Industry sign banking colorado word mobile
thank you everyone for joining us for a webinar on banking big data and marketing automation making is a difficult industry to get a competitive vision so we believe that big data provides just that we structured our conversation today to give you three distinct perspectives on how banks can use big data to improve performance my name is John Maxfield I write about banks for bank director magazine and The Motley Fool I'll start things off with the big picture of Big Data walking through how can help a bank improve profitability Jonathan Rowe the chief marketing officer of Encino will then talk about how a lot a more granular basis data analytics and marketing automation can bolster a bank's marketing efforts see evanthia the vice-president of marketing at connect one bank within bring everything together by talking about connect one's experience using big data before giving to these things we have to administrative points to cover first if you have any questions along the way we encourage you to type them into the questions chat window on the go to webinar control panel in second we'd like to do a quick audience poll here's the question what is your main marketing priority for the coming year a stronger brand they're customers increasing adoption and digital channels for improving analytics and I'll pause for about a minute or so to give you a chance to answer you you you and we have a tie between reaching younger customers and increasing adoption of digital channels so thank you very much for answering that so with that I will go ahead and get started you the starting point appreciating the value of data analytics is the recognition of just how competitive the bank industry is there are 84,000 banking offices in the United States today and that doesn't include the risk that six times the number of McDonald's in the country and as you can see in this chart although it only goes back to 1936 competition has essentially increased first-century the inescapable truth reporting Vick Rosenberg the former CEO of Bank of America is that there are just too many banks in this country chasing too few customers one consequence of all of this competition is that it is incredibly hard for a bank to outperform its peer group when it comes to profitability and shareholder returns over a long period of time excuse me yet even though it's hard to consistently produce industry-leading returns we know it's possible US bank or serves as a case in point it has generated the highest return on equity among the two dozen banks on the KBW Bank index for seven years in a row M&T Bank offers another case in point of the 100 largest banks in 1983 23 banks remain today and among those M&T Bank stock performance ranks first it's also worth noting the two other traditional commercial banks on this list u.s. Bank corn Wells Fargo all three of these banks are major holdings of Berkshire Hathaway Warren Buffett's company this is relevant because it's Buffett's who has perhaps best explained the two principal ways that a company in an acutely competitive and commoditize industry like banking and consistently lower earn industry-leading returns first way is to find a niche in the market near community bank or is a perfect example if a 50 billion dollar bank based in New York City metropolitan area across the river from cities bang it focuses on lending to owners of large multifamily apartment buildings in and around New York City that are subject to rent control these buildings are essentially always full because people want cheap rent in this produces a consistent cash flow through all stages of the credit side which reduces loan losses as you can see in this chart New York Community Bank cores net charge offs have been a fraction of its peer group through both of the past two major cycles the net result is that new community bank or as meaningfully outperformed other banks when it comes to shareholder return so if your bank's goal is to maximize performance then to Buffett's point finding a niche is an effective way to do so but the problem is that finding a niche is easier said than done it's not as if they're just laying around everywhere in all industries so this brings us to the second way Buffett has identified that a bank can consistently earn industry-leading returns that is to be a low-cost operator to be efficient in other words if it is no coincidence but M&T Bank has led the industry over the past three plus decades while also producing a lower than average efficiency ratio u.s. bank or offers another example ever since jerry grunt offer took over star bank in cincinnati in 1993 eventually growing it into US bank or it has been known for operating efficiently its efficiency ratio in the latest quarter was fifty four point three percent which compares to a peer group average of fifty six point five percent if you do the math the difference equates to five hundred million dollars in annual pre-tax earnings this is why a low efficiency ratio translates into higher profitability you can see this in this chart which plots ten-year average efficiency ratios against 10-year average return on equity at the 15 biggest banks in the country as a sidenote but the correlation isn't this tight there's also reason to believe that efficient banks suffer lower loan losses maybe because efficient banks can produce three turns that investors expect without compromising on credit quality which is what tends to get banks into trouble when the credit cycle turns against them and I who am if I didn't know that efficiency is something that see it can speak on with authority let's connect one banks efficiency ratio in latest quarter came in at 42% but here's the thing about efficiency the tendency is to associate efficiency with cost-cutting however if you talk to someone like Richard Davis who either CEO of US bank Gordon so earlier this year when he stepped down is now chairman or if you talk to Carrie Turner who is the CEO of Pinnacle Financial Partners a natural based bank that has produced the second best returns in industry since 2000 both of these CEOs will tell you that the most effective way to drive efficiency is through revenue every bank is two-thirds revenue to one-third expensive so revenue offers a longer lever to pull on and thus more leverage and that's where big data comes in because big data allows a bank to have its cake and eat it too to grow revenue but to do it in a responsible way and that's my cue to hand it off to John and ro will walk us through on a more granular basis exactly how banks can leverage big data and marketing automation to supercharge their marketing efforts and thereby their revenue and returns Jonathan is an ideal person to do this aside from being the CE chief marketing officer Vince Eno overseeing the company's research marketing recruiting and business development he's also on the faculty at the Graduate School of banking at Colorado we teach his loan portfolio management so with that I'll turn it over to Jonathan Thank You Jon and I think it's interesting you mentioned Sir the academic piece of things and I used to actually teach more full-time in academia I was interesting in talking to students because one of the high answers on the poll question was reaching younger customers and I had a younger undergrad audience and I remember we used to they used to often use examples and marketing classes about how they had recently signed up for a checking account at a financial institution and a few weeks later received an email about retirement options and I think I use that as kind of a little bit of the fun example if you will or maybe not so fun example of what we're talking about here which is big data and particularly how big data can really enable and empower marketing functions and marketing efforts and first and foremost I think it's important to understand you know when we always think about marketing you know what is the purpose of marketing now obviously marketing is about building a brand marketing is about you know enhancing customer satisfaction some cases and I think connecting one is a great example also here from C it's about showcasing your bank's culture but probably one of the primary most important things about marketing is driving revenue and when you have that component to it and a lot of your data is not connected it's one of the reasons you know for all of us listening in who are part of marketing departments or running marketing departments you know whenever you you hear the age-old adage where a company is struggling or maybe sales are declining one of the things they do is they cut marketing and that's often the case because marketing hasn't been able to demonstrate value but maybe they are and they just haven't been able to tell the story through data and so that's really what we're going to kind of talk about through this proportion of how data can really empower marketing to connect the dots with your stakeholders because when you think about who you're trying to reach as an audience for financial institution you have your prospects you have your existing customers your clients you have your employees you know many cutting-edge banks are really looking at how do you market and build the culture within your financial institution because happy employees in theory take better care of clients and customers and also for particularly for banks who are public investors and you're constantly telling that marketing message and when you start connecting the data you understand from a marketing perspective what what is working what isn't and as importantly how to measure marketing ROI and not surprisingly when you look at some of the research and data which again supports a lot of what John was talking about banks are really really looking forward from a technology perspective and investing in data analytics and at the end of the day technology is the enabler it's not necessarily the solution so in other words you know all of us have smartphones have different devices we use it's how we use them the information and data we have on them and how we interact with others that really creates that value in that technology and the same is true with data analytics investing in technology to help that which we'll talk about in a second is step one but step two is really around processes and workflow and sort of a marketing philosophy and that's what we'll get into next because often times our organizations and I use the example earlier you're getting a lot of these questions you're getting questions from the CEO or from executives you know which is how is marketing impacting overall revenue because the the underlying premise of marketing is you take a hundred dollars you invest it in marketing activities and in turn that hundred dollars generates a thousand dollars in revenue either directly or indirectly if you can tell that story if you can measure that that becomes very powerful and in theory your executive team your board etc would want to invest more money in marketing and be able to tell that story and understand that requires connecting the data dots from a marketing perspective you know anyone in the marketing role you know what channels are working you know what what is the right marketing mix and in a lot of cases you know as I have the great opportunity to work with many financial institutions across the country a lot of marketing folks are doing a lot of marketing activities but aren't sure which are the most beneficial or they're still doing a lot of the same activities they've been doing the last five or ten years because they assume they've been impactful because maybe the bank has grown and that may be true but they don't have the data to either validate that or not validate it and in fact look at some different marketing mix because your channel should be data-driven whether you do a high amount of advertising whether you're focusing on different events or sponsorships within your communities whether in some cases banks are focused on PR which again I think connector 1 will be a great example as we hear from SIA in also social media because in a lot of cases that you're often dealing with a lot of consumers and some case businesses and a lot of those interactions are now taking place over social media and so how can you measure the impact across all these different different channels to understand what's working and what's not and that's again it's will get more deeper into some of the details here what marketing automation and data analytics really enables for marketing or groups within the financial institutions because sometimes we spend a lot of time in marketing and I absolutely where marketing hat we focus on how something looks or what the call-to-action is going to be in the content involved in that marketing activity and all that stuff is very important but at the end of the day none of it matters if you're not reaching your audience and you can't validate whether you are aren't reaching the audience so it all has to work in sync and when we talk about that right audience you know we generally focus on the customer in that customer lifecycle and in today's world where we interact with Amazon and all these different online tools and expectations for getting relevant information getting products and services that you actually care about before you realize you care about them that's really an important thing here and so banks are very uniquely positioned you know banks capture a lot of data around customers around households and putting that data into action is a really really important thing because you have demographic data on customers you have transactional patterns you have historical data and so capturing that at each interaction and we talk about digital again that was one of the strong answers to the earlier poll question that John did and when you have customers now interacting across so many different Bank channels whether it is in the branch whether it's completely online whether it is over the mobile app or a combination of those capturing each interaction and bringing it together you get a 360 customer view in addition to all the products and services a customer is using at the bank is so so important in understanding them and it's interesting because all the data all of us care about protecting our privacy information and that's a hundred censure that's a very important part of this but at the same time we as consumers and customers we want information that's relevant to us and so it's a little interesting dynamic that's because to be able to deliver that information you have to understand data about us or your consumer because you need to understand the life events and then this graphic here on the screen you see all those different life events and the idea here is that you're able to predict and be proactive through both qualitative and quantitative data on what events are going to matter so for example you know as folks are getting into their late 20s or early 30s data will tell you from a general standpoint that they're more likely to be married to be looking to buy a house having starting a family all those are very very interesting life events now that's not the case for everyone as receiving seeing folks are getting married later folks are having kids a little later in life but those are some of the general trends and every customer is different and so when you know some of those high-level trends you can start building campaigns around them but then you can understand the customer from a one-to-one basis and see some of those life events so for example you can understand you know have they gotten married do they have any accounts that are tied to multiple people you know what are some of the different conversations that those people have had both online through chats or in person in the branch you know a lot of that information is very relevant about the future so the idea is that you can be proactive with the right campaigns as you're building that long term relationship because the idea especially with attracting younger customers is you attract them at a younger age and you build that relationship and strengthen it over time so those Millennials in particular will be looking at your financial institut
on for each life event as they go through in what's interesting about being proactive and marketing which is not an easy thing to do but connecting data makes it easier not in slam dunk is that customers sometimes don't always know what they want you know there's the famous Henry Ford quote that we've all heard that if you ask people what they want they'll tell you faster horses when in fact they wanted an automobile and so starting to connect the data dots allows you to better understand your overall customer data so you can look at it from a holistic standpoint but also your individual customer data to understand and make recommendations that are relevant for them at the right time and so let's talk about how technology enables that because a lot of this again is easier said than done and one of the things that really goes a long way in helping you establish that general data patterns around your broad customer segments but also understand your individualized customer is having that automation software and first and foremost starting with ensuring all your prospect and client data is being captured in a system which is often a CRM system so in other words it's not just their contact information or not just their address or their last address it's the fact that you know they have multiple accounts it's the fact that when they ran into one of your you know tellers at a party last week for Christmas they had a conversation about that their wife was pregnant and that teller went back and immediately or on the spot and their mobile app was able to add that information into the record and update the client data so now you're starting to capture some great information from different sources so your first and foremost start out with your client data in your prospect data in the system and allow that to be updated in almost a living way by constantly adding more information then you start building campaigns so all of us have marketing campaigns that we've built now the importance with marketing campaigns is not that they're built is that they're relevant choose a person at the right time about a certain product and so building campaigns in advance is the important part here and I'm doing it in a way that your automation system can pull in data or drop data so for example you know there's simple things which all of us do nowadays when you're sending out more of a mass email it's going to have that individual person's name I mean those are table stakes nowadays but is it going to have different things like for example if there is you know a recent event we've had some significant hurricane flooding in Texas this year we have some terrible fires happening in Southern California what if you had an email built in a way that was able to take some of that news and imagine as a bank reaching out to a customer not only as an existing customer base somebody who's in a situation particularly around environmental disasters and you as a bank are proactively reaching out to make sure they're okay and those campaigns are pre-built those are some of the things that marketing automation can do then you can see the third step in the process you're starting to connect your prospect and client data with existing campaigns that you've built now with website interactions and so what is this mean again I'll say from a table sex takes perspective if you aren't at the place where you're collecting just general data from things like Google Analytics about your website your art you are behind because Google and a number of analytics and many of us work with different website development firms provide data on how many visitors we have on web sites how long they're spending on the website what pages they go to what are the bounce rates those are tables take data if you don't have that data today I fatica Lee tell you you need to be there today now the next step is to understand who is on your website which is a next step in marketing automation so for example if Jane is a recent college grad who just got her first job and she's renting an apartment and she's got a checking account but now she's starting to bring some money in and she's paying some bills and she wants to start a savings account or a CD account now you may think that and you may have campaigns and you may start encouraging her with emails about these are some things that generally young professionals look to do is they start building credit and accounts with the bank but what you may not know is Jane is on your website right now spending five minutes on your page about CDs because she's trying to educate yourself and you don't know that however with marketing automation software what it does is it connects the person with them being on the website and what they're looking at so in other words you could be sitting there and see even though you don't know this because you're not there in the room with Jane but you can see that Jane is spending a lot of time looking at CDs and so that means you may want to have a relationship specialist follow-up or you may want to trigger an additional campaign because your website is now tied to your marketing automation in addition scoring and closing actions this is where automation and data goes from just passive data to what I'll call smart data or better yet automation with the human touch and that is the idea that is somebody spending a lot of time on your website some of these a lot of your emails that means that they're interested in what you're providing the information you're providing to them in what you can do is based on those interactions you start assigning a score to them so in other words in this marketing automation system because they spent let's say an hour on your website yesterday that's a very interested either client or prospect in whatever they were looking at your website so in theory you want to add a lot of points to them you want to give them a very high score your relationship manager is alerted automatically because you've built that automation into the system and they can immediately reach out through a number of different channels right even text message nowadays you can automate that to kind of work with your client your customer whoever it was to try and close that deal and then you can measure it throughout so in other words that whole experience from a marketing perspective from those interactions you're able to measure it and provide ROI data so when you're adding business because these marketing activities you're also able to look at trends so for example if a lot of people are going to a certain webpage and they're dropping off very quickly that means a couple things it means you have the wrong audience coming to your webpage or more likely you're providing that you're making it hard for them to get the information or you're not providing them the information they want that's a very very important data for a marketing person as we continue to improve and so as you capture this data what does it look like and here's an example a very real-world example of data that marketing automation systems collect and you can see here on the Left where it's lead source you can start to really measure how many clients what channels are they coming through in if this was a real time demo we would actually able to click into this report on the left here and see each individual interaction in what marketing channel they use and so when you think about the power of marketing and back to the example we used earlier where you're supposed to invest in marketing to generate value this is what helps give you that information to understand what's working what's not so you can invest lesson what's not working and invest more in what is working and have the data in the ROI to go before the executive team to go before the board and showcase the impact that marketing is having and also here on the right you can see and manage against budget and spend so in other words you know how much are you spending against budget and this is where you have all these levers in marketing when you have a marketing automation you're also able to adjust and be flexible much much quicker you know sometimes you see and I run into this a lot into my conversations with with financial institutions is everything is so planned out which is good but it makes it harder to pivot and so when you have data coming in a real-time you can adjust your marketing mix it very very clearly and so you almost become a real-time marketing organization right that's changing as your customers are changing it is more of a one to one customer model and this is all coming from when you're connecting the data dots and a last couple pieces before we turn it over to see it a really share what I'll call real-world examples with the success of connect to one is we've been talking a lot about the customer right and marketing to the customer and making that relationship stronger and giving them information the way they want it when they want it and across the device they interact with this also makes it easier for the banker right because when you have a marketing automation system not only are you seeing all the analytics in the data and how your customers and prospects are interacting with you but you as a banker are more efficiently using your time because you can literally go into the system and say ah okay Jane has been with us and she just added a CD right I want to trigger some other things I want to set up a meeting with her so when you're bringing this data you understand your person your clients better and that on the bank side all the bankers are able to manage and develop the relationship a lot better because they're much more informed on the customer that they're working with and so in terms of the stage four here the idea is you're really collecting data so marketing automation works because you're collecting data each step in the process from you know whether it's loans or deposit accounts but throughout that life journey that's right we really showcase that 360 degree view because marketing is truly a journey and it's a journey with each of your customers and it's a journey collectively with your customers because the ultimate goal with all this with marketing automation in connecting data so you can put it to work for you is to drive profitability again this idea that when marketing is working and you invest more in it you should get more results you know growth should be tied to marketing and in theory the more you invest the more you should get but you know that based on knowing what's working the ROI you're getting from it from a soundness perspective you know the idea of remaining compliance right all of those pieces all of those emails that go out for different compliance and things are required and particularly the growth rate as well so again a lot of information here but the idea is that marketing's for most is to look great right from a brand perspective and those are things that marketing people I think are very comfortable with and has always done a great job what's gone a little harder is measuring the impact and more importantly managing that customer relationship using data and campaigns and information that matters to them and marketing automation is really the way to get to that data the technology that enables you to get there so I'm going to turn it back over to John thanks for watching on happen quick question for you a couple weeks ago you and I were talking about ways that big data and marketing automation can improve productivity in the bank's marketing department one of the things you mentioned was that it can free up time for people to spend more time on value creating activities as opposed to administrative tasks can you talk a little bit more about that that's a great question John I'd yeah it's something we always talk about right is good time is our most valuable asset and so you know a great thing is always to step back from your day to day and look and say what we're about what was value add use of time today and what was non-value add use of time and non value as non value add use of time is doing to your point a lot of administrative stuff so in other words we talked about connecting the dots from data so imagine being in marketing and I've been there where your data for your customers is in ten different systems there is no way you can truly have a customer view when your your data in ten different systems so to do that you have to spend hours if not days taking the data out of those systems and putting in the spreadsheet so what I've just given you there is an example of non value add because simply I'm doing rudimentary activities just so I can get data in one spot on the other hand once you have that data that's where the power in knowledge comes in and the value add time so in other words if I have a marketing automation system and I have all that data in one place I'm not wasting time trying to collect the data I'm anytime putting that data to use for our institution and that I think is the important piece of this so great question and with that we're going to turn the floor over to speak advanced yet my way brief introduction he is a vice president of marketing at Connect one where among other things she manages the bank's social media strategy and oversaw the rebranding excuse me of Connect one from its previous name North Georgia Community Bank to its current name so there you go SIA thank you John so thanks for having me I'm excited to be here with everyone I'm gonna get started first by giving you a little bit of background on the connect one bank story so as John mentioned we opened their doors in 2005 as North Jersey community bank and we were started by local business leaders who felt a void in the market even back then they believed that clients faced an enormous amount of friction in managing their financial lives after opening the bank we experienced rapid growth business model for and over the next few years we were named the fastest-growing bank in New Jersey 2013 we rebranded to connect one bank and that was not an effort to change who we are but really take on a name that better aligned with the company that we had grown into the next day we raised 50 million dollars in capital and completed the first Bank IPO since the financial crisis one year later we completed one of the largest bank mergers in the state of New Jersey creating a bank with increased scale and capability today we're nearly 5 billion dollar bank and as you can see we continue to invest in growth and efficiency so we've done a lot in a short period of time and we've gone through very through many stages of development like John said earlier there are too many banks chasing too few customers and in reality as a bank our product offering is pretty standard across the industry so in a more competitive landscape how do we manage it all I'm going to talk to you about what we at connects one do while men a high-growth low-efficiency company so first we focus on building a brand and when I say brand I don't just mean colors and logos a brand is a company's personality purpose value proposition and finally position Simonson X famously said people don't buy what you do they buy why you do it this is probably one of the most quoted lines from a TED talk and it's probably all over your Instagram at this moment but there's a reason why people really believe this we it connect someone or obsessive about our brand and culture a rebrand really allowed us to look at how we positioned ourselves on all channels in our branches on our website through our social media and enhance our position to really communicate who we are and what we believed in fact if you access any of our social media channels today you'll find that we don't put our efforts into selling accounts or alone but rather into selling a brand so if you're in the industry and your products offering is very similar to your competitors you have to ask yourself what are you really selling what is your value proposition and this your identity communicate this value proposition consistently the next question is how do you communicate your brand we've really utilized social media as a tool that allowed us to show people what we're about its humanized their
company and it's allowed others not only to understand what we offer but how it can be valuable to their lives moreover with access to post analytics and user behavior we've used feedback the data gives us to tailor our brand message to different audiences on different channels and I'll get into that in a little bit the next thing that we do is a market smarter I joke with my team I call its marketing but this is crucial when you're running a you're running lean and growing your client base so today's data-driven world as Jonathan just talked about is evolving marketing capability we can now transform our marketing to use that to use the data that we have effectively and essentially do more with less so where did we begin we started with the data that we all already have think about it as a bank we collect an enormous amount of data our mortgage application alone houses enough data to help a marketer understand that 360 degrees view that that Jonathan just spoke to you about unfortunately that data often stays siloed in the mortgage department in the mortgage process or worse on paper so what we've done is we've looked at solutions that help us first digitize the data and then aggregate the data we collect so whether it's marketing automation automation solutions to promote the right products to the right people finance and accounting solutions recently we've moved our entire GL system to the cloud or lending and deposit origination solutions and management through Encino which were actually in the process of implementing so all of these different areas in the bank have data and we need to digitize and aggregate data and then manage it so it tells us a story as a smaller Bank much of our marketing strategy was depending on knowing our entire client base we knew every client that walked in the door and we knew their story today with 60,000 accounts it's nearly impossible to do that without data so far we've utilized our own data to launch an automated client onboarding program effectively sell and cross sell products based on our current product I'm sorry based on on behavior and essentially capture low-hanging fruit we've combined their client data to paint a picture so we can identify who we can sell a savings account to if they only have a checking account we can identify powering users on our digital mobile platforms and really determine who has the propensity to use new products that are in process or about to be launched most recently we actually launched surveys to specific clients to actually add a qualitative feel to the Zita so it's not just numbers and products and dollar amounts so we're very excited about that next we take advantage of outside data right and the digital world that we live in so in 2005 when we were in an ad it was hard to determine exactly who would show up how many accounts were opened and really exactly which accounts came from that particular ad today in 2017 I can promote a specific product drill down to a feature that would attract a certain demographic and get it into in front of an audience who would be interested in it or who's already searching for that product so for example in 2005 if I was promoting a CD I run an ad in the newspaper made market to everyone in the specific this College County or local town today I can use digital to put my ad in front of only those who are looking for a high interest rate product so our CEO Frank always says you have to fish where the fish are and digital has created a world where we can do that we're continuing to find new ways to promote our products and services based on consumer data and lastly my favorite on keep continuous improvement and keep evolving marketing has changed and therefore the role of a marketer has changed Jonathan just kind of broke down exactly how that our world has changed we have the ability of we have the advantage rather of being able to access an enormous amount of data and we it connect to and continue to ask ourselves what problems can we solve with this data what does the data tell us for us more information allows us to offer a better client experience where it allows us to take the model we created back in 2005 and scale it we're solving the same exact problems today for our clients but we're using new tools to provide them with an even better frictionless personalized experience so I'll talk to you a little bit about how we're going to evolve in the future so while also marketing or product offering to a more diverse audience in a more effective way our implementation of Encino will allow us to evolve even more it'll connect the dots between our lending and deposit relationships take the friction out of the client experience as well as the employee experience and it'll even what we're very excited about is connect the dots back to our workflow really taking all of the data that we collected marketing and putting it back into client experience making us better faster more efficient so we're excited about the evolution that's less to come and and the next step some data and with that John I'm going to turn it back to you thank you for yet a quick question for you when we were preparing for the webinar last week one of the points you brought up with that big data and marketing automation allow a bank to quote do more with less you talked a little bit about what you meant by that yeah absolutely so I think you know here at Connect one we have a three person marketing team and we're allow gives us the ability to quickly and efficiently run marketing campaigns based on user behavior based on our target demographics and really tailor our marketing campaigns to either the geographic region where we're marketing with the age demographic we're marketing to or just just user behavior we're now going to do a few audience questions the first one is PU Jonathan where is the bank industry at in terms of adoption of Big Data it is still possible to get a first or early movers advantage thanks Shawn good question I guess you know you start with the later you start a race the farther behind you are so I think yes absolutely I think it's possible but it's you know one how quickly you're going to catch up and then how quickly you can start connecting the dots so first and foremost having the data I think is a given today you know so we use the example earlier of a spreadsheet where you may have data and the siloed data slide we had in a lot of different silos so at least you have the data right and then you can kind of bring it together to start analyzing it so that's kind of the minimum requirement I would say today you know if you don't have things that are tracking your website as I mentioned earlier in terms of number of visitors how long people are staying on the pages you may not know exactly who those people are which is what automation marketing automation will bring but you have that data secondarily if you're not capturing all the touch points your customers are interacting with so for example you know people are using both mobile banking online banking and coming to the branch you know all those interactions I also use the example when bankers are out in the field you know even sometimes at social events if you don't have a way to capture all of those interactions and all those conversations you're also going to be a bit at a disadvantage so I think and then also the products and services the bank offers you know the ability to you know be on the commercial side of the bank but be able to look at a household or an individual's relationship and see all their retail accounts and even potentially their wealth accounts as well having that 360 view to me those are the things that today are the requirements to have I think to be effective particularly marketing now going forward right it's the marketing automation it's now bringing all that data together in putting it into automated ways so that you're able to have that one-to-one customer experience and be proactive in delivering marketing campaigns being able to truly measure and all the great example SIA gave of what is working and what's not from something that's simple to an advertisement so maybe something as simple or more complex as AdWords right online or Facebook advertising or an event you sponsor you know all those different things so I think that's sort of the next level so I think if for all the institutions who are here today if you're not at least able to get to your data you should be sweating you know if you can get to your data but you don't have automation you should start getting a little uncomfortable but not too uncomfortable you should start looking and say okay how can we bring in technology again not as the answer but as enable or enabler of us to put our data it's a better use for us here's a question for you CA implementing a big data program can seem intimidating can you talk a little bit about where and how connect once started yeah sure I think it's a great question I think it's a conversation I have a lot with other bankers and other banks marketers because unfortunately a lot of banks feel that the core system can be a limitation in either accessing the data combining the data managing data so for us we started honestly with spreadsheets and it was the administrative stuff Jonathan talked about and we get you know a portion of the siloed data from one place and portion of the rest of the data from another and combine it and once we saw the value that that's created and you know look at the power of that data we invested in software to kind of automate that right and so now I'm saving 10 hours a week and the reports are Auto auto-generated and I can run marketing campaigns and now we're we're kind of aggregating all of our clients data to to one place with the help of encino and that's going to be huge for us you know and we'll we'll be able to do so much more because I'll probably save another ten hours a week from administrative things and really focus on how can we make that that data work for us in the most effective way we have one final poll question for those of you in the audience what is your organization's main priority for using data improve decision-making better customer experience reduction of costs targeted marketing campaigns or other I'll give you a few seconds to answer [Music] and the answer is targeted marketing campaign so thank you for answering that so with that we're wrapping up the webinar but we want to invite you to download a white paper that we have written on this it covers a lot of the same ground that we covered today but there's also other interesting case studies in there about making big data and marketing so go to our website wwlp.com and check it out thanks again everybody for joining us take care
