Strategic Connections: In My Data Era - Wisconsin Bankers Association

By Grace Bruins

Grace Bruins

Somewhere between deciphering what is “sus” in Gen Z slang and making sure we manage the AI robots (instead of the other way around), marketers continue to rank data strategy as a top priority for their team. So why does it feel so … cringe?

The topic of data strategy is not new to the Wisconsin Bankers Association Marketing Committee or Marketing Connect Groups. If you’re right there with the rest of us, here are a few ideas to take your data plans from “basic” to “bussin”:

Locate Your Data
Start by discovering exactly where your data lives and what metrics are available.
• Website analytics: traffic, audience behavior, conversions on your site
• Social media: engagement metrics and audience demographics
• Market data: local community demographics and competitor data
• Customer data/CRM: customer insights, interactions, communication history, contact information, current products, and transactions

Define Success
Have proactive conversations with your leadership team about what you are hoping to accomplish with your data strategy.
• What are we trying to measure? What are those measurements telling us?
• What does a successful campaign look like? Higher click throughs? Increased accounts? Additional deposits?
• Are there assumptions about our customers and our markets that we make that can be validated (or challenged) by additional data?
• How do you hope our data can inform business decisions?

Get Compliant
Make sure Compliance knows you understood the assignment.
• Know your privacy policy (and stick to it).
• Collaborate with your Compliance team to ensure transparency and security.

Dig In
You’ve got your hands on your data; you know what metrics your leadership team values, and Compliance is on board. Now what?
• Keep your data current. If email is a primary channel of communication, work closely with your front-line teams to verify customer contact information when a customer is at the teller line or on the phone. This doesn’t need to feel like an aggressive demand for email addresses. It can be a simple conversation about the way the bank likes to communicate important information and updates with customers.
• Personalize the customer experience. Look at data points that tell you something about your customer’s stage in life.
o Did they just open a checking account for their teenager? Consider talking to the parent about student credit cards.
o Does your customer have regular transfers into their savings? Consider educational information about saving for the future or better yet, offer a higher interest-bearing account option to help grow their savings.
o Did your customer’s transactions suddenly increase at furniture stores or home improvement stores? Consider reaching out about home loan or home equity line of credit options.
• Create customer segments and profiles. Use your data to inform demographic and behavioral information about your customers. Creating customer segments and concise profiles offers valuable decision-making power to future projects. Have a product idea you think is perfect for your customers? Test it against your customer profiles. Ask yourself “Is this right for Customer A – a blue-collar worker with three kids and low personal debt?” If the answer is “yes” – move forward! If the answer is “no” – move on.
• Watch for trends in activity. Watch for signs of customer disengagement. Has transaction activity started to drop off? Have recurring transfers or automatic payments been cancelled? Maybe it’s time to re-engage with that customer before they move on completely.
• Don’t be afraid to communicate. Regularly. Nobody wants to feel like a “big bank” – hammering customers with offers that aren’t relevant to their life. But remember, your customers have put a lot of trust in you. You hold all their personal information and should know them better than any big bank could. So, reach out. Remind customers they are more than an account or loan. Find ways to show what a valuable partner your bank can be in their financial journey.