Understanding Attrition and How to Lower Its Impact on Growth

The pandemic spurred new growth for most financial services organizations in the past year. Other analysts predict that growth will continue to increase well into 2022. However, for most of Marquis’ organizations, churn is also on the rise. Engagement (or lack of it) indicates churn, so it’s vital to understand who is churning and why.

To help mitigate churn you want to address specific needs and know when to intervene for households that may churn due to inactivity. Mitigating churn is as important as monitoring churn.

Analyzed from reviewing the data from more than 2 million households representing more than 6 million accounts with balances totaling more than $44 billion, a “typical” financial institution was modeled to better understand churn and its impact on growth.

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Top 10 Steps to Using Data to Drive Meaningful Member Journeys

Today’s consumers expect communications to be specific to their individual situation. A one-size-fits-all cookie cutter approach is no longer accepted … and as financial institutions, we do not get a pass on this. Members know we have large amounts of information on them and expect that we will use it to communicate with them as individuals.

To accomplish this hyper-specific member journey, we must unlock this individualized data to automatically reach each member with the right message at the right time, all the time. Read our latest CUInsight article and learn about the 10 steps to help you drive a more meaningful member journey.

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Big or Small, Does Your Data Have It All?

Access to ever-increasing amounts of data can cause anxiety, and sometimes action paralysis. Many marketing professionals ask, “Is there more data I could look at before making a decision?” While large amounts of data may allow for progress on some business questions because more data is available, a recent Forrester Report indicates that while 74% of companies want to be more data driven, only 26% are good at connecting data to actions, citing a lack of resources for expert data interpretation, organization, and management.

How, then, should successful management teams utilize data to craft action plans that deliver tangible value from new knowledge? What are the different types of data that can be used for solution analyses? When is enough (data) enough?

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Primary Financial Institution: Moving from Definition to Execution

Many credit unions find that a formal Primary Financial Institution (PFI) definition is an effective way to measure their most engaged, relevant, loyal, profitable, and “sticky” households (HHs). Whether formally defined or informally outlined, the combination of products and services used to define PFIs are as varied as the institutions themselves. When moving from PFI definition to the execution of an actionable strategy, it is worth noting why management teams go through the PFI process. Check out our latest article for CUInsight and learn how to move from definition to execution.

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