BI Tools for Credit Unions
Our BI Tools offer front line analytic solutions that allow your operational leaders to be faster to insight and faster to action – enabling you to outpace the competition.
BI Tools’ Key Benefits for Credit Unions:
- Customer Segmentation and Profiling – enhance cross selling to large and profitable clients through greater insight into client readiness and timing.
- Sales Accelerator for CRM – capture greater share through deepened customer relationships, driven by clear and actionable customer insight.
- Cross-sell and Up-sell – Optimize use of expensive branch sales resources.
- Churn/Attrition – compressed analysis cycles and finer targeting with stronger messages transform marketing into a competitive weapon.
Build Long-term Customer Value
Increasing long-term customer value is a central idea in customer retention. To excel at this, the Credit Union that competes on analytics can increase the speed and volume of their promotional activity without the risk of data outpacing the ability to analyze and act on it. The result of using this type of BI Tools is the ability to:
• Dynamically segment the customer base into actionable groups.
• Execute campaigns far more responsively to highly targeted and segmented audiences with focused value propositions through preferred channels.
• Leverage the investment in branches and increase sales effectiveness by distributing analytic capability across the organization.
• Identify and incubate best potential customers.
• Identify cross sell opportunities and timing.
• Identify and reduce attrition.
The bottom line result of competing on analytics – more profitable relationships with more loyal customers.
Compete on Analytics, Compete on Speed
One of our highly recommended BI Tools for Credit Unions is TIBCO Spotfire. This enterprise analytics set of BI Tools powers the solutions that provide the insight and drive the actions on the path to profits. Spotfire software enables sales and marketing professionals to perform complex expert customer and market analyses without being expert in underlying statistical or data tools.
Your organization can compete on analytics and speed by leveraging the domain knowledge and experience of your people through visual interactive analytics. Spotfire BI Tools provide the solutions for your Credit Union to outpace the competition while building long term customer value.
Fully Interactive and User Driven Functionality Campaign Analytics
The automation of campaign management has accelerated the campaign cycle beyond our ability to analyze it, resulting in high volume but low yielding marketing. Spotfire BI Tools for Campaign Analytics compresses campaign analytics and planning into a single integrated process by transforming analytics from a backroom operation to a high speed front office activity, turning your campaign cycle into a competitive advantage.
Customer Segmentation and Profiling
Spotfire BI Tools guide users through accepted processes, accesses algorithms and presents users with a visual experience to understand and act on context specific and one-time use segments and clusters. Statistically driven universal customer segmentation schemes, such as best customer models, have great utility but little use beyond targeting, leaving marketers and sales people questioning how to take action. Pricing, value proposition and even message determination can now be done with high response and with systematic analytic guidance. Spotfire software changes the workflow by bringing segmentation into the front office to create unique but actionable audience groups for every campaign or action.
Branch Sales Accelerator for CRM
Branches are the most important channel for selling, but they are still managed as a service cost center. The Spotfire Sales Accelerator part of the set of BI Tools provides the solution to monitor and analyze branches with clear metrics that show branch sales performance and efficiency. Credit Unions have deployed Customer Relationship Management (CRM) systems to enable the sales force to be more productive, but they do not provide the analytic insights needed to manage this channel. Sales Accelerator leverages the insight and knowledge locked away in the captive CRM data and provides the tools to segment and target your leads to focus on the best opportunities.
Beyond the Basket – Cross-sell and Up-sell
Cross-sell and up-sell analysis has been stuck for years with market basket analysis – identifying product attachment rates and potentially demographic affinity to various products. These modeling techniques were created in the retail industry and ignore the rich vein of information to be discerned from analyzing transactional trends in Credit Unions. TIBCO Spotfire BI Tools provide ways to use these trends to inform you of when a customer may be ready to purchase.
Stem the Tide – Using Pattern Recognition to Predict Churn/Attrition
Through deposit and credit accounts, Credit Unions have the unique opportunity to see their customers’ usage trends over time. Some of these trends are indicative of impending customer behavior, the most onerous of which is the loss of that customer. TIBCO Spotfire provides BI Tools and methods for pattern recognition – both human visual pattern recognition and more algorithmic approaches – to project when an event may occur, providing valuable time to change courses and prevent the loss of one of your most valuable resources – your installed customer base.
Finding the Future – Best Customer Projection
Most companies today have a best customer model – platinum, gold, silver – usually based on some variation of lifetime value (LTV). By modeling the transaction stream that made these customers the most valuable, you candetermine which customers are on the same path to become a member of one of your most valuable segments. TIBCO Spotfire helps you identify your high potential customers to address them with different service levels and other differentiated offers to facilitate and ensure that these customers become MVPs.
The TIBCO Spotfire Experience
The TIBCO Spotfire BI Tools give the Business User the experience of interacting with information and provides the ability to quickly see patterns, trends, and outliers in their data. Using the visual medium for data exploration and analysis, Spotfire BI Tools enables nonstatisticians to quickly and easily perform otherwise complex analyses and make key statistical methods approachable through its user friendly interface. This is exactly why we recommend this set of BI Tools.
Please contact Terry Martin today at (630) 574-7656 for more information on how to integrate Spotfire BI Tools into your Credit Union.