Differentiate with data How banks can use data to maximize touch points throughout the customer life cycle
is beginning to change, yet many financial institutions are looking for guidance and insights as to how to effectively and appropriately tap into the data they have. During a recent roundtable hosted by Banking Exchange and sponsored by Deluxe Financial Services, five industry participants from inside and outside of banking shared their insights into how banks can overcome data obstacles—including regulations—and employ strategies, such as signaling, soft messaging, and attribution, to leverage the wealth of data to which they have access. Here a re t he f ive rou ndt able participants: Rob Cook, vice-president, retail marketing, BMO Harris Bank, Chicago. The regional, owned by the Bank of Montreal, has 600 branches in the United States. [Editor’s Note: Subsequent to participating in this roundtable, Cook took a position at another financial services company.] Kesna Lawrence, chief data scientist at Deluxe, helps financial 28
December 2016/January 2017
services institutions leverage data, analytics, and technology to get the right product in front of the right consumer at the right time. Scott Moore, president, M32 Partners, St. Paul, Minn. The firm advises and invests in companies on their growth and innovation strategies. Prior to founding M32 Partners, Moore was the chief marketing officer of Best Buy Mobile. Drew McMonigle, vice-president, head of product development and product marketing, NBH Bank, Kansas City, Mo. The $4.6 billion-assets bank is the sole subsidiary of Colorado-based National Bank Holdings Corp., and operates under three distinct retail brands—Bank Midwest, Community Banks of Colorado, and Hillcrest Bank—in Missouri, Kansas, Colorado, and Texas. Bob Meara, senior analyst, Celent, a division of Oliver Wyman Group. Meara covers several areas, including customer analytics, branching, and ATM channels. Bill Streeter, editor and publ i s h e r, B a n k i n g E xc h a n ge a n d BankingExchange.com, moderated the roundtable. Contributing Editor Lisa Valentine wrote this report. What follows is an edited and condensed recounting of a more than two-hour discussion.
Scott Moore “Companies are starting to focus on digital signal capture—analyzing intentional and unintentional signals sent by customers. Marketers must capture both”
Photos by Francis Son
Using data for customer marketing has been around for a very long time. But being able to track consumer behaviors in real time and understand where consumers are within the purchase journey—to see into each and every one of those events—is a much more recent phenomenon. So is the ability to effectively process the vast amounts of data that emanates from digital tracking. Banks have long had access to more customer data than almost any other industry, yet they often struggle to use that data to improve the customer experience. This, too,