Financial Institutions Enhance Customer Value with New Predictive Marketing Capabilities from Raddon
Institutions can leverage transaction data to better understand customers, increase relevancy and boost ROI
“When we heard that Raddon would be bringing predictive marketing capabilities to its suite of solutions, we immediately jumped onboard,” said
ELGA is a long-time user of Integrator Advance™ and Performance Analytics from Raddon, and will combine Predictive Analytics with these solutions to create more relevant, timely offers for its members and community.
While the technology and algorithms that power Predictive Analytics are complex, the underlying premise and process are not:
- First, the Predictive Analytics system takes in up to two years of first-party data from the financial institution. This includes information from the core system on deposits, loans, mortgages, bill pay, credit card and other transactional data. Data is anonymized to protect personally identifiable information.
- The data is analyzed, and indicators are then attached to each anonymized consumer. Called a Key Lifestyle Indicator® (KLI), these tags allow the institution to better understand consumer spending and banking behavior. Third party data is also used in this matching and analysis process, all in a manner designed to maintain consumer privacy.
- The technology then generates recommendations based on customer behavior, moving groups and individuals in and out of campaign audiences based on their habits, in near real time. Not only does the institution have a next-level view of how to plan and project offers and campaigns, the hard work of segmenting and targeting becomes more automatic.
“Institutions are challenged to bring in new deposits and achieve primary financial institution status across the board,” said
Predictive Analytics from Raddon is available now and can integrate into any core banking system. It is powered by Key Lifestyle Indicators, a patented technology from Segmint, a leading technology provider that allows financial institutions to more easily understand and leverage data, interact with customers, and measure results through advanced data tagging, categorization, and contextualization of billions of transactions.
Predictive Analytics can be previewed live next week at the
- Raddon, a
Fiserv Company- raddon.com
- Predictive Analytics from Raddon - fisv.co/PredictiveAnalytics
Director, External Communications