• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Hartman Executive Advisors

Hartman Executive Advisors

Business & IT Strategy Consulting Firm

  • Business Strategy Consulting
  • IT Management Consulting
  • IT Strategy Consulting
  • Risk Management Consulting
  • Telehealth
  • About
    • Careers
    • Community
    • Our Team
    • Testimonials
  • Services
    • Business Strategy Consulting
      • CIO Consulting Services
      • CISO Consulting Services
      • Interim Executive Placement Services
      • M&A Advisory
      • Telehealth Consulting Services
      • IT Coaching & Mentoring
      • Organizational Development
      • Process Engineering
    • Risk Management Consulting
      • CMMC Compliance Services
      • Cyber Risk Assessment
      • Governance, Risk and Compliance
      • Incident Response Planning
      • IT Due Diligence
    • IT Management Consulting
      • Change Management
      • IT Portfolio Management
      • Vendor Selection & Management
    • IT Strategy Consulting
      • Core Banking System Selection
      • FinTech Consulting Services
      • IT Strategy Assessment
      • Software Evaluation
      • Software Selection
      • Virtual Event Technology
  • Industries
    • Construction
    • Education
    • Financial Services
    • Government Contracting
    • Healthcare
    • Human Services
    • Manufacturing, Retail & Distribution
    • Nonprofit & Association
    • Real Estate
    • State & Local Government
  • Resources
    • Blog
    • Case Studies
    • eBooks
    • Executive Technology Survey Results
    • Maryland CIO Roundtable
    • Speaking Engagements
  • Contact Us
(410) 587-0064 Request a Consultation
(410) 587-0064 Request a Consultation

Bank Marketing Data

February 15, 2021 by The Hartman Team

Hear from Wade Barnes, Financial Services Practice Lead, on the importance of reading and interpreting marketing data for banks.

Video Transcribed

Hi, I’m Wade Barnes, Financial Services Practice Lead with Hartman Advisors.

In past videos, we’ve talked about the need for financial institutions to focus on their data strategy. I’ve had follow-up conversations with many of you on what that actually means. To distill this, I think about data in two different categories — operational (or internal) data and customer (or marketing) data. Today, I want to focus on customer data.

In banking, it’s the old 80-20 rule — 20 percent of customers drive 80 percent of profitability. Knowing this, we must provide VIP banking services to the top 20 percent to keep them in this category. We must learn everything we can about this 20 percent group.

Segmentation data, like Cycle on the consumer side and Asics on the business side, can give us some high-level categorical information, but we shouldn’t stop there. We must build on these segments based on data we have about the overall relationship, including transactional information, that we can mine for intelligence. Once we know who these customers are and how they interact with us, we can build profiling models that look externally to attract new customers like them to the organization.

For the remaining 80 percent, we can’t ignore them — we must find ways to make them more profitable. This will include activation campaigns to drive more balances and/or transactions, and if not successful, we must consider exit campaigns to either charge service fees to cover servicing costs or to remove these unprofitable customers from our books.

These efforts require strong data capabilities to be able to marry internal and external data sources to build a comprehensive understanding of our customers. This effort also requires a comprehensive strategy with perspectives from the front line — marketing, operations, and IT teams — to effectively categorize and individualize customer communications and servicing.

If customer data is important to your organization, we’d love to have a discussion about ways we can help you along the journey!

Filed Under: IT Strategy

Primary Sidebar

Types

  • Article
  • Press
  • Vlog
  • Webinar

Topics

  • Associations & Nonprofits
  • Construction
  • COVID-19
  • Cybersecurity
  • Digital Transformation
  • Education
  • Featured
  • Financial Services
  • Hartman News
  • Healthcare
  • Human Services
  • Interim Executive Placement
  • IT Due Diligence
  • IT Management
  • IT Strategy
  • Leadership
  • Manufacturing
  • Mergers & Acquisitions
  • Real Estate
  • Risk Management Consulting
  • State & Local Government
  • Strategic Services
  • Systems & Software
  • Telehealth

Related Blogs

Senior Living Technology Trends

Senior Living Technology New Year’s 2023 Resolutions: What Trends to Watch for  

January 27, 2023

The effect of globalization has catapulted the need for digitization. For senior living providers to remain competitive, they must stay on their A-[...]
Read More

Smart city

The Future Of Smart Cities & Steps Small Cities Need To Take To Get There

January 18, 2023

More than half of the world's 8 billion people live in cities, generating more than 80% of the global GDP. Today, cities are getting smarter. The [...]
Read More

Nonprofit Professional on the phone

Leveraging Data-Driven Analytics To Drive Mission Impact Throughout The Nonprofit Sector

January 11, 2023

Mission impact is an important metric for nonprofit organizations, but are nonprofits leveraging the tools they need to reach mission goals and [...]
Read More

Footer

It's Time to Reach Out
Are you ready for independent IT Leadership?
Contact Us

Hartman Executive Advisors

1954 Greenspring Drive Suite 320 Timonium, MD 21093
410-587-0064

Services

  • Business Strategy Consulting
  • Risk Management Consulting
  • IT Management Consulting
  • IT Strategy Consulting

Resources

  • Blog
  • Case Studies
  • eBooks
  • Executive Technology Survey Results
  • Maryland CIO Roundtable
  • Speaking Engagements
Sign Up for Our Newsletter
Subscribe to Hartman Executive Insights
  • This field is for validation purposes and should be left unchanged.

© 2023 Hartman Executive Advisors · Powered by 321 Web Marketing · Website Privacy Policy & Terms of Use