Bigger Picture...Better Results-- 3 Key Tips

Greetings!

It's that time of year...evaluation and strategic planning.  You are reviewing this year and the result achieved and looking forward into next year. The end goal is higher revenue, higher margins and greater retention...the true Win-Win-Win!

Data is pouring in by the truck load and megabyte.  Sales results, demographic details, market perceptions...product usage and balance results.

Where do you begin???

The answer is with a data plan...

Data is everywhere and growing by the minute.  You can request core system reports, MCIF downloads and information from many product systems.  The key, however, is understanding that data is just the beginning!

Data is just information...bits and bytes...until you transform it into information.

Knowledge is data that refined with a purpose and behavior attached.

Here is an example...

You learn that you debit card portfolio statistics are:

• 6.5 POS transactions per card
• 74% active cards
• $14.58 average ticket

Interesting data and good to know...but what can you DO with it?

A different look with the data transformed into knowledge:

• 6.5 POS transactions per card
• 14.2 from your Preferred Checking
• 1.5 from Free checking
• 74% active cards
• 95% active in the north region
• 47% active in the south region
• $14.58 average ticket
• $8.48 average ticket for debit AND credit card holders
• $55.89 average ticket for debit AND mobile banking holders

Now you have key INSIGHTS to build active plans that create actions in targeted ways.  At MarketMatch, we have a saying-- "Be Careful of the Net"...this means that there are insights behind data and transforming it into knowledge will uncover the nuggets of gold.  A "net" overlooks trends and key insights from the overall picture.

So now what??

It's time to build a data plan...

Here are the TOP THREE Knowledge Assets to build from your data:

1. Debit usage by checking account type
2. Loan usage by home ownership status and income 
3. Total deposits held by number of services

These key insights help you quickly identify and activate a REVENUE source, an ASSET base and DEPOSIT holdings...the keys to an effective balance sheet and organization!

No MCIF?

It's OK...you can build the tables by core reports and a little intuitive analysis.  An MCIF like 360View builds key insights into the program and analyzes profitability and retention risks.  Both very key knowledge point, built from the data of the bank accounts.

Here's to a great 2013 planning session...

Need help?  Give us a call...we're experts in the "last mile" of planning and turning data into actionable knowledge!!

Cheers!

Bruce

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