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CULTIVATING SMART DATA TO ENRICH RELATIONSHIPS LEVERAGING NEXT-GENERATION MCIF PLATFORMS Ben Stangland, President and COO Strum - Formally Weber Marketing Group
04/15/19
LEVERAGING NEXT-GENERATION MCIF PLATFORMS
CULTIVATING SMART DATA TO ENRICH RELATIONSHIPS
CULTIVATING SMART DATA TO ENRICH RELATIONSHIPS LEVERAGING NEXT-GENERATION MCIF PLATFORMS
Ben Stangland, President and COO Strum - Formally Weber Marketing Group
HOW CAN WE GROW?
HOW CAN WE ENRICH THE LIVES OF OUR CUSTOMERS?
“Forrester reports 74% of firms say they want to be “data-driven,” but only 29% are actually successful at connecting analytics to action.*”
BRIAN HOPKINS - FORRESTER RESEARCH
data, information and insights are not synonyms
STEP 1: SPEAK THE SAME LANGUAGE
get out a pen and a piece of paper
1.market data
2.lifestyle segmentation (historical vs recency)
3.profit
4.product balance (or key product(s) balance)
5.product mix
WAYS OF FINDING YOUR IDEAL FUTURE CUSTOMER
1.active customer
2.ideal future customer
3.market area
SPEAKING THE SAME LANGUAGE
STEP 2: KNOW WHAT TO MEASURE
1.all customers vs ideal customers
2.product balances vs products per customer
3.profit per customer
4.FTE counts per transactions
KNOW WHAT TO MEASURE
STEP 3: ENHANCE YOUR KNOWLEDGE OF YOUR CUSTOMERS
11.Digital Banking Program
12.Third Party Mobile App Management
13.Foreclosure/REO/Repo Tracking Sheets
14.ACH Transaction Historical Tracking
15.MCIF
16.Product Profitability Spreadsheet
17.Wealth Management Application
18.Commeical LOS
19.Marketing Campaign ROI Tracking Sheet
20.HRIS
21.VOC software
BUILD A FULL PICTURE OF A CUSTOMER PROFILE: DATA
1.Core Banking Software
2.CRM Sytem
3.Customer LOS
4.Mortgage/HE LOS
5.ATM terminal Transaction Tracker
6.Document/Image Management Program
7.Accounting GL Application
8.Investment Management
9.ALM & Forecasting Application
10.Cross-Selling Tracking Sheet
STEP 4: DATA TO ACTION
GARTNER IT GLOSSARY, PREDICTIVE ANALYTICS
What happened?
DESCRIPTIVE ANALYTICS
Why did it happen?
DIAGNOSTIC ANALYTICS
What will happen?
PREDICTIVE ANALYTICS
How can we make it happen?
PRESCRIPTIVE ANALYTICS
BUILDING A NEXT GENERATION BUSINESS INTELLIGENCE TOOL
1.Data Warehouse2.MCIF3.CRM4.Marketing automation
WHAT TO BUILD?
Pro
• Full picture of customer profile
• Integration of third party datasets
• Product matrix marketing
MARKETING CUSTOMER INFORMATION FILE (MCIF)
Con
• Not used globally in the organization
• Historical data only
• Considered old and hard to use
CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
Pro
• Updated daily
• Contact management, sales management
• Front line and back line views of customers
Con
• Complex and hard to build and execute
• Data can be messy
• Does not link all third party datasets
MARKETING AUTOMATION
Pro
• Simple, easy, dynamic personalization
• Dynamically seeing social, web and customer responses in realtime
Con
• Does not have a full view of the customer relationship
• Limited query capabilities
• Requires significant resources to integrate data and segmentation
Link Data Warehouse, MCIF, CRM and Marketing
Automation
THE NEXT GENERATIONAL PRODUCT:
move from data to information to insight to action
HOW TO START?
align silos to clear goals
1.Simplify Complex Processes2.Queries, Reports, Actions and KPI’s
AUTOMATE WORKFLOW WITH DATA
align teams to use data insights
HOW DO WE CREATE FOCUS?
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STEP 5: MAKE DATA ANALYTICS AND INSIGHTS AVAILABLE TO EVERYONE
1.work off a shared comprehensive data set2.visualize data3.everyone can manage the data
SINGLE SOURCE OF TRUTH
STEP 6: ENRICH AND PERSONALIZE USER EXPERIENCE
1.become more timely and relevant to our customers2.anticipate and deliver relevant solutions3.lifestyle, product, online and social triggers
ANTICIPATE AND DELIVER RELEVANT INFORMATION
STEP 6: CONTINUOUSLY IMPROVE
1.kaizen2.machine learning3.build and refine dashboards4.track, measure and report
REFINE AND TEST: MACHINE LEARNING
KEY TAKEAWAYS
1.define key language definitions as an organization2.align focus and know what to measure as an organization3.develop a “single source of truth” with your data4.make data analytics and insights available to everyone - visualize data 5.anticipate and deliver relevant information6.constantly refine
KEY TAKEAWAYS
Questions?
