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Making Data Actionable at Banks and Credit Unions: An Interview with 360 View

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We interviewed Chris Green, co-founder and CEO at 360 View, about how to make data actionable at financial institutions. You can see the interview and read the full transcript below.



What’s most pressing when it comes to digital marketing at banks and credit unions? 

Well, I would first of all say, the amount of data that a bank or financial institution at this point is dealing with, I always kind of liken it to, I feel like anyone in that position is drowning in data. And they're trying to somehow make sense of that data and feel like how can I take all of these disparate points of information and make them actionable? It turns out not to be so easy, and it's a combination of I think technology that helps you, but also no matter how great the technology, some of it is just sheer attention and resources on the marketing side, and commitment from the institution to really look at what that data is trying to tell them and make it actionable. 


How have you helped clients make data actionable? 

We've helped some of our clients where they have massive amounts of data that we can basically accumulate on a monthly basis and we can start to segment that data in a way, and it could be as simple as starting with profitability of the customer and trying to figure out who are your most profitable customers, because unlike back I think in the day where we could send out a mass amount of direct mailers and just hit anybody, we really want to first of all before we even start marketing to someone, find out who are we really marketing to and what is our goal and strategy of that? If we can identify those people, then we can market to sometimes 1,500 people in a much more aggressive way than going after 30,000.


What does that look like in practice?

What it looks like to us I would say in most cases where we find a bank is struggling with this data, we use our technology which allows kind of the implementation of the large marketing campaign to be done more in an automated or seamless fashion.

Through our software we actually can create a campaign where I can assign, as the marketing director at a bank, I could create my target group and then from there I could start to assign activities to whoever owns those accounts. So it would come up on their calendar and say hey you need to call this person, here's kind of what we want you to talk about. We want you to be engaging them. We might want to follow that up with emails to invite them to something if we are hosting an event. We want to make sure we are engaging them. And then we want to track those type of touch points and see if we can't tell you, hey they're actually reading your emails. They're reading or downloading a white paper. I can't say enough about trying to create valuable content in this day and age. So if I can get someone engaged on that level, I can start to tell you, hey they're engaged. Now what do we do with them? What can we keep doing to get them converted to more product. 

Banks deal with such large amounts of data that it's really hard to make it actionable at that moment of opportunity. And the moment of opportunity as you know exists often times when I walk up to the teller, I hand my deposit, we have somewhere in the range of 30 seconds to a minute, and in that point the teller doesn't have time to go to ancillary systems, look for information, read up on me. They need something to really pop an alert, so we have something we call smart pops and what it does is take all the information in our CRM and if there is either an alert or a trigger, cross-sell opportunity, up-sell opportunity, then based on that transaction we're going to get a pop for the teller. And they can do something at that point. Truly reach out and start to convert that customer to a new product or a new opportunity. 


Anything else you'd like to add about how you're helping to make data actionable?

I would like to say the main thing about what we are about is helping financial institutions grow. I think at this point in time we are really excited to kind of re-introduce ourselves in a way. We just have come out with a new version of our software called 360-view growth platform. The major colors of that are really at the heart of it a CRM system, but there's also a customer profitability system in that to do account level profitability all the way up to relationship profitability. Goal and incentives for the financial institutions team members, you know how do you set goals and track those. I have to say when you deal with technology like this, if you implement a goal and incentive plan in conjunction with it you will drive usage by far than anything else you can do to get adoption. We do a full marketing automation. Whether it be an onboarding campaign or nurturing, that's really what we focus on doing. 

Topics: Interview