Building an Account Holder Database is a Marathon, not a Sprint
While a financial institution that is introduced to the concept of gathering transactional data may want to jump in head first, the group all agreed it’s very important to start slow, and build a trusted database. Altra FCU started gathering their transactional data roughly four years ago, and they are now starting to piece together a complete picture. Dutton noted that, in the early days, there were plenty of roadblocks while wading through immense sets of account holder behavior trends, not only confirming if the data was correct, but also determining if the data was even relevant.
For those just getting started building their database, she advocated starting with a narrow focus, measuring the results and expanding from there.
However, it’s not an easy process. Udell's response to being asked how FIs can start gathering getting to a point of one single source of data was: “Good luck.” While he was being a bit tongue-and-cheek, he also stressed the sheer amount of data that is out there and the importance of starting slow, validating along the way and building up from there.
He added, "Our Segmint client success manager adds value every month in our meetings, she constantly challenges us, bringing thoughts for new audiences, and providing insight on what other clients are executing."
The key here is starting slow, setting clear goals, and working with your dedicated client success manager to achieve the best results.