How Community Banks can regain control of Customer Data

WASHINGTON - July 28, 2014 - PRLog -- The analysis of bank’s internal customer data –sometimes called Big Data– is a rapidly expanding field that is providing big returns to those who are exploring it. Marketing and Distribution departments use it to perform various customer studies: customer needs assessment, marketing automation, retention plans, etc. Community bankers represent a segment of the banking industry that has built its existence on what experts regard as the foundation of all success: knowing the customer and building strong relationships. But based on who in the banking sector is reaping the most benefit of this innovative strategy, it seems that all too often “Big Data means big costs.” Small and mid-sized players thus see it as a tool only available to the big banks with plentiful resources. However, “Community banks cannot afford to wait to set their strategies once a future standard emerges," says a top level executive at the management consulting firm Oliver Wyman.

Big data should not mean big costs

How many times do you suppose that a C-level executive of community bank –struggling to maintain market share and grow its business– has daydreamed about actually having the analytic horsepower and resources to tap the muscle and might of Big Data? This could serve their obvious goals: to improve branch performance, identify developing trends that provide pivotal guidance on commercial and retail delivery strategies, keep up with customer's needs, and anticipate trends that allow proactive action before the window of opportunity has vanished.

Data analysis to gain competitive advantage

Make no mistake, the data and the technology exist, and innovative banks are already taking advantage of the valuable data gathered from their core banking system in a big way.  For instance, Inbox recently met with one of the most recognizable banks on Wall Street with worldwide offices and that employs several hundred dedicated analytic programmers in their Market Research and Strategy department.

When did you want your reports: 2015 or 2016?

It's a commonly heard reply from IT managers who hate to say no to any request that could improve profitability, "I'll have to check with our core provider and find out how long it will take to get that data (and how much it might cost)....when did you want that by... 2015 or 2016?” In other words in IT dialect: "Fuggedaboutit!"

Luckily, most core banking systems provide back-up features that allow bank’s IT department to extract that data. It’s simple, free and usually included in your contract.

Community Banks have the right to access their own data. Anytime.

Community banks that try to capture strategic data should be confident in their right to retrieve their own proprietary datafrom their existing core banking providers (eg. SAB, Atlas, Delta, Orion, FISERV, FIS) and as often as they wish.

For the very few core providers who still make it difficult for banks to access their own data, Inbox suggests to write it clearly in the contract when renewing your existing core or shopping for a new system.  Remember, it’s your data! It does not have to be so hard to get them in the desired format that is useful or most importantly, actionable.

Why not simply use the CRM we purchased 5 years ago…?

The usual answer at a lot of community banks is that "our resources were limited when we purchased our latest CRM several years ago and it doesn't really interact transparently with our core system." In many cases, the older a bank's core system, the less likely it shares data with the customer relationship management system (CRM) or has the features to do the things that have become critical to future success. Ironically, many of the banks that do have a CRM will tell you it has become jokingly referred to as their 'Can't Really Measure' system.

Get more Customer Insights your Core won’t offer because of its limitations

Luckily, Inbox is changing the field of banking analytics making the benefits of Big Data and predictive analytics available to community bankers. Inbox provides valuable cutting-edge services for community banks and its flagship service, The Reflex CVM Suite ® which provides Customer Value Management across 4 major features:

1.      Enriching customer data with valuable insights (e.g; sales opportunities, loyalty scores),

2.      Providing daily sales leads to your sales team,

3.      Capturing transactional data to help focus and manage a sales team’s daily activities to prioritize smart actions to reach sales goals,

4.      Aligning your marketing and sales strategies for more agility and quicker time to market.

Your strategy to meet next year's challenges is available today

Let Inbox America tell our story of how we are helping Community Banks leverage their data to break away from their competitors; learn how to unlock the power of your core banking system, and connect your data seamlessly with the next generation of a Customer Value Management system.

Discover more about a service that can be tailored to send your sales team a daily list of revenue generating opportunities compiled from real-time analysis of your customer and prospect database. With the buy-in commitment of your sales team, Reflex CVM® enables your branches to have the data-driven focus and guidance they need to improve performance each day.

Last but not least, INBOX's philosophy on pricing is revolutionary as well, and is structured with an understanding of Community Bank's resources.

To learn more, set-up a presentation or schedule a live demo:

Contact INBOX AMERICA today:
inbox-america@inbox-group.com or +1 (202) 802-3149.