Interra Credit Union Will Join Aunalytics at CULytics 2022 Virtual Summit to Discuss the Need for Digital Transformation and Using Advanced Analytics to Move Business Forward
Aunalytics to Demonstrate Its Advanced Data Analytics Solution and How Credit Unions Can Accelerate Data-driven Insights to Enhance the Member Experience
South Bend, IN (March 17, 2022) - Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, announced today that its customer Interra Credit Union will participate in a “fireside chat” case study session at the CULytics 2022 Virtual Summit taking place March 22 and March 29, 2002.
Aunalytics is a Gold Sponsor of the summit which brings leading credit unions together to share valuable industry learnings. Interra Credit Union’s CEO, Amy Sink, will join Aunalytics President Rich Carlton on March 29, 11:30am-12pmPT to discuss the need for data transformation, and how Interra is using Aunalytics to better serve its members. With AI-driven analytics, Interra can focus on the future and how to drive its business forward, while helping its members overcome challenges they may have.
“Credit unions, like many other financial institutions, struggle with not only a plethora of data, but data that is largely siloed across the organization,” said Rich Carlton, President, Aunalytics. “I’m thrilled that Amy will be joining me at CULytics to share her insights about how Interra Credit Union successfully aggregated and integrated its data for analytics use. With greater intelligence and insights about its members, the credit union will be in a better position to address the challenges members may have and improve their overall experience.”
Aunalytics will also feature DaybreakTM for Financial Services, its advanced data analytics solution for midmarket financial institutions, at a virtual booth both days of the summit. With Daybreak, credit unions can gain member intelligence to grow their lifetime value, predict churn, determine which products to introduce to members and when, based upon deep learning models that are informed by data.
Aunalytics is a trusted partner of CULytics, a community-based consultancy committed to helping credit unions get the most out of their investment in data and digital. It is dedicated to bringing together the credit union community by sharing expertise, industry best-practices and successes in data analytics and digital transformation. For more than six years, CULytics has invested in the success of the credit union community by embracing its ideals and charting a path toward a brighter future for all.
Tweet this: .@Aunalytics Interra Credit Union Will Join Aunalytics at CULytics 2022 Virtual Summit to Discuss the Need for Digital Transformation and Using Advanced Analytics to Move Business Forward #FinancialServices #Banks #CreditUnions #Communitybanks #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 https://www.aunalytics.com or on Twitter and LinkedIn.
PR Contact:
Denise Nelson
The Ventana Group for Aunalytics
(925) 858-5198
[email protected]
Horizon Bank Drives Valuable Data-driven Insights and Positive Outcomes for Customers Using Aunalytics Daybreak for Financial Services
Aunalytics Data Platform Accelerates Horizon’s Digital Transformation Journey, Empowering the Bank with Compelling Advantages over Larger, Competitive Institutions
South Bend, IN (March 8, 2022) - Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, announced today that Horizon Bank is using Aunalytics’ Daybreak for Financial Services to drive powerful data-driven insights and positive outcomes for the bank’s customers. With plans to expand the platform with artificial intelligence and machine learning to generate new business, as well as additional data sources to support customers, the system is taking Horizon Bank to the next level of services that make it a preferred financial partner with compelling advantages over larger, competitive establishments.
Founded in 1873, Horizon Bank has a vision for the future to provide customers with technology that is designed to facilitate interaction and it provides online conveniences that support innovative solutions for personal, commercial and mortgage banking needs, as well as wealth and investment services.
A community banking organization with 74 locations, Horizon sought to resolve an ongoing customer relationship management (CRM) concern that had plagued it for years. The bank’s CRM systems fell short of meeting the organization’s objectives due do a data infrastructure that wasn’t conducive to robust customer relationship management.
The CRM systems lacked data integration capabilities needed for the company to utilize the full breadth and depth of its information resources held across a wide range of databases, data warehouses and other repositories. This restrained sales, marketing and services which would improve the quality of experience for customers and support the organization’s revenue objectives. As a result, Horizon made the strategic decision to develop a custom in-house CRM solution and selected Aunalytics Daybreak for Financial Services for seamless data integration and analytics that would facilitate its business intelligence goals.
“What we needed to succeed was an analytics platform capable of unifying and helping us to fully leverage our informational assets. Expectations for the platform would be to deliver clean information from all available sources, not just for our CRM solution, but for marketing and financial operations as well,” said Madelaine Spoljoric, Vice President of Business Intelligence for Horizon Bank. “With this in mind, we selected the Daybreak for Financial Services platform, which made the integration of informational sources fast and simple while delivering powerful analytics and actionable insights.”
Data experts at Aunalytics took a three-pronged approach to solve Horizon Bank’s business challenges using the Daybreak for Financial Services analytics database platform. The first step was to get the data right by converging disparate repositories, and organizing the information for ingestion in the proper application area. Horizon Bank would leverage Daybreak’s robust, cloud-native platform to convert data into answers in support of a wide range of business intelligence applications.
Daybreak allows Horizon’s executives to view system-wide data from all business units, cleansing and verifying records to provide enriched data for accurate decision making. The aggregated data delivers a 360-degree view of customer information including behavioral data, from which the platform’s proprietary AI technology and deep learning models developed by Aunalytics data scientists glean customer intelligence insights.
Aunalytics’ data centers host customer data in a secure enterprise cloud and compute environment, which is based on a highly redundant and scalable platform. This allows customers to scale as their business requires with hosted servers, applications, and data. Daybreak users are supported by the company’s 24/7/365 help desk, which Horizon Bank praised for its on-demand service suite and resolution of issues if and when they arise. Horizon Bank administrators access these services through the customer self-service portal, providing service ticketing, system-wide monitoring and alerting, 24x7 telephone support, 24x7 onsite support, and preventative maintenance on covered systems.
To initiate the company’s digital transformation strategy, Horizon Bank migrated 100,000 customers from an acquisition into the Daybreak for Financial Services analytics database platform overnight. This resulted in a successful post-merger transition. The introduction of automation and the simplification of IT infrastructure by bringing systems together has streamlined the company’s computing environment significantly. Automated dashboards now generate reports daily using multiple sources, replacing spreadsheets that required the review of data across hundreds of tabs. This advancement allows for deeper insights as the bank can now get very granular and take actions based on clear, accurate data—something that was not possible previously. Some of the reports produced by the new system go to senior management, including the CEO—a sign of real business impact.
“In support of this Daybreak deployment, the excellent strategic direction of the business intelligence team at Horizon Bank has made the platform that much more effective, providing for more accurate data-driven decision making,” said Ryan Wilson, Vice President, Client Relationships for Aunalytics. “We are enjoying this journey and look forward to continue working together with Horizon on these initiatives.
Full case study here.
Tweet this: .@Aunalytics Horizon Bank Drives Valuable Data-driven Insights and Positive Outcomes
for Customers Using Aunalytics Daybreak for Financial Services #Banks #Banking #BankMarketing #Dataplatform #DataAnalytics #Dataintegration #Dataaccuracy #AdvancedAnalytics #ArtificialIntelligence #AI #Masterdatamanagement #MDM #DataScientist #MachineLearning #ML #DigitalTransformation
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 members’ businesses. To learn more contact us at +1 855-799-DATA or visit Aunalytics at https://www.aunalytics.com or on Twitter and LinkedIn.
PR Contact:
Denise Nelson
The Ventana Group for Aunalytics
(925) 858-5198
[email protected]
Aunalytics Vice President Ryan Wilson to Address How Community Banks Can Leverage Their Data to Gain a Competitive Edge at The ONE Conference
Leading Data Platform Provider Will Showcase Daybreak for Financial Services Solution at Illinois Bankers Conference
South Bend, IN (February 25, 2022) - Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, announced today that its Vice President of Client Relationships, Ryan Wilson, will present at the Illinois Bankers' The ONE Conference to be held March 3-4, 2022 at the Embassy Suites in East Peoria. Wilson’s presentation, Using Advanced Data Analytics to Personalize Customer Intelligence and Achieve Competitive Advantage, will take place on March 3. Aunalytics will also feature DaybreakTM for Financial Services, its advanced data analytics solution for midmarket banks, at the Illinois conference.
Daybreak 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.
With daily insights powered by the Aunalytics cloud-native data platform, industry intelligence, and smart features that enable a variety of analytics solutions for fast, easy access to credible data, financial services organizations should be able to take data-driven actions such as:
- Target the right customer at the right time
- Target market more efficiently to a subset of customers and prevent waste
- Target high value customers for continued growth
- Reach out to customers who are not using or getting the most value out of current purchases to prevent attrition
- Win business away from competitors to expand revenue
“It is increasingly difficult for financial organizations to leverage their data and gain customer intelligence that drives higher business value,” said Ryan Wilson, Vice President of Client Relationships, Aunalytics. “Midmarket banks and credit unions in particular aren’t in a position to ‘out tech’ their large national counterparts. Aunalytics provides the data platform and advanced analytics solutions they need, delivered in a side by side model that couples technology with talent and helps them achieve a competitive advantage.”
Tweet this: .@Aunalytics Vice President Ryan Wilson to Address How Community Banks Can Leverage Their Data to Gain a Competitive Edge at Illinois Bankers The ONE Conference #FinancialServices #Banks #CreditUniondirectors #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 https://www.aunalytics.com or on Twitter and LinkedIn.
PR Contact:
Denise Nelson
The Ventana Group for Aunalytics
(925) 858-5198
[email protected]
Side-by-Side Client Success Model Empowers Bank's Analytics Initiative
Customers are increasingly demanding digital banking experiences, immediate results and responses to sales and service inquiries, and easy-to-use online platforms. While it is common for banks to invest in building mobile and online banking platforms, industry trailblazers are harnessing the power of data and analytics to drive revenue and smarten operations by gleaning better understanding of their customers for timely targeted cross selling opportunities, lower risk lending, and by cutting operational costs caused by ineffective duplicative customer outreach for sales and service.
So, where to start? The data analytics landscape has exploded over the past decade with an ever-growing list of products and services: literally thousands of tools exist to help business deploy and manage data lakes, ETL and ELT, machine learning, and business intelligence. With so many tools to piece together, how do business leaders find the best one or ones? How do you figure out the best combination of tools and use them to get business outcomes?
The truth is that many tools are built for data scientists, data engineers and other users with technical expertise. With most tools, if you do not have a data science department, your company is at risk of buying technologies that your team does not have the expertise to use and maintain. This turns digital transformation into a failed project without business outcomes instead of sparking data-driven revenue growth.
Yet most mid-sized financial institutions do not have teams of data scientists or data engineers and it does not make business sense to add these FTEs. Really, mid-market banking is stuck between a rock and a hard place in trying to compete with big banks and not get left in the dust of industry giants taking more market share by using data analytics to sweeten customer experiences. So how does the mid-market compete?
Side-by-Side Solution
A side-by-side client success model provides value that goes beyond most tools and platforms on the market by providing a data platform with built in data management and analytics, as well as access to human intelligence in data engineering, machine learning, and business analytics. While many companies offer tools, and many consulting firms can provide guidance in choosing and implementing the tools, integration of all the tools and expertise in one end-to-end solution built for non-technical business users is key for digital transformation success for mid-market businesses.
To learn how Aunalytics helps mid-market banks and credit unions achieve success in data analytics implementation and beyond through their side-by-side client success model, download the full case study here.
Communication Federal Credit Union Leverages Data to Drive Higher Business Value Using Aunalytics Daybreak for Financial Services
Aunalytics’ Advanced Data Analytics Platform, Coupled with a Dedicated Side by Side Model, Accelerates the Credit Union’s Member-centric Decision Making
South Bend, IN (February 22, 2022) - Aunalytics, a leading data platform company delivering Insights-as-a-Service for enterprise businesses, announced today that Communication Federal Credit Union (CFCU) is using Aunalytics Daybreak for Financial Services so that it can leverage its data to accomplish high effort projects at greater speed and efficiency. With Aunalytics’ advanced data analytics platform, in combination with the company’s side by side approach which integrates technology and expertise for non-business users, the credit union has accelerated its member-centric decision making to drive higher business value.
CFCU is a $1.7 billion full-service credit union with more than 200 employees and 23 branches in Oklahoma and Kansas. It serves more than 105,000 members and partners with many successful businesses such as OG&E, ONEOK, ONE Gas, AEP/PSO, Chaparral Energy, AT&T, Goodyear Tire, and more than 250 other groups.
Because of CFCU’s strong commitment to individualized service, the credit union uses a “hands on” approach when it comes to business intelligence and how it manages data. Ben Smith, Vice President Business Intelligence for CFCU, explains that “We work hard to get our hands dirty and figure out how we can execute our strategic goals, measure accordingly, and then quickly adjust our findings. At the same time, we take an ‘anything is possible’ approach, which posed a significant challenge back in the dark ages for credit unions and data analytics several years ago when we were all just getting started and trying to figure out how to do things with a slew of platforms, systems, and lots of data.”
Having data was never an issue for CFCU as the organization had always had volumes of information to work with. However, it was scattered across the organization and was messy, disjointed, and very difficult to bring together. As the credit union started to adopt analytics and become more data driven, it had to quickly learn how to leverage data within technology platforms to fulfill senior management’s requests for strategic information. Proving that it could deliver upon requests with the anything is possible approach, the business intelligence team began to receive an outpouring of requests, and found itself devoting a lot of time, effort, and determination to accommodate them.
Reaching a point when the existing model wasn’t sustainable, the team determined it needed a data analytics solution provider to support its business intelligence initiatives. After an unsuccessful experience with its first provider, CFCU established more concrete goals and a higher set of expectations for what it required of a data analytics provider. Innovation and a true partnership were at the top of its wish list. The business intelligence team spoke with many peers and industry experts before beginning the formal exploration process.
“We wanted to work with a leading-edge technology company that had a proven track record of innovation, along with experience across multiple industries, including financial services,” Smith said. “In addition, we were looking for a partnership that would go well beyond the traditional services model - a partner who would pull alongside us in a manner in which we push them towards excellence in the platform, and they push us toward excellence in our analytics and outputs from the platform. It really required a fresh approach to our preliminary discovery questions when meeting with different providers.”
CFCU narrowed its vendor selection down to two providers including Aunalytics. In addition to outscoring the other company, Aunalytics offered a side-by-side partnership model that integrated technology and expertise in one end-to-end solution built for non-technical business users. Aunalytics was also flexible, open, agile, and offered an unmatched level of support.
Implementing Aunalytics data platform and Daybreak® for Financial Services, CFCU realized immediate high value impact in centralized automated data cleansing, organizing, structuring, consolidating, and aggregating. The credit union was able to gain and leverage daily cleansed data, delivered seamlessly in a dynamic environment without the investment in required cloud infrastructure, software, and people such as data engineers, data scientists, and day to day support. CFCU now leverages this data to accomplish high effort projects at greater speed and efficiency.
Built from the ground up for credit unions and midsize community banks, 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, and employs artificial intelligence (AI) and machine learning (ML) driven analytics to glean customer intelligence and timely actionable insights that drive strategic value. It includes transactional banking data that a financial institution creates and batches daily in the analytics, to provide the most up to date insights ready for business users to act upon when each business day begins.
“Our approach at the beginning of our data analytics journey was that anything was possible - with enough time, effort, and determination,” Smith said. “Our approach now with Aunalytics is that anything is quickly possible - with the right tools, innovation, and partnerships.”
“Communication Federal Credit Union had been struggling with what many financial institutions are challenged with - massive amounts of data that is typically siloed across the organization, making it difficult and time consuming to aggregate and integrate for higher business value,” said Ryan Wilson, vice president, Client Relationships at Aunalytics. “We’re pleased to work with them in a side by side manner that helps CFCU achieve its business goals while reducing and streamlining the manual processes required before implementing the Daybreak solution.”
Full case study here.
Tweet this: .@Aunalytics Communication Federal Credit Union Leverages Data to Drive Higher Business Value Using Aunalytics Daybreak for Financial Services #CreditUnion #Banking #FinancialServices #CommunityBank #Midmarket #Dataplatform #DataAnalytics #Dataintegration #Dataaccuracy #AdvancedAnalytics #ArtificialIntelligence #AI #Masterdatamanagement #MDM #DataScientist #MachineLearning #ML #DigitalTransformation
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 members’ businesses. To learn more contact us at +1 855-799-DATA or visit Aunalytics at https://www.aunalytics.com or on Twitter and LinkedIn.
PR Contact:
Denise Nelson
The Ventana Group for Aunalytics
(925) 858-5198
[email protected]
Aunalytics Powers Data Insights and Positive Outcomes for Horizon Bank Customers
Aunalytics Powers Data Insights and Positive Outcomes for Horizon Bank Customers
Community Bank Takes Strategy-First Approach to Streamline Customer Intelligence and Business Operations
Fill out the form below to receive an email with a link to the case study.
Aunalytics is a data platform company. We deliver insights as a service to answer your most important IT and business questions.
Related Content
Nothing found.
Aunalytics Powers Data Insights and Positive Outcomes for Horizon Bank Customers - PDF
Aunalytics Powers Data Insights and Positive Outcomes for Horizon Bank Customers
Community Bank Takes Strategy-First Approach to Streamline Customer Intelligence and Business Operations
Related Content
Nothing found.
Financial institutions are frequently targeted in cyberattacks—here’s how to protect your bank or credit union
Financial institutions consistently have been the most cyberattacked industry for the past decade. It is no surprise, given that banking enterprises hold large volumes of sensitive data about people, companies, and governments, and their transactional business revolves around massive volumes of money transfer. Hackers will continue to strike with increasing sophistication since the data held by financial institutions is of high value with the potential for extremely lucrative financial gains if stolen. For example, the Europe-based Carbanak and Cobalt malware campaigns targeted more than 100 financial institutions in greater than 40 countries during five years from 2013-2018, and the criminal profits yielded over a billion Euros.
Attacks are increasingly sophisticated and cyber criminals continue to invest in new and complex criminal strategies and campaigns. Hackers in banking often take advantage of the interdependencies of financial institutions to service products such as credit cards and mortgages for other banks. From one bank breach, the cyber cartels jump to the partnered financial institution to steal its data as well.
In some types of cyberattacks, criminals make slight changes to data, which may not be immediately detectable. Because nothing is stolen at the time, users may not recognize the attack. However, once the criminals gain access to this data, they can manipulate algorithms in the system for their own financial gain. Timestamp manipulation is a newer strategy, whereby criminals have found that they are more likely to evade detection if they manipulate time for an otherwise valid transaction. Changing timestamps can alter the value of capital and trades. Because the parties to the transaction appear to be legitimate, this type of fraud is harder to detect.
Other criminals outright steal data for financial gain by selling it, hold data hostage for ransom profit, or pilfer intellectual property such as an organization’s competitive strategy and business plans to sell to interested parties. But the main goal in banking cyber-criminal activity is direct profit from a modern-day bank heist—stealing money from the bank.
Despite the increasing complexity of cyberattacks against financial institutions, there are some tools and best practices that banks and credit unions can use to protect themselves from these threats:
- Continuously update security technology and protocols as threats evolve and adapt with the help of a dedicated full-time security team.
- Employ 24/7/365 monitoring with remote remediation to quickly stop attacks in their tracks
- Monitor endpoint devices to stop attacks before they hit networks.
- Monitor cloud security including application use across the financial institution.
- Monitor email and Office 365 using tools specially designed to thwart attacks on these platforms, such as proactively recognizing and removing phishing scams.
- Have a dedicated security team and SOC, or hire an expert outside managed security services firm that embeds tools, technology and 24/7/365 monitoring to serve as your SOC.
- Push frequent patches so that user devices are equipped with the latest security protections.
- Adopt deep learning or AI monitoring, mitigation and context investigation that can more quickly identify threats.
- Encrypt data so that it is not compromised even if a breach occurs.
- Use multi-factor authentication to protect against unauthorized access.
- Instruct employees and customers to only access bank data in a secure location over a non-public Internet connection.
- Train employees on cybersecurity threats quarterly.
- Develop a solid business recovery plan for when an attack occurs.
Learn more about how Aunalytics Advanced Security helps protect financial institutions, and businesses in other highly regulated industries, from cyberattacks.
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
There 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.
Communication Federal Credit Union Leverages Data to Drive Higher Business Value with Aunalytics Daybreak for Financial Services
Communication Federal Credit Union Leverages Data to Drive Higher Business Value with Aunalytics Daybreak for Financial Services
Advanced Data Analytics Platform, Coupled with a Dedicated Side by Side Model, Accelerates Member-centric Decision Making
Fill out the form below to receive an email with a link to the case study.
Aunalytics is a data platform company. We deliver insights as a service to answer your most important IT and business questions.
Related Content
Nothing found.
