Actionable Insights From APT's Financial Services Practice

Strengthening Relationships with Analytics

November 23rd, 2015 | Posted by Joseph Galiano in Financial Services | Financial Services | Financial Services - (Comments Off on Strengthening Relationships with Analytics)

Gallup recently published a poll comparing a variety of statistics between national and community banks, which illuminates a few surprising facts. One apparent paradox is that while community banks are more successful at engaging their customers, they lag behind national banks in capturing share of wallet. While customers at national banks keep 71% of their financial products with their primary banks, customers at regional banks only keep 66%. (more…)

Banks Think Bigger than Free Toasters

September 17th, 2014 | Posted by JDouglass in Financial Services - (Comments Off on Banks Think Bigger than Free Toasters)

As competition closes in on all sides for retail banks (e.g., growth of online-only providers, new mobile players, brand consolidation, and more), organizations are doing all they can to bring in deposits. Adding to the pressure, rates are expected to rise fairly soon, which makes it essential for banks to acquire new accounts now. Just like community banks of generations past, financial institutions today are enticing customers with incentives and “freebies” to spur new account generation. However, this isn’t your mother’s free toaster! Today’s marketers are offering cold, hard cash to customers who meet certain requirements. This raises the essential question for bank executives: is this all worthwhile in the end? Are we needlessly spending hundreds of dollars per customer to increase new account generation? How can we know the exact payoff of such offers, and what can we do to make these programs as profitable as possible?