Customer Lifecycle: Don’t Lose Your Customers at These Critical Points
The future profitability of new banking customers is often determined the moment they walk through the door. While a lot of effort goes into protecting the client experience around opening that first account (and rightly so), it is also critical to assess the household’s potential and capture as much as possible on day one. Unfortunately, for most financial institutions data is lacking for new customers. This information can mean the difference between a “drive-through” client with a minimal profit profile and a customer who is fully engaged with an institution’s banking services.
Initiating a profitable relationship
Identifying affluent clients enhances revenue opportunities. Can it be that simple? Not without real-time detailed client profiles. Traditional account screening aside, detailed analytics allow customer relationships to begin with their proper placement into relevant accounts and services. Without this data, it’s just another basic checking account. Cross-selling opportunities can be lost.
Using big data at a small bank
The term “big data” is heard so often these days. Many consultants and suppliers in the financial services industry focus on larger institutions when they ‘pitch’ their big data strategies and solutions.
Equifax Retail Banking solutions give financial institutions of every size access to unmatched data, analytics and technology that provide:
- The ability to reduce fraud and operational costs
- Information that helps minimize customer attrition
- Data to boost customer satisfaction
- An enterprise-wide unified view of customer wallet share
Equifax has the data and, more importantly, the tools to transform that data into consumable insights for institutions of all sizes. Big data presents opportunities for banks to better assess household potential.