CREATING AN EFFECTIVE ACQUISITION PROGRAM Q A WITH BILL JORDAN, CLIENT STRATEGIST, FINANCIAL SERVICES AT VERICAST Issue 1. 2023 11
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