Thanks to Jim Marous for his blog post entitled, “Bank Marketers Face Challenging Times With Great Opportunity.” It was thoughtful and pointed to IBM and Unica’s studies on CMO attitudes.   What jumped out at me were the multiple references around the inability to turn data into action – action leading to sales results, presumably.  Then I look in my wallet and think – maybe that’s why my primary direct deposit account holder doesn’t have my credit card, CD, or money management business; my own bank just can’t figure out how to get from the data they have on me to the cross-sell actions needed to sell me their other products.  We’ve one solution for this cross-sell execution problem which works through the online banking channel; it’s called KulaX™.  We convert raw account and transaction data or an FI-supplied targeting matrix into individually segmented leads through a digital interview with customers.  It turns out, however – that while we can generate a huge number of actionable cross-sell leads – the analysis doesn’t stop with lead production, we also produce actionable customer intelligence.  Let’s have a look at the data from a recent campaign one of our customers ran for Money Market Account products.

Of course, each of these customers will be approached differently; for example, the lead follow-up sales scripts might read as follows for the different customer segments

"Hi Mr. X, thanks for taking our $50 Money Market Account Promotion! I understand that you've a money market account with another FI.  I can help you transfer that account and add $50 to the balance right now if you wish..."

or

"Hi Ms. Y, thanks for taking our $50 Money Market Account Promotion! I understand that you don't currently have a money market account.  I can help you set up that account and add $50 to the balance right now if you wish..."

Now that's listening and taking action! 

Let's look at what else we've learned about our customers from these interviews. Looking at the extremes only, the highest conversion rate came from people who had a money market account at another FI but didn't know the interest rate -- and were open to discussing options. The lowest conversion rate came from people who had a MMA at another FI and knew their interest rate -- but were open to discussing options.  Based on this simple analysis -- we would go back to the customers (who had a MMA at another FI and knew their interest rate) who declined the offer and make a more refined offer.  For example, we'd re-interview these customers and provide exact rate information for comparison and increase the incentive, as necessary.  Listen and take action!         

Summarily, with the right technology -- getting from data to action to sales is as simple as a few clicks and some follow up phone calls.