A community bank is typically locally owned and operated which in some ways gives an advantage to these resident players over multibank companies because with the addition of smart targeting and data analysis, can be narrowed to almost pin-point accuracy while delivering the “home town advantage.”
For example, community banks can use their existing customer data to answer questions like:
· Is a local business owner equipment loaning reaching its term?
· Is the business capital suggesting it is ready for an expansion?
· Is the business owner likely to act on incentivized promotions?
Answers to these inquiries can boost cross-selling revenue and grows market share exponentially within its existing customer base. And with an analytical approach to the data banks receive from their customers these questions can be answered. Leveraging that data can lead to a deep understanding of the individual consumer and allows a bank to anticipate a customer needs and deliver the RIGHT message to the RIGHT person at the RIGHT time.
Utilizing the data you already have allows each bank to understand what a customer wants and needs as (or perhaps even before) they do. However, many community banks haven’t made the leap into these digital solutions to their data problems. This is sometimes a matter of priority, as many smaller banks are lagging behind in implementing strategic improvements to their marketing plans despite the undeniable digital trends. In fact, a recent article by The Financial Brand revealed that less than ten percent of U.S. banks with assets below $1 billion are incorporating data analytics of any sort into their communication processes.
But even community banks that recognize analytics as a key to their success face another challenge: Data analysis software is often quite costly. Community banks are often operating on a small, carefully crafted marketing budget. So the question becomes, is data-driven software worth the investment?
· If the community bank wants to know their customers better, then yes.
· If the community bank wants to anticipate their customers needs, then yes.
· If the community bank wants to offer communication that resonates with their customers, then yes.
· If a community bank wants to build the sense of community by delivering personalized messages to their individual customers, then yes.
When a community bank adds the power of analytics and data-driven communication, they have an advantage over larger multibanking companies that resort to mass marketing strategies. Use the data your customers share with you to gather insight into their needs, perhaps now more than ever before. We can still build personal relationships despite the number of in-brand visits decreasing. Leverage the data we have to serve our customers in a more specific, personal way than ever before possible.
DeepTarget’s intelligent digital marketing and sales solution is in use by hundreds of credit unions and banks of varying sizes across the country. In addition to being intelligent, it is both affordable and easy to implement and use. What’s the use of investing in a costly or cumbersome data analytics solution when you have to worry about limited resources? DeepTarget clients - even the smallest of them - have automated the use of customer intelligence with DeepTarget to deliver relevant product offers and pinpointed one-to-one messaging to their banking customers through mobile banking, online banking, web, and email - all the while engaging them in a seamless communications experience, wherever, whenever and however they bank.Check out these customer success stories to see the high ROI and returns that they are receiving. If you are ready to experience all that DeepTarget has to offer, contact us at success@deeptarget.com.
