FlowTracker Analytics Newsletter and Blog - FlowTracker Analytics - FlowTracker Analytics http://flowtrackeranalytics.com Fri, 20 Oct 2017 02:39:33 +0000 Joomla! - Open Source Content Management en-gb Fix your bank's sales goals… or you may be next http://flowtrackeranalytics.com/index.php/ftblog/item/8-bank-sales-goals http://flowtrackeranalytics.com/index.php/ftblog/item/8-bank-sales-goals

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 making sales and cross-selling targets based on number of accounts / products and the value of revenue generation – which has driven employees to engage in unethical acts to make seemingly unattainable goals – is now a C-suite issue at banks everywhere.

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noreplymachine@flowtrackeranalytics.com (Super User) FlowTracker Analytics Newsletter and Blog Mon, 03 Apr 2017 16:01:35 +0000
Deposit Attrition: how "silent attrition" kills portfolio growth http://flowtrackeranalytics.com/index.php/ftblog/item/7-deposit-attrition-how-silent-attrition-kills-portfolio-growth http://flowtrackeranalytics.com/index.php/ftblog/item/7-deposit-attrition-how-silent-attrition-kills-portfolio-growth

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 month we will show you how looking at lost money flows gives you a far more powerful and insightful view of this pervasive customer behavior.

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noreplymachine@flowtrackeranalytics.com (Super User) FlowTracker Analytics Newsletter and Blog Thu, 16 Mar 2017 17:16:42 +0000
The war is on: Real time versus predictive analytics http://flowtrackeranalytics.com/index.php/ftblog/item/6-the-war-is-on-real-time-versus-predictive-analytics http://flowtrackeranalytics.com/index.php/ftblog/item/6-the-war-is-on-real-time-versus-predictive-analytics

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 losing the battle, which translates into funding freezes and a lack of executive support and attention in many firms. However these capabilities still deliver the lion's share of growth drivers in terms of customer acquisition, cross selling and retention results.

It looks like a permanent transition underway - but I predict this will not hold true in the longer term.

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noreplymachine@flowtrackeranalytics.com (Super User) FlowTracker Analytics Newsletter and Blog Tue, 07 Mar 2017 18:45:16 +0000
Attrition part 2 http://flowtrackeranalytics.com/index.php/ftblog/item/5-attrition-part-2 http://flowtrackeranalytics.com/index.php/ftblog/item/5-attrition-part-2

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 life analysis through the experience gained in collecting the time series data.  Using this we took an in-depth look at account level attrition across deposits and loans portfolios of a financial institution. If you’d like to revisit that discussion or re-read the 1st part, please see the January Newsletter How we learned to improve bank analytics in 2016.

In the previous issue we looked at two discoveries.

  1. Small data ca yield big results.  Who says you need billions of records to understand attrition?
  2. Back filling data once FlowTracker’s analytical tool is up and running is simple and doesn’t have to occur in sequence.

In this issue, we explore our learnings as they relate to Product and Customer Attrition.

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noreplymachine@flowtrackeranalytics.com (Super User) FlowTracker Analytics Newsletter and Blog Fri, 17 Feb 2017 13:27:56 +0000
New Beginnings........ How we learned to improve Bank Analytics in 2016 http://flowtrackeranalytics.com/index.php/ftblog/item/4-january2017news http://flowtrackeranalytics.com/index.php/ftblog/item/4-january2017news

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 and market conditions.

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noreplymachine@flowtrackeranalytics.com (Super User) FlowTracker Analytics Newsletter and Blog Wed, 18 Jan 2017 13:51:41 +0000
8 tips for making BI reports useful for Executives and managers http://flowtrackeranalytics.com/index.php/ftblog/item/3-8-bi-tips http://flowtrackeranalytics.com/index.php/ftblog/item/3-8-bi-tips

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 have data doesn’t mean it is relevant. The same is true of analysis – it has to be directed to informing a decision or it is not useful. Never build reports just because the data is available.

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noreplymachine@flowtrackeranalytics.com (Super User) FlowTracker Analytics Newsletter and Blog Thu, 29 Dec 2016 17:05:58 +0000
Will the new Republican Government Impact Financial Institutions? http://flowtrackeranalytics.com/index.php/ftblog/item/2-december-2016-newsletter http://flowtrackeranalytics.com/index.php/ftblog/item/2-december-2016-newsletter

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 smaller community bank lender and billions to the larger American lenders.

 

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noreplymachine@flowtrackeranalytics.com (Super User) FlowTracker Analytics Newsletter and Blog Sun, 18 Dec 2016 20:32:56 +0000
Improve your predictive analytics for attrition or retention by 30% and more by being relevant. http://flowtrackeranalytics.com/index.php/ftblog/item/1-november-2016-newsletter http://flowtrackeranalytics.com/index.php/ftblog/item/1-november-2016-newsletter

 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 of Accenture’s North America Banking practice.

 

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noreplymachine@flowtrackeranalytics.com (Super User) FlowTracker Analytics Newsletter and Blog Sun, 18 Dec 2016 19:56:56 +0000