FlowTracker Analytics Newsletter and Blog

FlowTracker Analytics Newsletter and Blog

Bank and Credit Union news and perspectives from FlowTracker Analytics Inc.

First it was Wells Fargo, now TD Bank employees have gone public with assertions that they have perpetrated unethical and possibly illegal acts to meet performance targets. The consequences are frightful - a 17% drop in share value at Wells, and a 5.5% drop at TD Bank. At Wells, both the Head of the Retail Banking Division and the CEO have “left” the company and the bank has eliminated sales targets altogether. We don’t yet know what TD will do. All this damage to the brands, employee morale and shareholder value because of performance management gone awry. The focus on…
We have had the good fortune to work with our customers, analyzing many months of products, customers, and balances data across all deposits and loans of bank portfolios. The work has enabled us to draw conclusions about true growth, attrition, sales, cross-sales and product substitution customer behavior with added precision. With this information, a bank or credit union can quickly assess what’s working and what’s not, and more importantly react to changing customer behavior and market conditions. In our last two newsletters we looked at bank product canablization, with specific focus on account attrition, product attrition and customer attrition. This…
The war is on... real time analytics using streaming data to responsively react to customer behavior with relevant and timely content versus curated data and predictive analytics.At this stage the battles are increasingly being won by the real time side. Vendors like Salesforce.com offer compelling abilities to take in huge amounts of data at near real time speeds and apply optimization algorithms that improve over time (as more data and outcomes are added, the models improve a.k.a machine learning).The more traditional predictive and descriptive analytics that formed the backbone of CRM strategy for the last 15 years appear to be…
We have had the good fortune to work with our customers, analyzing many months of data to enable a time series look at products, customers, and balances across all deposits and loans of bank portfolios. The work has enabled us to draw conclusions about true growth, attrition, sales, cross-sales and product substitution customer behavior with added precision. With this information, a bank or credit union can quickly assess what’s working and what’s not, and more importantly react to changing customer behavior and market conditions.Last month we shared the 1st part of a 3-part newsletter reporting on the results of real…
New Beginnings........ How we learned to improve Bank Analytics. We want to share some of our learning from last year with you. We were very fortunate to work with our customers through analysis of multiple months of data to enable a time series look at products, customers, and balances across all deposits and loans of bank portfolios. This helps to draw conclusions about true growth, attrition, sales, cross-sales and product substitution customer behavior with added precision. With this information, a bank or credit union can quickly assess what’s working and what’s not, and more importantly react to changing customer behavior…
Here are some lessons learned from our experience working on Business Strategy and Analytics engagements over the years. We hope you will find this helpful!Start with the business decisions. Management values information that informs practical and strategic decision making. This sounds obvious but almost never happens. Success depends on being relevant and useful. Take the time to sit down with the people who are decision makers and ask them what challenges and pain points are priorities for them.Work from the decisions backwards. Decisions rely on information, which relies on relevant and context-rich analysis and presentation of data. Just because you…
Optimism is running high amongst Financial Services executives as was reported in American Banker on Dec 4th. Bankers across America are looking forward with glee to the prospect of a bright future with a new government that will most likely loosen the grip from regulators and lessen the corporate tax burden.The New York Times agrees. In an article dated Nov 21st they too surmise that there will be a repeal or significant reform of Dodd-Frank and a friendlier Securities and Exchange commissioner. Higher interest rates are finally on the horizon too, and a one percentage-point increase could add millions to…
 The August issue of American Banker magazine had some amazing facts that we at Flowtracker Analytics Inc. want to share with you. It was reported that in Accenture’s most recent study conducted in the United States and Canada revealed customer satisfaction between a customer and their bank, is at an all time high of 85%. Even at this all-time high, customers leaving are increasing in numbers. “Consumers no longer view switching banks as a hassle, which puts pressure on firms to not only attract new customers, but find ways to keep existing customers loyal,” said David Edmondson, senior managing director…

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