Beth Schultz

Analytics Adds Up for Community Bank

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kq4ym
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Re: Community banking
kq4ym   4/9/2014 11:38:52 AM
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I'm not sure if our local community banks are using analytics but I suspect not. At least from the customer end, I've not seen any advertising, mailings, or email that would indicate they are collecting data and using it in any meaningful way. It's still the standard shotgun approach to selling their general line of financial products. But I see evidence from the huge banks in the way of mailing and email that surely indicate they're up to speed with predictive analytic systems.

tomsg
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Re: Community banking
tomsg   4/9/2014 8:18:36 AM
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It probably made sense to start on the back end, but I agree that moving alaytics to the customer front end could have real impact for their business. It would certainly give them a footing for providing better services than the big guys.

BethSchultz
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Re: Community banking
BethSchultz   4/8/2014 4:35:34 PM
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That's a great start!

Michael Steinhart
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Re: Community banking
Michael Steinhart   4/8/2014 4:27:16 PM
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It sounds as though BNC's analytics focus is primarily on back-end activities, but it could use the SAS suite for customer-facing improvements, too. 

I don't know to what, if any, extent my community bank's new owners use analytics, but I will credit them for making the transition seamless, from the customer perspective. 

BethSchultz
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Re: Community banking
BethSchultz   4/8/2014 3:44:52 PM
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One thing I realized I didn't really talk to Bryan about was whether the analytics is more customer-focused or product-focused. Maybe you can find which perspective your community bank has with its analytics, if it has any at all, when you do your poking around. 

Michael Steinhart
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Community banking
Michael Steinhart   4/8/2014 3:27:01 PM
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This is a great question, Beth, and I'm not even sure whether my local banking chain uses analytics, or needs to. I've found that smaller banks tend to be acquired often -- as you pointed out in the blog. In our case, Sterling National just bought Provident a few months ago and rebranded all the locations -- it's possible Sterling has better-practices in place. I'll poke around and find out!

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