Industry stats* fueling the need for targeted sales and marketing execution.

Most banks execute marketing campaigns based on gut instinct. That’s because it’s so difficult to get a holistic view of a bank’s customers and markets. Industry numbers show the huge costs/lost opportunities of doing business this way and the data challenges that are standing in the way.

Customer Attrition/Retention

15% Average customer attrition rate among retail banks per year.
1 – 2% Percent of net income loss for each point of customer attrition represents.
$200 Average acquisition cost for a new banking customer.
200% Customer attrition within the first 3 to 6 months can be up to 200% higher than higher annualized attrition rates.

Wallet Share

25% Wallet share of the average customer with a single institution.

Customer Contribution

$300 Average revenue contribution by customer per year.
20% Percentage of accounts that contribute profits equaling 200% of overall return.
50% Average percent of accounts that generate losses.

Data Quality

500

million
The number of data elements per $1 billion in assets an average bank has.
2.5 – 3.4% Rate that a bank’s data decays each month.
40% Percent of keyed customer data that has errors.
1 in 6

or 43 million
Number of people move every year, and 15% leave no new address.
1.5

million
The number of new addresses are added every year.
million
Up to

25%

Percent of data in an average bank’s CIF/CIS that is incorrect.
Over

50%

Percent of CRM projects fail because of data problems.

*Sources: Tower Group, Bank Administration Institute, Gartner Group, Fiserv, FDIC, USPS