Growing deposits is core to the growth and profitability of any bank or credit union. In 2020, deposit growth continues to be a key priority for the U.S. Banking industry. iQuanti’s Vishal Maru (Director – Products & Solutions) shares his insights on how banks and credit unions can grow Deposits by effectively using their consumer data. Banks and credit unions need to develop digital marketing campaigns that have the ability to expand beyond bottom funnel, find the ‘right’ target segments and precisely target them to gain aunique competitive edge.
THINK PIECE: Six Analytics Tactics to Grow Deposits
Read iQuanti’s report to understand:
- How to use the following six analytics tactics to effectively use consumer data to drive Deposits growth:
- BEHAVIORAL & PROFITABILITY ANALYSIS
- PRODUCT PROPENSITY OR BASKET ANALYSIS
- WALLET SHARE ANALYSIS
- RETENTION ANALYSIS
- PROFITABILITY JOURNEY OVER TIME ANALYSIS
- ALIGNING MESSAGING WITH SEGMENTS
With the market becoming more competitive, it is critical for organizations to remember that your customer’s deposit needs are not one-size-fits-all. “The key to winning the battle for deposits is deceptively simple, finding the ‘right’ Deposits at optimum costs,” states Vishal in the report.
Read this report to understand:
- How a deeper understanding of existing customer data can benefit banks and credit unions
- Six analytics tactics to help these organizations grow deposits by:
- Identifying new opportunities
- Prioritizing investments across identified opportunities and
- Winning deposits with longer lifetime values.
iQuanti’s Precision Targeting data modeling framework is modeled for two factors – propensity (who are most likely to deposit or who are at risk of transferring out) and value (who has the most lifetime value). The model gives us unique insights into your customers – their needs, their triggers, their priorities, and behavior, thus helping us develop precisely targeted marketing campaigns to drive Deposits retention and growth. Download iQuanti’s ThinkPiece and contact iQuanti’s Digital Solutions team today for more information on our data modeling framework.
