When running a financial institution you know that data is an important part of your operations. You’re regularly collecting customer (for our bank readers) and member (for our credit union readers) data from multiple points at once – customer personal information, transaction data, customer engagements, sales statistics on financial products – and you’re using it internally to move your operations forward. So why would any of that matter to your customers? There’s a common saying that “you’re only as good as your data.” This means that not only is it important to collect the data, but managing the data, organizing it in ways that are effective and efficient, and using it to better the customer experience. If you’re failing to take any one of those steps, you’re not providing your customers with the best possible service. Keep Your Data Clean One of the pillars to good data management is to keep your data clean. That means ensuring that the information that you have is fresh and current – no small feat when it comes to juggling sensitive information from thousands or even tens of thousands of customers, but crucial nonetheless. This can be as simple as taking past customers off of lists so that you’re not continually bombarding them with mail, phone calls, and emails that are unwanted. It also means removing deceased customers from lists so that their surviving family customers are not burdened with the same thing. Stop Overselling When was the last time that you received a piece of paper mail about a vehicle that you haven’t owned in 5 years, from a dealership that you went to once over a decade ago? That sort of thing is annoying to consumers, and it’s equally annoying to your customers, especially when they expect those who handle their money to have better data. Having outdated and messy data means that you’ll continue to send reminders about a car loan that’s closed, or a mortgage that has been paid off. Customers usually won’t alert you about these mistakes. Instead they’ll throw out your mail, delete your email, and be left with a sour taste in their mouths that no brand needs. Keeping your data current, and reviewing it regularly may not eliminate these problems every single time, but they will go a long way to ensure that you’re contacting the right customers about the right products and services. Stay Connected to Community If corporate social responsibility is among your priorities, then good data management will be crucial. It will guide you towards your customers’ interest, the priorities in their communities, and will show you exactly how and where you can help. Civic engagement is earnest, but a brand attempts to engage without forethought it can appear as tone deaf. Instead, let your data tell you where to invest your time and efforts, and what those priorities should be. It will speak volumes about your customers, and your next steps can show them just how much you care about what they care about.
