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 […]
Continue ReadingCommunity Banks and Credit Unions Falling Behind In The Data Arms Race
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 […]
Continue ReadingRising To New Rate Challenges
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 […]
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Continue ReadingCredit unions need to embrace analytics to improve their member’s experience
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 […]
Continue Reading3 steps to building increased member loyalty
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 […]
Continue Reading8 Steps To Make Data Analytics Part Of Your Bank’s Core DNA
By Frank Koechlein, for the Financial Brand To fully leverage the value of customer data and drive profitable growth, financial institutions must bake advanced analytics into their cultural DNA. Those banks and credit unions that figure out make the right data available to the right people at the right time will have a significant competitive advantage. Here are the steps you need to take. Financial institutions can hire all the outside experts and consultants they […]
Continue ReadingGaining experience with big data helps credit unions get to the right solution
By Frank Koechlein for the CU Insight. For many credit unions, it is difficult to find the answers to purchasing the right analytics solution, especially when you don’t know what questions to ask. Many have found success in starting small and getting their hands-dirty with data. It’s this hands-on experience that helps many CUs gain the experience to know what they want – and get it. For many credit unions, the decision to begin using BA/BI […]
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Continue ReadingData, Analytics & Technology in Financial Marketing
May 23,. 2017 quoted in the Financial Brand article “Data, Analytics & Technology in Financial Marketing” By Michele Yurcich, Channel Product Marketing Leader at D+H https://thefinancialbrand.com/65396/banking-data-analytics-marketing-technology/ Business analytics (BA) and business intelligence (BI) are critical for marketing success where personalization and contextuality are more important than ever. No matter what sector of the economy you look to, it’s all about personalized experiences. In today’s information-rich environment, you can access Netflix and find […]
Continue ReadingWhen it comes to analytics software solutions – One size does not fit all
By Frank Koechlein, for the CUINsight Many Fintech companies are offering analytics add-ons to the core processing packages their clients are using. Many offer products that provide a comprehensive analytics platform, but are they the right solution for credit unions adopting analytics to grow their member base? As many senior marketing managers can attest, the analytics presentations from the larger Fintech companies are spectacular. These software solutions can do everything from assigning a member lifetime […]
Continue ReadingTaking the Lead on Bank Analytics
May 18, 2017. Quoted in D+H White Paper. Data is where all marketing efforts should begin, not end, Frank Koechlein, Managing Director, Velocity Marketing Analytics, noted. “BA/BI is a critical necessity. The sales of BA/BI software are expected to increase to approximately $17 billion in 2017. This means not only will FIs be expanding their current BA/BI capabilities – but many will be launching this capability for the first time. In either case, if you don’t have an analytics platform, […]
Continue ReadingAre The Goals for Marketing Analytics (and Your CMO) Unrealistic?
By Frank Koechlein for the Financial Brand With the rise of data analytics, the burden for growth falls increasingly to marketing. CMOs are now in the crosshairs, but is all the pressure placed on them fair? With the rise of non-bank competitors, a sluggish economy, burdensome regulations, a low interest rate environment, and continuing advances in technology, CMOs are increasingly being tasked with finding new and innovative ways to drive growth and profitability. Some CEOs […]
Continue ReadingWhat Is Your Bank’s Big Data IQ?
By Frank Koechlein for the Financial Brand Many banks and credit unions feel pretty confident that they are effectively using analytics to drive their business. But the truth is, they are usually thinking about old school concepts and basic models, not big data. Take this self-test to see how you really stack up. When was the last time your analytics program had a thorough check-up? Are you following best practices and making the most out […]
Continue ReadingWhy credit unions are slow to adopt analytics
By Frank Koechlein for the CUInsight Ease of use combined with the declining expense of many BA/BI packages is reducing the hurdles for purchasing a data analytics platform. These platforms provide the foundation for improved 1:1 marketing, reducing service delivery costs, and improvement of the overall member experience. So why is adoption of this functionality lagging? It would seem a natural progression that credit unions begin making use of the large amount of data they have […]
Continue Reading4 Ways Data Analytics is Changing the CMO’s Role at Community Institutions
By Frank Koechlein for the Financial Brand Senior marketers at smaller banks and credit unions can sense the urgency: it’s time to hop on the analytics bandwagon… or risk getting left behind. Big data analytics is one of the big trends in banking. The majority of banking providers surveyed by The Financial Brand say it is a top priority for them in the coming year. But community-based financial institutions face some unique challenges in this area. […]
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