See What Data in Action Can Do For You: 3 Success Stories
By: Bob Sterner, Velocity Solutions
Data is everywhere. But simply having access to it isn’t enough — you need to know what to do with it. For many community banks and credit unions, the challenge lies in turning nearly endless amounts of information into actionable insights that drive results.
Understanding how to interpret and use data effectively can transform processes, uncover opportunities and improve decision-making — all things that can positively impact the account holder experience and, ultimately, the bottom line.
By combining cutting-edge technology with industry expertise, financial institutions across the nation have been able to take control of their wealth of data. Here are three recent success stories highlighting how unlocking the true potential of data has helped community banks and credit unions achieve remarkable results.
Success story #1
Since launching data-driven retail performance solutions, including targeted account acquisition and engagement programs, a Michigan-based bank has achieved remarkable growth:
- 47% increase in checking accounts
- 80% increase in swipes
- 114% growth in debit card spend
- A 57% surge in “heavy users” (21+ swipes per month) and 126% increase in their spend
- A 62% rise in “very heavy users” (41+ swipes per month) and 136% increase in their spend
The increase in frequent swipers and how much they spend has significantly boosted these accounts’ value.
Success story #2
A regional bank in New York’s Finger Lakes region transformed its performance by using account growth and engagement strategies that delivered:
- 27% increase in checking accounts
- Debit card swipes grew by 61%, spend by 101%, and swipes per account by 25%
- “Heavy users” increased by 382%, with a 111% jump in their spending
With more accounts, swipes and spending, the bank unlocked the opportunity hidden in its existing data to drive exceptional results.
Success story #3
This Kansas credit union was rewarded handsomely after investing in an account revenue technology that used data analytics and segmentation to drive engagement. Less than two years after implementing that strategy, the credit union has earned a 327% return on investment (ROI) and over $445,000 in profit.
What could your financial institution accomplish with nearly half a million dollars in additional revenue?
Putting your data to work
These success stories are just a glimpse into how financial institutions can harness the power of their data to strengthen relationships with account holders, achieve measurable growth and add dollars to their bottom line to fund other strategic initiatives. While each institution’s journey and results may vary, one thing is clear: effectively leveraging your data can help you increase engagement, revenue and account holder satisfaction and loyalty.
It’s time to put your data into action and see the difference it can make for your financial institution. Schedule a call with Velocity Solutions to learn what’s possible — start your success story today!