“In a world where traditional bases of competitive advantage have largely evaporated, how do you separate your company’s performance from the pack? Use analytics to make better decisions and extract maximum value from your business process.”
Thomas H. Davenport and Jeanne G. Harris, Competing on Analytics: the New Science of Winning

Well known, market leading businesses, such as Capital One, Amazon.com, Google, and Netflix, have learned how to use data analytics to drive significant competitive advantage.

Insight Analytics provides powerful analytical capabilities for banks and credit unions that give YOU the same edge.

Analyze Your Business

In today’s world, financial institutions are overwhelmed with raw data leaving them data rich, but information poor. For every billion in assets, a typical financial institution has over 500 million pieces of data. This makes it difficult for businesses to find hidden patterns in data that can lead to improved profits.

Benefits

  • Gain the same competitive advantage as the largest banks
  • Turn your wealth of data into actionable insight
  • Make better decisions and get maximum value from your business
  • Understand hidden patterns and trends
  • Find the root cause of performance problems
  • Say goodbye to stale spreadsheets and reports

Predict the Future

We use predictive analytics to determine patterns and predict future outcomes. Across all of our products and services the first step we take is turn your data into actionable insight. Insight Analytics applies predictive models (statistical algorithms and machine learning techniques) to better understand your customers, prospects, products, etc. and to forecast future probabilities. While we have very sophisticated software and processes, an equal part of what we do comes from our years of experience in applying these tools specifically to banking which has its own unique challenges.

This is a game changer. It allows us to predict which products each customer will be interested in based on market cluster, lifestyle, demographics, transactional data, and so forth. It can identify customers with a propensity to accept a debit card offer or open a home equity line of credit. We can also create models to score customers for profitability and attrition risk allowing you to identify and keep your best customers.

Insight Analytics gives you a competitive advantage that no amount of spreadsheets will ever approach.

Benefits

  • Leverage huge amounts of data
  • Drive decisions based on analytics
  • Compete on analytics
  • Use predicitve analytics to forecast future outcomes

Target Customers

Our mantra has always been “data into insight, insight into action“. Targeting becomes the “action” where we use the knowledge gained from predictive analytics and put it to use.

In comparison, most marketing programs cast a wide net. They’re also built around bad assumptions such as “anyone within a small radius of our branches is who we want to go after”. Other saturation programs go one step further and rank carrier routes within each zip code. The result is lower response rates and higher marketing costs.

With Insight Analytics and targeting you lower marketing expenses (mail and otherwise), increase response rates and balances, decrease attrition, and increase your ROI.

Debit Card Case Study

Problem

Our client recognized that they had a lower debit card penetration rate than the best of class retail banks. Previous mail-based marketing campaigns resulted in unsatisfactory response rates and a low return on campaign expenses. They wanted to take a different approach that would directly target customers who would use a debit card.

Solution

  1. We used transaction-level data and predictive analytics to find checking accounts where the customer was both likely to accept the offer and use the card.
  2. We created and executed a series of campaigns that generated sales opportunities for these customers.
  3. The sales opportunities were automatically distributed and assigned to branch managers in our Sales Management system.

Results

Over the course of 8 campaigns, the bank was able to sell over 3,100 debit cards that generated $649,000 in annual interchange revenue.

0%
Average Response Rate
$0
New Annual Revenue
0%
Increased Debit Card Volume

Compete on Analytics and Drive a Competitive Advantage.
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