Unlocking Growth A Practical Guide To Leveraging Your Bank’s Data By Achim Griesel, President, and Dr. Sean Payant, CSO, Haberfeld In the digital age, financial institutions find themselves sitting on a goldmine of data — a treasure trove with the potential to revolutionize the way they operate. From understanding consumer spending habits to predicting financial needs, institutions want to leverage that data to drive success in an everevolving industry. Before delving into the multiple ways financial institutions can use data to their advantage, it’s crucial to first establish clear objectives and outcomes rather than utilizing data without a clear purpose. And, when it comes to growth, financial institutions typically focus on a few key goals. 1. Growing the Number of Primary Financial Institution (PFI) Relationships In today’s environment, most FIs want to grow core relationships — and along with those, low- or no‑cost core deposits. For solid proof, just look at recent offers from large institutions and the sheer amount of marketing around these offers, all to lure new core relationships. Chase offers up to $900 for opening a checking and savings account. Other large national banks are offering anywhere from $500 to $3,000 to earn a variety of relationships. The ultimate measure of success for any FI’s growth strategy is its ability to establish new PFI relationships. Our answer: Challenge yourself. If you do not currently have an always‑on strategic approach to growing core relationships, adopting an always-on strategy should help you increase your new core relationships by 50% to 150%. 2. Increasing Relational Intensity Increasing relational intensity is about cross-serving, not cross‑selling. To foster growth, FIs must attract NEW consumers and deepen those relationships while also deepening relationships with EXISTING consumers and businesses. The key to success is increasing relational intensity over time, with an incremental increase in product and service utilization. Based on client data, earning six or more product and/or service relationships per household is realistic, even while executing a core relationship growth strategy. 3. Growing Your Team Behind every successful FI is a dedicated team. Data can help identify human performance metrics that matter and provide a framework for measuring coaching effectiveness. Your focus should be on coaching high-value activities like service behaviors, sales presentations, product knowledge, etc. It’s not just about coaching; it’s about data-driven coaching, measurement and accountability. 4. Growing Consumer and Business Advocates Word-of-mouth referrals have always been a powerful growth tool for FIs. A customer’s desire 28 West Virginia Banker
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