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Bank Metrix Overview Short 1.0
- 1. Cost-Effective Organic Revenue Growth Solutions Designed for the Small to Mid-Sized Financial Institutions Solution Summary Notice: This document contains confidential and proprietary information and may not be copied or distributed in any form without prior written approval received from an officer of BankMetrix, a wholly owned subsidiary of Cutler Buck Marketing, LLC. All Rights Reserved .
- 2. Over 50 yearsof combined financial industry experience Expertise in Advanced data analytics and customer call campaign technology A thorough understanding of data and marketing process management needed to drive revenue growth Our Credentials
- 3. “ A 5% increase in retention can increase profits from 25% to 85%.” A.T. Kearney, “Banks Shift Gears in Drive for Top-line Growth” “ Successful cross-selling and customer retention are highly correlated…about 50% of single-service checking households are lost each year. The addition of a savings relationship improves retention to about 67% ; and adding a loan relationship improves retention to 90% or more.” RPM Consulting The Organic Growth Opportunity How do we cost-effectively address this opportunity with: Limited Time? Limited Resources (people and technology)? Limited Budgets? The Challenge
- 4. Highly Effective Solutionto Increase Your Organic Revenue through Reduced Attrition and Improved Product-Service Adoption and Usage “ No-Risk” Value Proposition No Significant Upfront Investment No Commitment to On-going Fees No Significant Increase in Resources No Significant Increase in Your Marketing Budget ( if any )
- 5. On-Going, Advanced Marketing Data Analytics and Management Services ( Data to Knowledge ) Produces and Delivers the Right Customers to be targeted with the Right Products at the Right Times Customer “ Courtesy ” Call Campaign and Referral Management Technology Solution Runs on your intra-net, behind your firewall, simple installation Fully Implemented – only a few per day, per resource Far more effective than other marketing strategies (50%-100% Lift) Highly Cost-Effective – these resources are already paid for! How We Do It
- 6. Customer Target Liststo be used for Your Other Marketing Channels Customer Relationship Profile Target Call Campaigns Lead Referrals Load RBS Files to Monthly Transfer of MCIF/Data Files (Secure and Encrypted) email
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- 9. Proven Credentials “Organic ” Revenue Growth Highly Advanced Marketing Data Analytics and Management Services “ Courtesy” Call and Referral Management Solution Immediate and Significant Ongoing Improvement in Organic Revenue Growth with NO Significant Increase in Your Marketing Budget ( if any ) Phased-In Approach We Do The Heavy Lifting “ No Risk” Value Proposition
- 10. Please contact: TerryR. Nelson, President BankMetrix www.bankmetrix.net [email_address] 1-704-778-8792 For more information
Editor's Notes
- #4 Lets talk about where the opportunity for organic growth really lies… AT Kearney pointed out in a recent article that just a 5% improvement in member/customer retention can dramatically increase profits to as much as 85% RPM Consulting recently completed a study that demonstrated how highly correlated improved retention is to cross-selling the member/customer additional products and services. Adding a deposit and loan relationship can drive retention improvements to 90% or more! The organic growth opportunity exists in doing a better job at 1) retaining and welcoming new member /customers, and 2) by cross-selling our members/customers additional products and services. Simple enough, right? Lets review the challenges we really face in taking advantages of this huge organic growth opportunity… In order to improve cross-sales and thereby improve retention, we need to have the internal data analytical skills necessary to consistently target the right member/customers with the right products, at the right times. And we need highly skilled resources to manage this process over the long term. Lastly, we need have a process and tools in place that allows us to effectively and consistently communicate with and market to these targeted members/customers and most importantly, cost effectively . Today we are going to show you how we can help you cost-effectively address these challenges in order to significantly improve your organic growth opportunity.
- #5 Based on years of proven experience and success in generating significant organic revenue growth for large-scale financial institutions, what we are going to introduce to you today is a very innovative approach that we have packaged and refined for small to medium-size community banks and credit unions. We are going to review our “ no-risk ” value proposition that will allow you to generate significant, on-going improvements in organic revenue growth without significantly increasing your marketing budget… if at all And we are going to review how this is accomplished through our highly-advanced marketing data analytics and management services once reserved for those with large marketing budgets and extensive internal resources… And our extremely easy to install and implement technology platform for executing and managing customer courtesy call campaigns.
- #6 The BankMetrix solution consists of three primary components : RBS - is our on-going, highly-advanced marketing data analytics and data and program management services needed to implement a focused, ongoing approach to identifying those relationships that we need to communicate with each month and what to communicate with them about. The second component of our solution is our Call Campaign Manager technology platform. Through RBS, we deliver and load those relationship that need to be contacted each month into CCM. The sole purpose of CCM is to give your folks a easy to use tool from which to improve their productivity and help them make the outbound customer “courtesy” calls and manage generated leads needed to drive our desired improvements in retention and cross-sales. Fully implemented, your folks will be making 3-4 outbound customer courtesy calls per day – hardly a daunting task! Most customer we are working with want to have their personnel make the “courtesy” call, thank the customer for their business and ask them if they have any interest in learning more about a product or service that WE have identified as the next/best product for THAT customer. If the customer indicates interest, the CSR tells the customer that some from the bank will be contacting them about this product, and/or send them information. In CCM you can easily establish this LEAD and transfer it to the appropriate department or resource for follow-up. CCM runs on your intra-net, behind your firewall and requires NO conversion. The FI’s we work desire to foster a “high-touch” customer relationship culture. Using your CSR’s resources under this approach further fosters this culture and it doesn’t cost you a penny – they are already paid for! Lastly, for our initial set of clients , we are we offer both RBS and CCM at NO CHARGE (other than small phase 1 implementation fee and reimbursement for any out of pocket travel or other OOP expenses). We receive a very reasonable % of the first years NET -improvement in value achieved through our solution and this % is capped annually. You receive the first year balance and this value improvement in perpetuity.
- #8 Customer Data Management Once the strategic planning is completed we begin working with your customer data. We will standardize and cleanse your data and append any third-party data that might be necessary for customer segmentation, but we also spend a good deal of time “getting to know” your data. Since everything we do is driven by your customer data it is important for us to understand what makes your data and customers different than those of other clients. Customer Value Generator A customer’s current value and their POTENTIAL value are very important in determining whether or not some of your finite marketing dollars should be allocated towards that customer. The customer values we generate are at the household level and we create three different customer value scores. Current Value, which is what value a customer is to your bank right now. If you already have customer profitability we will use that in developing the Current Value score. Potential Value is what value a customer could be to your bank. This is the total size of their wallet. Two different customers may have the same Current Value, but their Potential Values could be very different. And finally, Realized Value, which is how much of customer’s Potential Value (share of wallet) you have already achieved. A customer with a high Potential Value but low Realized Value is ideal for cross-sell communications, while a customer that has both high Potential and Realized Values should be targeted with more retention-oriented communications. Next Best Product Optimizer If you already have Next Best Product assignments for your customers our Next Best Product Optimizer takes those assignments and maximizes their impact on customer cross-selling. If you don’t have Next Best Product we will use our Next Best Product Engine to assign the top 3 Next Best Products to each of your customer households. Customer Contact Database As its name implies the Customer Contact Database is a database that keeps track of the contacts with your customers. We gather data from as many channels as possible to keep track of what customer contacts have occurred and what was the result of each contact. If you’ve contacted a customer 5 or 6 times in the last year with no positive result, you should probably contact them less frequently (or maybe not at all) this year. We also want to make sure customers are contacted frequently enough. High value customers should be contacted (preferably with an outbound courtesy call) at least once every six months. The Customer Contact Database ensures that no valuable customers “slip through the cracks.” Performance Reporting Throughout our entire RBS process we will be tracking and reporting on our findings and results. Target Segment Engine Our Target Segment Engine is the rules-based engine that is the “brain” behind RBS. It uses customer contact, value, segment, next best product, and tenure data to ensure all bank customers receive the optimal stream of communications to maximize customer cross-sales and retention, while staying within the available Marketing budget.