Financial institutions have access to more account holder data than ever before, but many still struggle to turn that information into meaningful action. The institutions seeing the most success are using data to identify opportunities, reduce friction and engage account holders more proactively.
Valuable signals already exist across core systems, digital banking platforms, analytics tools and aggregated accounts. The challenge is turning those disconnected data points into actionable insights and stronger account holder engagement.
Here are four practical examples of how financial institutions can use data to improve efficiency, strengthen relationships and uncover growth opportunities. Each example highlights a practical initiative along with its potential business impact. When institutions can better connect and interpret account holder activity, they are better positioned to identify growth opportunities and make more informed business decisions.
Modern data tools can help your institution uncover meaningful insights that drive deposits and lasting loyalty.
Use Case #1: Reducing Statement Costs
Paper statements remain a significant operational expense for many financial institutions. Almost half of account holders still receive paper statements. Targeted digital adoption campaigns can help encourage greater enrollment in e-statements.
A data-driven approach: Using available customer and transaction data, segment your paper-statement-receiving account holders by age, relationship, and location. Then, create a targeted campaign to deliver targeted education campaigns explaining the benefits and steps to sign up for digital statements.
Potential impact: Increased digital adoption and up to $.25 – $.75 per user per month in savings.
Use Case #2: Retaining Existing Deposits
Many account holders regularly transfer funds to accounts held at other financial institutions. Millions of dollars (or more) are leaving your financial institution every month via outgoing account-to-account (A2A) transfers.
A data-driven approach: Your available data identifies an audience of retail customers who are initiating outbound A2A transfers on a recurring basis. After you build this audience, create a “go-local” campaign and savings drive that touts the benefits of opening a savings account at your institution.
Potential impact: With quality messaging, your institution could expect to stem 10-15% of recurring outbound transfers, resulting in millions in retained deposits.
Use Case #3: Capturing Additional Deposits
56% of consumers say they maintain different types of accounts across multiple banks. This creates an opportunity for financial institutions to strengthen primary banking relationships.
A data-driven approach: Use your data to identify retail account holders that retain a direct deposit at a competitor and employ A2A transfers on a recurring basis to push funds to your institution. Armed with this information, launch a branch calling campaign targeting these account holders to communicate the benefits of direct deposit accounts at your institution.
Potential impact: Your success rate could be as high as 30% for converting discovered transfers into direct deposits.
Use Case #4: Expanding Wealth Relationships
Your account holders diversify their wealth, often using competing wealth services and diluting the funds they hold in your institution. In fact, the average $1B institution has account holders with significant assets held at external brokerage firms, which could otherwise be held in the wealth services at your bank or credit union.
A data-driven approach: Identify account holders who are regularly making transfers to these brokerages and create a calling campaign to promote wealth advisor services at your institution.
Potential impact: Deeper wealth relationships and increased assets under management.
Unlocking the Full Value of Your Data
Financial institutions already possess valuable account holder data. The opportunity lies in turning that information into timely, actionable insights that support stronger relationships, smarter engagement and long-term growth.
CSI’s Customer Intelligence Suite helps financial institutions uncover opportunities hidden within everyday account holder activity so they can engage customers more proactively and make more informed business decisions.
Learn what your institution can accomplish with better visibility into customer behavior and account activity.
Daniel Haisley, Chief Data & AI Officer
Daniel Haisley is Chief Data & AI Officer at CSI, where he leads the company’s data strategy, AI initiatives and advanced analytics efforts. He focuses on driving innovation and helping CSI use data and AI to improve decision-making and customer experiences. With 17 years of experience in financial services technology, Daniel has led digital banking, Open Banking and product strategy initiatives throughout his career. Prior to CSI, he served as Chief Product Officer at Apiture and previously as Head of Product at Live Oak Bank. Daniel holds a bachelor’s degree in Financial Counseling and Planning from Purdue University and is a graduate of the Graduate School of Banking at the University of Wisconsin.