Financial institutions continue to try to find a way to increase their bottom line, whether it is with new clients, new dollars, or increasing profitability.Most financial institutions follow a typical path—moving from mortgage lending to auto lending to non-prime lending to a new one I heard this week, "extraterrestrial lending”. I did not ask much more on that one. The problem is repeating that cycle as the years go on, with no end in sight.
One area that most financial institutions forget about is what they have right in front of their own noses—their own client’s data.
This resource may even be feared, instead of mined for new clients and/or opportunities. Most clients do not know where to start and or afraid of what they may find. One client told me, “Oh, we know it’s there but what I will find is the question.” Another client did agree with me saying, “I am having the hardest time battling the larger financial institutions for the new customer. We have to become more creative with the clients we already have.”
When I hear comments like this, they remind me that the days of the free toasters are gone. Bankers need to utilize business intelligence to know what offers are meaningful and will resonate to bring in new customers and to build wallet share of existing customers.
With the functionality that Baker Hill NextGen™ Business Intelligence offers in portfolio pricing, campaign marketing, and drill-down reporting, financial institutions will get the much-needed edge in the marketplace, in addition to saving TIME and MONEY.
So use what you already have to grow your bottom line and let Baker Hill NextGen Business Intelligence help you battle the competition. As someone said to me recently, “The longer I wait, I know the further I fall behind my competition.”