Independent Banker - February 2023 - 22

payments strategies and ensure an
accurate picture of trends.
" You've got to zoom in and zoom
out on the tapestry, " says Kari
Mitchum, vice president, payments
policy at ICBA. " Yes, there are going
to be individual threads that are
making up your whole picture, but
you also need to make sure that
you're not stereotyping. "
To use data effectively,
community bankers need to
balance the information with what
they know to be true about their
customers. Applying it will take
some finesse, but a few guideposts
exist to help navigate this slippery
slope and unearth a goldmine of
potential. The dos and don'ts of data
analysis can make the difference
in a bank's payments strategy (see
sidebar, page 22).
Applying data
Data can support community
banks in helping their customers
better manage their finances.
Mitchum shares an example of
a bank that monitored customer
credit card activity, homed in
on those customers who were
making minimum payments
each month, and then created a
targeted campaign that showed
the value of adding just $5 to the
minimum payment to pay down the
balance sooner.
The results? Customers made
an average addition of $20 to the
minimum payment, supporting a
better payoff strategy.
Data analysis can also help
community banks track where there
are opportunities to cross-sell or
reposition offerings.
For example, if a customer's
payment activity shows loan
payments to outside firms or Venmo
or PayPal payments, perhaps it's
time for their bank to discuss its
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Independent Banker - February 2023

Table of Contents for the Digital Edition of Independent Banker - February 2023

Table of Contents
Independent Banker - February 2023 - Cover1
Independent Banker - February 2023 - Cover2
Independent Banker - February 2023 - Table of Contents
Independent Banker - February 2023 - 2
Independent Banker - February 2023 - 3
Independent Banker - February 2023 - 4
Independent Banker - February 2023 - 5
Independent Banker - February 2023 - 6
Independent Banker - February 2023 - 7
Independent Banker - February 2023 - 8
Independent Banker - February 2023 - 9
Independent Banker - February 2023 - 10
Independent Banker - February 2023 - 11
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Independent Banker - February 2023 - 20
Independent Banker - February 2023 - 21
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Independent Banker - February 2023 - 25
Independent Banker - February 2023 - 26
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Independent Banker - February 2023 - 30
Independent Banker - February 2023 - 31
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Independent Banker - February 2023 - Cover3
Independent Banker - February 2023 - Cover4
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