91% of Banks under $1 billion in assets do not have a data analytics strategy.
A recent study by the Financial Brand shows a direct correlation between bank size and the ability to use its customer data to drive high performance marketing. For smaller banks, (those under $1 billion in assets) only 1 in 10 use customer data to make marketing decisions. It’s good news if your institution is “the one” for the remaining 9 banks their customers are falling prey to data driven competitors.
For the larger banks (greater than $50 billion in assets) 80% are using their customer data to retain their profitable customers and steal the customers of smaller institutions.
The shrinking number of community banks is a reflection of the complicated marketing struggles facing these institutions in a data-driven Digital Age. According to the FDIC, there were approximately 14,350 community banks with less than $1 billion assets in the United States in 1985. Today there are fewer than 6,000. Certainly there are many factors that have contributed to this decline, but, it’s hard to ignore the significance of the inability of these institutions to use their customer data.
Only 1 in 3 credit union CEOs believe they can meet their marketing challenges
On the left, the research is “The State of Data Technology in Credit Unions” conducted by the Filene Research Institute. It is a recent survey of credit union leadership. The survey compares the relative importance of marketing activities (importance) and the ability of the credit union to adequately perform these functions (satisfaction). For some of these activities almost 97% believe these activities are of primary importance to their institution -and- only 1 in 3 believes their institution completes the task in a satisfactory manner.
Why are credit unions and community banks having so much trouble implementing these fundamental marketing activities? One critical thing these activities have in common is the need for actionable customer data.
That’s why Empower Your Analytics is the right data driven marketing solution for these institutions...
Empower Your Analytics is a new type of data-driven marketing services company
Empower Your Analytics is a unique type of data-driven marketing services company. EYA focuses on the specific budget, personnel and resource needs of community banking institutions.
With strategic partnerships that include:
- The Interline Creative Group,
- WCI Data Solutions,
- Yellowfin Business Intelligence,
- AIM Research,
- USA Data (an Axiom subsidiary),
- Amazon Web Services,
we not only design the optimal marketing strategies for community banking institutions, we can deliver them as well. This flexible organizational structure gives us the ability to match the best resources to your specific project needs. This means we can meet your project deadlines and budget requirements.
We are unique in that our services can grow and expand as your organizations adapts and grows it’s data marketing capabilities. We believe your data analytics capabilities should grow organically as your organization evolves into a more customer centric business model.
We use the science of data analytics to help you gain unique insights into your customers. The next step is to apply these insights to create marketing campaigns/content that support your customer’s personal experiences (CX) with your institution. Each of these encounters is a fundamental building block for your brand. We offer clients a broad variety of services:
- DATA CONSULTING: We can work with you to meet the organizational and technology challenges in designing and implementing a data-marketing strategy.
- SOFTWARE: We can help you identify the right solution for your organization. We also offer our own proprietary database software that can be used in strategy development, education and ongoing marketing programs.
- DATABASE MARKETING: Understanding the mechanics of how to use member data to maximize results and to continue to learn more about what motivates your members with each campaign.
- EDUCATION: : We offer formal education programs; so your team not only understands the processes for using data-driven marketing but how it will evolve your organization structure and culture and how they can be drivers of this positive change.
Empower Your Analytics offers credit unions and community banks the competitive advantage of being able to implement data driven marketing campaigns to cross-sell existing customers and acquire new ones.
We have designed Empower with the specific personnel, budget and experience challenges that smaller financial institutions face when implementing data driven marketing programs.