Independent Banker - August 2018 - 49

Data Analytics
Seacoast Bank,
Stuart, Fla.
Assets: $6 billion
Diving into data
for stellar results
S
eacoast Bank is using big data and analytics to
level the playing fi eld with some of its bigger
national bank competitors.
The Florida community bank implemented its
Customer Lifetime Value (CLTV) data analytics
program in early 2016. The CLTV program provides
insights that the bank uses to enhance its strategic
decision-making, such as creating more targeted
marketing campaigns or optimizing its branch
network. The bank shares those insights with
its frontline associates to help them strengthen
customer relationships.
" We want to be the main bank that our customers bank with. We don't want to
be their secondary bank, " says Robert Stillwell, senior vice president and chief
analytics offi cer at Seacoast Bank.
The CLTV program allows bankers to look at transaction history, products
and services that a customer is using-or not using.
For example, it can fl ag accounts that are not very active. That may create an
opportunity for a banker to explain unexplored features of the existing account
or switch the customer to a diff erent account that might better fi t their needs.
One of the common hurdles for community banks to implement big data and
analytics systems is cost. Seacoast has partnered with providers FIS and SAS to
use an off -the-shelf solution. The program uses an advanced analytics software
from SAS that applies machine learning and predictive modeling, and combines
it with data the community bank gathers from its FIS core banking platform.
" We do believe that any community bank or fi nancial institution can aff ord
those tools, " says Stillwell. The bigger challenge is that many organizations don't
have the expertise to develop a sophisticated data and analytics program, he says.
One of the keys to success for Seacoast was hiring people who had experience
working with industry leaders, such as American Express and Capital One.
Seacoast's innovative use of analytics recently earned it an FIS
Impact award in the Banking: Community Bank category. It was
one of only 10 fi nancial service industry organizations globally
to be recognized.
-Beth Mattson-Teig
Robert Stillwell

Independent Banker - August 2018

Table of Contents for the Digital Edition of Independent Banker - August 2018

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Independent Banker - August 2018 - Intro
Independent Banker - August 2018 - Cover1
Independent Banker - August 2018 - Cover2
Independent Banker - August 2018 - Table of Contents
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