eBook: What Mid-Market Companies Need for Data-Driven Success and How to Get It

eBook

What Mid-Market Companies Need for Data-Driven Success and How to Get It

Using your data as an asset to drive competitive business growth and achieve cost cutting operational efficiencies is imperative for a company to compete, survive, and thrive. Increasingly, data and analytics have become a primary driver of business strategy and the potential of data-driven business strategies is greater today than ever.

eBook - What Mid-Market Companies Need for Data-Driven Success
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Aunalytics is a data platform company. We deliver insights as a service to answer your most important IT and business questions.

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Crypto Risks for Banks and CUs

The Visible and Invisible Risks of Cryptocurrency for Banks and Credit Unions

Article

The Visible and Invisible Risks of Cryptocurrency for Banks and Credit Unions

The allure of investing early in the “next big thing” has led to increased interest in crypto investment. As a new industry, it is highly unregulated compared to other types of investments and banking. While there is potential for a big win, there is strong potential for a big lose. As a bank or credit union, here’s what you need to know to protect your institution.

Crypto Risks for Banks and CUs
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Aunalytics is a data platform company. We deliver insights as a service to answer your most important IT and business questions.

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Marketing pitfalls: duplicate mailers

Marketing pitfalls can damage customer relationships—here's how to avoid them

While the main goal of marketing is to gain new customers or increase spend from existing customers, at times, marketing effort can do more harm than good. Unfortunately, a marketing campaign could not only fail to entice customers, but certain pitfalls could actively damage customer relationships. Fortunately, there are ways to avoid them. Below are three major mistakes that marketers are prone to making.

 

#1 Duplicate Mailers

Marketing pitfalls damage customer relations, for example, duplicate mailersThere is nothing more frustrating than opening up the mailbox and receiving multiple duplicate postcard mailers from a single company.  Or when they are addressed to you using two variations or spellings of your name. Or when one is addressed to another member of your household and the second to you. Even worse, when one is addressed to you and another to a generic “household” at your address. Your household typically does not require more than one.

This leaves you to focus on the wasted paper and postage instead of the product or service being marketed. And if the company sending the mailer knew more about the target customer, perhaps the target is someone who does not respond well to snail mail and doesn’t like it. Mailed promotional materials go straight into the recycling bin without even entering houses in many households. This type of waste would be avoided by intel on channel preference of prospects.

When you receive duplicate mailings from a company that you do not do business with currently, it can be viewed as a sign that the customer experience would lack attention to detail, personalization and efficiency. This is a turnoff. That company is likely to be put on a mental list of those you do not want to do business with – period.

If a company that you are doing business with sends multiple duplicative mailers to your home, this can be even worse. In this digital world, many businesses ask customer profile questions including preferred contact method. If you opt in for electronic communications and e-bills, sending a mailer shows that the company is either not listening to its customers or the company is not communicating well within its internal teams. You took the time to complete the profile, yet the business can’t be bothered with using your input. Did anyone read your form fill results? Again, this shows lack of personalized customer experience, inefficiency and lack of cohesiveness in operations. As a current customer, you feel even more devalued than the business that does not have a relationship with you.

Sometimes the duplicate mailings are sent to your name using slight variations of your address, such as “Street” versus “St.” If the business cleaned up its mailing list and recognized that this is the same location, it would save on operational costs and make the company look smarter.

 

#2 Marketing Products to Customers Who Just Bought Them

A second frustration is receiving a mailer from a company that you currently do business with asking you to purchase products or services that you already have purchased from them. For example, a bank sends a mailer to open a HELOC account or a credit card account when you already have that product from that bank. Is the bank carpet bombing mailings to everyone? How wasteful. Is it that the bank does not care enough about you as a customer to take the time to realize which products you already have with them?

The misdirected marketing may cause customers to begin to think that they should place their business with a bank that cares about their business enough to know which accounts a customer has with them. Really, the relationship would be better if the bank stopped trying to engage its customers than continue to do so with communications that miss the mark.

 

#3 Bad Timing

A third pet peeve with marketing is when the offers are untimely. For example, if you just refinanced your mortgage with your bank, the bank should not send you a mailer 10 days later for a refinancing opportunity. Yes, customers appreciate notification of interest rates becoming more favorable. But given that you just paid closing costs (or folded them into your loan), refinancing 10 days later is not likely. Instead, you run the risk that the customer sees even better terms being offered and feels dissatisfied with his new product or even mad. From the customer’s perspective, if the bank had told him to wait 10 days, he’d have better terms. Marketing can do better on timing.

Marketing should not damage customer relations.

 

The Digital Data Challenge

Many businesses have a plethora of data that is typically siloed across many systems throughout the organization. Aggregating and integrating this data for marketing purposes is a major challenge that can be difficult and time-consuming, if not nearly impossible.

Hyper-personalized services that factor in intelligence about a customer holistically should form the core of customer relationships. To achieve this goal, businesses can integrate their disparate data architecture across lines of business and functions to create a 360-degree view of customers and allow for targeted marketing based upon data.

New and advanced data analytics powered by artificial intelligence (AI) are available today that enable customer intelligence to drive marketing. Aggregate your data and ensure that it is cleansed to remove duplicate customer lists for mailings. AI-powered analytics recognizes when people with different names are part of the same household to further eliminate duplicate mailings.

Harness the power of your data to personalize a customer’s experience with your company and not only avoid these pitfalls, but enable smarter targeted marketing.


Digital Banking and Analytics Initiatives Top Banking Technology Predictions for 2022

Digital Banking & Analytics Initiatives Top Banking Technology Predictions for 2022

Bankers looking over analytics reportsWhen looking at major trends and predictions regarding banking technology for mid-market financial institutions this year, two themes top the list—digital banking and analytics initiatives. Mid-market financial institutions have been placing more emphasis on digital banking and analytics initiatives in recent years as consumer preferences and technologies evolve. But over the past two years, the pace of this shift has accelerated. As we move away from the initial shock to our economy caused by the global pandemic, and continue to feel its ripple effects in the supply chain, the jobs market, and price increases in nearly every sector, 2022 reveals that time is of the essence for new leaders to emerge in mid-market banking with smart technology investments.

Unfortunately, simply providing a mobile banking app is not enough in a world where customers demand personalized digital interactions. A banking institution must augment digital banking technology with customer intelligence and implement data-driven decision making through AI-enabled analytics. This is not a minor undertaking. It may require the bank to make a fundamental shift in the way it operates and the initiatives it prioritizes. Cultivating a data-driven culture is essential in meeting this goal. However, this can be challenging. Many mid-market financial institutions may not yet have the technology and talent needed to facilitate a data-driven culture. It requires data management and advanced analytics technology and expertise. Organizations need to take steps now in order to not only stay relevant—but to truly thrive—in this ever-evolving industry. Staying up-to-date on the latest technological trends is the first step in the process.

To learn more about the top technology trends in mid-market banking, and steps community banks and credit unions can take now in order to bridge the competitive gap, download our eBook, Top 5 Imperative 2022 Banking Technology Predictions for Mid-Market Financial Institutions.


Daybreak Analytic Database

Daybreak's Predictive Smart Features Add Additional Value for Credit Unions

Is your credit union in a position to hire experienced data scientists who will develop predictive algorithms to enrich your member relationships? With Aunalytics, you can take advantage an entire team of data science talent. Our customer intelligence data platform, Daybreak™ for Financial Services, includes industry relevant Smart Features™ —high value data fields created by our Innovation Lab using advanced AI to provide high-impact insights.

Watch the video below to learn more about how Smart Features provide additional value for credit unions.


2021 IBA Banking on Women

2021 Indiana Bankers Association Banking on Women Conference

November 3-4, 2021

2021 Indiana Bankers Association Banking on Women Conference

Sheraton Indianapolis Hotel at Keystone Crossing, Indianapolis, IN

Aunalytics to Attend the 2021 IBA Banking on Women Conference

Aunalytics is pleased to attend the Banking on Women Conference in Indianapolis as a Ruby Sponsor. In addition to connecting with women bankers from across the state and listening to empowering speakers, Aunalytics will be demonstrating Daybreak™ for Financial Services, which uncovers customer insights from transactional data using machine learning and AI, and is tailored to the financial services industry.

2021 IBA Banking on Women

Californial Nevada CU League REACH 2021

Aunalytics President Rich Carlton to Speak at the California and Nevada Credit Union League’s REACH 2021

Carlton’s REACHtalk Will Offer Insights into Leveraging Data with Advanced Analytics to Personalize Customer Intelligence and Achieve Competitive Advantage

Leading Data Platform Provider Will Feature Aunalytics Daybreak for Financial Services in November at Industry Events Attended by California, Nevada, Indiana, and Minnesota Bankers and Credit Unions

South Bend, IN (October 25, 2021)Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, announced today that the company’s president, Rich Carlton, will be featured as a REACHtalk speaker at the California Nevada Credit Union League’s REACH 2021, November 1-4. Carlton’s talk, Leverage Your Data with Advanced Analytics to Personalize Customer Intelligence and Achieve Competitive Advantage, will take place on November 3, 2021 at 11:45. REACH 2021 will be held at the JW Marriott Desert Springs Resort & Spa. Aunalytics will also feature its advanced data analytics solution for midmarket community banks at three industry events attended by bankers and credit unions from California, Nevada, Indiana, and Minnesota in November.

Aunalytics’ DaybreakTM for Financial Services offers midsize banks and credit unions the ability to gain customer intelligence to grow their lifetime value, predict churn, determine which products to introduce to customers and when, based upon deep learning models that are informed by data. Built from the ground up, Daybreak for Financial Services is a cloud-native data platform that enables users to focus on critical business outcomes. The solution seamlessly integrates and cleanses data for accuracy, ensures data governance, and employs artificial intelligence (AI) and machine learning (ML) driven analytics to glean customer intelligence and timely actionable insights that drive strategic value.

“Midmarket financial institutions can thrive by redefining the local experience and digitally transforming how they operate,” said Carlton. “The ability to target, discover and offer the right services to the right people, at the right time, improves customer relationships, delivers new products and services through data-driven campaigns, and accelerates competitive advantage. We look forward to meeting with bankers and credit unions from California, Nevada, Indiana, and Minnesota and showing how Daybreak for Financial Services can help them strengthen their position in regional markets and compete more effectively.”

Aunalytics will demonstrate Daybreak for Financial Services at:

Tweet this: .@Aunalytics President Rich Carlton to Speak at the California Nevada Credit Union League’s REACH 2021 #FinancialServices #Banks #CreditUnions #Dataplatform #DataAnalytics #Dataintegration #Dataaccuracy #AdvancedAnalytics #ArtificialIntelligence #AI #Masterdatamanagement #MDM #DataScientist #MachineLearning #ML #DigitalTransformation #FinancialServices

About Aunalytics

Aunalytics is a data platform company delivering answers for your business. Named a Digital Innovator by analyst firm Intellyx, and selected for the prestigious Inc. 5000 list, Aunalytics provides Insights-as-a-Service to answer enterprise and mid-sized companies’ most important IT and business questions. The Aunalytics® cloud-native data platform is built for universal data access, advanced analytics and AI while unifying disparate data silos into a single golden record of accurate, actionable business information. Its DaybreakTM industry intelligent data mart combined with the power of the Aunalytics data platform provides industry-specific data models with built-in queries and AI to ensure access to timely, accurate data and answers to critical business and IT questions. Through its side-by-side digital transformation model, Aunalytics provides on-demand scalable access to technology, data science, and AI experts to seamlessly transform customers’ businesses. To learn more contact us at +1 855-799-DATA or visit Aunalytics at http://www.aunalytics.com  or on Twitter and LinkedIn.

 

PR Contact:
Denise Nelson
The Ventana Group for Aunalytics
(925) 858-5198
dnelson@theventanagroup.com