Banking Institution Improves Sales and Marketing Effectiveness with Data Analytics

Banking Institution Improves Sales and Marketing Effectiveness with Data Analytics

A well-capitalized banking institution with 19 locations and 500 employees across Chicagoland wanted to better understand how their branches were performing. They knew if they had the ability to drill into account-level details, they would be able to operationalize and enhance processes and improve marketing effectiveness. The growing pressure to innovate to remain competitive led them to seek a partner with expertise in data analytics, as they didn’t have the internal tools or knowledge to make sense of their data.

Optimizing Secure Power BI

The bank partnered with BDO Digital. As part of BDO Digital’s approach, the Data Analytics team began with a requirements review, understanding the bank’s business goals and IT environment before deciding on the best way to proceed. BDO Digital reviewed their infrastructure as well as how they were connecting to data. While they had some Power BI assets, they weren't being optimized. In collaboration with BDO Digital, the team set up improvements with a focus on security, including single sign-on that integrated with their existing Active Directory. Data then could be securely segmented and analyzed in a single source of truth.

Targeted Marketing and Sales Strategy with Data

With the right data gathered and organized, analysts were able to draw conclusions that were previously out of reach. Using these insights, the bank was able to:

  • Develop an automated branch scorecard to rate overall sales performance of retail banking locations
  • Develop a New Money Tracker to help gain real-time visibility on how money was moving into the bank

These tools can then be used to develop targeted marketing and sales strategies with measurable results. The bank implemented this within several of  its branches to test the results. The branches that utilized the new tools and process preformed notably better than those that didn’t. Happy with the cost-effective initial steps and the foundation they built, the bank is now looking to take their data fu/contactrther with a predictive analytics project in the near future.

Interested in learning on what your data wants to tell you? Contact BDO Digital to talk to our team.