Author: Frank

The sales of data analytics software is expected to increase to over $17 billion in 2018.  This means you will be getting even more calls and emails with the offer to learn more about a new data analytics product or an improvement to your existing services.  As many credit unions have found out (some too late) there are many moving parts to designing and building an effective marketing analytics function, making evaluating these offers very […]

Consumers appreciate smart application of “usage data” with their music streaming services and online shopping. It’s no different with banking services. In fact, consumers appreciate and expect needs-based selling when it’s on target. Community financial institutions that have lagged in using data analytics but can no longer leave it to the big players. Now is the time to get started. By Frank Koechlein, President of Empower Your Analytics    This article was originally published on July 19, 2018. Financial […]

by Frank Koechlein for the CUInsight, May 16, 2018  Doing the math on data analytics There are many intangible benefits to gaining greater knowledge of your members.  Knowing your members and understanding their product, service delivery and messaging, helps you to better serve them.  Many marketing and member facing associates see the upside opportunity in using an institution wide platform for collecting, organizing, analyzing and then implementing targeted member marketing campaigns. However, when we have […]

By Frank Koechlein for the CUInsight, June 11, 2018. When did “sales” become a dirty word? A few days ago while watching TV; I had the opportunity to see the new Wells Fargo commercial.  My guess is this ad is an attempt to help repair the damage to the Wells Fargo brand resulting from their recent retail banking scandal.  The ad in addition to showing a lot of happy and engaged customers stated; “we have […]

By Frank Koechlein for the Financial Brand. Here’s what financial marketers need to do to ensure they realize the value of customer data and maximize the ROI of their marketing campaigns. Earlier this year, a bank marketer and I were discussing their latest direct marketing campaign. Unfortunately the results weren’t as good as had been projected. When I asked what went wrong, the answer was disturbing: “We don’t know.” The campaign in question was a […]

By Frank Koechlein, for CUInsight Our credit union clients with member databases have discovered many of the unintended consequences data-driven decision making has on their senior team, organizational responsibilities and business partners.   Using member data as opposed to intuition or antidotal information begins to change the decision making process supporting many CU activities such as; strategic planning, product/service design, service distribution channels, sales and direct marketing campaigns to cross-sell members and to acquire new members. […]

By Frank Koechlein,  for the Financial Brand Community banks and credit unions must harness the power of data analytics to redefine the ‘community’ they serve, and build their marketing strategy around new segmentation models. Traditionally, developing the marketing plan at a community bank or credit union has been a top-down process focused on specific products. The goals are defined by senior management, then handed down to marketing and retail teams who plan their promotions accordingly […]

By Frank Koechlein, for the Financial Brand     The adoption of advanced data analytics by banking provider directly correlates to their asset size. The larger the institution, the more likely they are using advanced analytics to cross-sell customers and steal relationships away from other (usually smaller) institutions. There is a troubling gap growing in the adoption rates of advanced analytics between community institutions and their big bank counterparts. Half the banks with $50+ billion assets […]

Frank Koechlein interviewed for an article by Marilyn Kennedy Melia. Published December 7, 2017 in the American Bankers Association, Bank Marketing Journal. After a long—and seemingly endless—period of ultra-low interest rates, an upward path is looming. Still, even if three hikes proceed in 2018 as many Fed watchers expect, rates will still be “low by historical standards,” notes Mary Beth Sullivan, managing partner of Capital Performance Group. But since rates are as central to banking […]

By Frank Koechlein for the CUInsight There continues to be an increasing availability of data with the potential to drive improvements in the member experience and overall revenue growth for credit unions.  In spite of the availability of member data and a new generation of lower cost data management technologies, credit unions continue to significantly lag behind their for profit competitors.   These new capabilities have the potential to significantly transform the effectiveness with which credit […]

By Frank Koechlein, for the CUInsight, In today’s resource constrained environment many credit unions are faced with the dilemma of determining the best allocation for their marketing resources. The primary decision is whether to continue to focus on expanding the member base or to concentrate on deepening the relationships of existing members.  Of course both are critical to the continued growth of your CU.  However, many CUs are now beginning to see the benefits of creating a […]