Daily Customer Data Updates

The FI Works solution consolidates and cleanses the bank’s customer data from all the different bank system silos. This provided a complete picture of the banking products each customer already had, and which customers did not have savings accounts.

“Look-Alike” Patterns and Trends

With the complete view of the bank’s customers that didn’t have savings accounts, the FI Works platform performed predictive analytics to determine which customers were most likely to need a savings account. The approach used isolated only the customers that had recently opened a savings account and then found trends and patterns for this subset of customers. The results of this “Look-Alike” analysis resulted in a specific set of characteristics: demographics, income level, combinations of other banking products, and more. Rules were developed to assign a probability ranking that was used to select the best customers to target.

Needs-based, Accurate Work Queues

Community bankers can be very skeptical about cross selling to customers because they don’t want to damage their relationships. The power of a needs-based campaign – when done right – gives the bankers a valid reason to call their customers. For this reason, building an accurate list of customers is vital. Using the characteristics identified through the FI Works “Look Alike” analysis, the platform generated a highly-qualified list for each banker consisting of customers that ranked the highest probability to actually need a savings account.

Personal Touch

FI Works also helped prepare the bankers by developing talking points for their customer outreach calls. The bankers were shown how to use all the pertinent information included in their work queues to familiarize them on why the customer was likely to need a savings account. This approach made the calling experience much more personalized and resulted in very positive feedback from the customers.

Campaign Dashboard Drives Results

The bank’s FI Works account representative set up a dashboard to monitor the bankers’ call activity and to visually track the new savings account openings directly attributed to the savings account campaign. Seeing the activity and results were a clear motivating factor for all the bankers. The overall success of the campaign and positive response from the customers made the bankers big believers in how FI Works could help their performance and build customer relationships.