Independent Banker - March 2023 - 29

" When we have first-party data, we can target
much more precisely and can obviously
reach those individuals one-to-one. "
-ANDREW CATALANO, AUSTIN WILLIAMS
first-party data and use it strategically
is probably the next big opportunity
for banks, " says Eric Cook, chief
digital strategist at digital marketing
agency WSI Digital in Prudenville,
Mich.
First-party data for targeted
marketing campaigns
Community banks can use their
first-party data to upsell and crosssell
to existing customers with highly
relevant messages. " When we have
first-party data, we can target much
more precisely and can obviously
reach those individuals one-toone, "
says Andrew Catalano, chief
innovation officer of digital marketing
agency Austin Williams in Long
Island, N.Y.
For example, instead of sending
20,000 mailers about a home equity
line of credit to everyone within a
certain radius of a branch, a bank
could focus the campaign on only
customers in its database who it
deems may be in-market for one.
" We can look at people who got a new
mortgage within the last one to two
years and make over X amount of
dollars in income and meet whatever
other qualifications, " Catalano says.
In addition to direct outreach
efforts, first-party data can be used for
advertising campaigns across a variety
of media, including streaming services
and social media. " We can take that
data and we can reach that person
online, " Catalano says. " If we have
an export of phone numbers or email
addresses from our client, we can
take that to Facebook, and Facebook
can match those phone numbers and
emails to user accounts and serve ads
to those people specifically. "
Banks can also employ first-party
data to build predictive models that
can inform their marketing efforts.
These models could predict which
products individual customers will
need next, for example, and which
customers are likely to leave the
bank and should be put in retention
programs, says Ryan Wilson, vice
president of client relationships
at Aunalytics. The South Bend,
Ind.-based company can tap into
bank databases, including the core
processing system, to generate
advanced analytics and insights.
Data about existing customers can
even help community banks improve
their efforts to find new customers.
" The key is to understand the profiles
of the best and [more challenging]
customers, which can then impact
who you target for solicitation, " says
Stephenie Williams, vice president,
financial institution marketing
product and strategy at marketing
solutions company Vericast in
San Antonio.
Enhance the customer experience
with first-party data
Community banks pride themselves
independentbanker.org // 29

http://www.independentbanker.org

Independent Banker - March 2023

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

Table of Contents
Independent Banker - March 2023 - Intro
Independent Banker - March 2023 - Cover1
Independent Banker - March 2023 - Cover2
Independent Banker - March 2023 - Table of Contents
Independent Banker - March 2023 - 2
Independent Banker - March 2023 - 3
Independent Banker - March 2023 - 4
Independent Banker - March 2023 - 5
Independent Banker - March 2023 - 6
Independent Banker - March 2023 - 7
Independent Banker - March 2023 - 8
Independent Banker - March 2023 - 9
Independent Banker - March 2023 - 10
Independent Banker - March 2023 - 11
Independent Banker - March 2023 - 12
Independent Banker - March 2023 - 13
Independent Banker - March 2023 - 14
Independent Banker - March 2023 - 15
Independent Banker - March 2023 - 16
Independent Banker - March 2023 - 17
Independent Banker - March 2023 - 18
Independent Banker - March 2023 - 19
Independent Banker - March 2023 - 20
Independent Banker - March 2023 - 21
Independent Banker - March 2023 - 22
Independent Banker - March 2023 - 23
Independent Banker - March 2023 - 24
Independent Banker - March 2023 - 25
Independent Banker - March 2023 - 26
Independent Banker - March 2023 - 27
Independent Banker - March 2023 - 28
Independent Banker - March 2023 - 29
Independent Banker - March 2023 - 30
Independent Banker - March 2023 - 31
Independent Banker - March 2023 - 32
Independent Banker - March 2023 - 33
Independent Banker - March 2023 - 34
Independent Banker - March 2023 - 35
Independent Banker - March 2023 - 36
Independent Banker - March 2023 - 37
Independent Banker - March 2023 - 38
Independent Banker - March 2023 - 39
Independent Banker - March 2023 - 40
Independent Banker - March 2023 - 41
Independent Banker - March 2023 - 42
Independent Banker - March 2023 - 43
Independent Banker - March 2023 - 44
Independent Banker - March 2023 - 45
Independent Banker - March 2023 - 46
Independent Banker - March 2023 - 47
Independent Banker - March 2023 - 48
Independent Banker - March 2023 - 49
Independent Banker - March 2023 - 50
Independent Banker - March 2023 - 51
Independent Banker - March 2023 - 52
Independent Banker - March 2023 - 53
Independent Banker - March 2023 - 54
Independent Banker - March 2023 - 55
Independent Banker - March 2023 - 56
Independent Banker - March 2023 - 57
Independent Banker - March 2023 - 58
Independent Banker - March 2023 - 59
Independent Banker - March 2023 - 60
Independent Banker - March 2023 - 61
Independent Banker - March 2023 - 62
Independent Banker - March 2023 - 63
Independent Banker - March 2023 - 64
Independent Banker - March 2023 - 65
Independent Banker - March 2023 - 66
Independent Banker - March 2023 - 67
Independent Banker - March 2023 - 68
Independent Banker - March 2023 - 69
Independent Banker - March 2023 - 70
Independent Banker - March 2023 - 71
Independent Banker - March 2023 - 72
Independent Banker - March 2023 - 73
Independent Banker - March 2023 - 74
Independent Banker - March 2023 - 75
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Independent Banker - March 2023 - 77
Independent Banker - March 2023 - 78
Independent Banker - March 2023 - 79
Independent Banker - March 2023 - 80
Independent Banker - March 2023 - Cover3
Independent Banker - March 2023 - Cover4
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https://www.nxtbook.com/mspc/independentbanker/december2018
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https://www.nxtbook.com/mspc/independentbanker/august2018
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https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
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https://www.nxtbook.com/mspc/independentbanker/august2017
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https://www.nxtbook.com/mspc/independentbanker/june2017
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