Resources > Data Jam Sessions and Podcasts > Data Jam Session #4: Putting Data Into Action

Data Jam Session #4: Putting Data Into Action

May 23, 2022 by Segmint

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Livestreamed on May 23rd at 12pm eastern time. Our discussion included the following topics: Accessing Relevant Insights, Keeping Data Secure, and Using Data to be Adaptable and Efficient. Our panel features: Cheryl Dutton (Altra FCU) and Ben Udell (Monona Bank), as well as Kent Blacksher and Zeeshan Gauba of Segmint.

Kent Blacksher  00:05
Oh my goodness, well, well, well, everybody, we are doing this again, welcome to yet another Data Jam. I don't know why they keep bringing me back. So I am so grateful to be speaking with all of you today. And let me just tell you a capital X, your VP of biz dev over here at Segmint. And we assembled another amazing panel for discussions today. So we are so excited to be chatting.

00:29
Let's get started.

Kent Blacksher  00:30
Let's jump in. I'm going to introduce our panelists today starting with none other than Ben Youdao, who's been at the financial services industry for nearly 25 years, all in and around fintechs in general, particularly understanding what's important to members. He is currently the SVP of consumer banking at our customers rather Consumer Banking at manana bank, he oversees all the retail branches, consumer products and services, consumer lending and much, much more. And he's been a valuable asset to us. I really enjoy speaking with him. Ben, thanks so much for taking the time to join our Data

01:02
Jam today. You're welcome. I'm thrilled to be here looking looking forward to it.

Kent Blacksher  01:07
Oh, you say that now but just wait till we get to the lightning round and all the bonus questions. Also joining us is Cheryl Dutton. She's the SVP and CMO of ultra Federal Credit Union. She's also the champion for all of altroz financial advisors. And she has been with the credit union for about 10 years and leads an award winning team many of you may have seen her in the in the press previously. We're so excited to have her and her mind is one of them as a brand strategy brand strategist. Struggling today is unprecedented. Cheryl, thank you so much for joining us on the Data Jam today.

01:37
Well, thank you so much for having me. I am looking forward to it too.

Kent Blacksher  01:41
Again, I'm gonna tell you the same morning I gave Ben, you say that now, you say that now. And also joining us from some undisclosed underground location is our very vice president of client success at Segmint that would be easy Ghazi who I've worked with in the trenches for a long time now is really in charge of onboarding new clients, channel activations and ongoing client management. He brings over 15 years of client facing experience in digital media marketing and IT. And we are we give him a hard time we are blessed to have UPZ. Thanks so much for joining us today.

02:12
Thanks, Kathy. You're very kind. It's my team that makes me look good. So appreciate it.

Kent Blacksher  02:19
Well, let's jump in. Guys. Again, thank you for joining. But really, our focus today with this Data Jam is really all things accessing relevant insights, how are you for your customers and members and account holders in general? Really understanding them better? What are your credit unions and banks, your organization specifically doing in and around those areas? And we're also going to touch on some other things that might be important in the industry right now, how are you? And this is crucial. keeping data secure, we'll probably pick your pick your brain a little bit there to Z for best practices. But ultimately, the the, what we want to get out of this session is for our audience to understand what use cases your your banks and credit unions are doing? And then how can we really see the data landscape and use it to be adaptable and efficient, maybe outside of marketing, maybe outside of engagement for account holders, but really the sky's the limit there. But let's get started here. I'm gonna open it up. Actually, I think I'll point virtually at you Cheryl. First. As you've kind of been been using data more efficiently lately? are you leveraging our technology as well? Where do you think FIS find the most valuable data about account holders? What's been the kind of special area from your data that's been most prevalent?

03:34
Well, I think transactional data is the most valuable data that FIS can get their hands on and understand that data. We use it to really look at the competitive landscape, you know, where our members loans elsewhere, deposits elsewhere, wealth management accounts elsewhere, to develop strategies around that, how can we make sure we have the most share of wallet based on that information? We also look at how you know healthy how financially well, our members, are we you know, we know where their deposits are, their savings are their loans are and if they're in financial stress, you know, how can we help them? So transactional data has just, I don't know been a lifesaver for us.

Kent Blacksher  04:15
That makes that makes perfect sense. Then I'm gonna point at you virtually now, same question to you. Manana.

04:21
Yeah. So obviously a great question. And it kind of pairs off of what Cheryl's saying, I think we've really used Segmint is we've looked at, you know, we have a fixed resource budget, right? And so we've used Segmint to really drill into what's our actual volume, what's our opportunity, what's our capability to actually reach out to these clients you know, that's, that's really clouded if you're not using a service like Segmint. And so now we can actually do the math and we can understand what that opportunity is available to us. So instead of chasing opportunities in the dark, not only do we understand what they are, but as we drill down into the data, we can be more laser focused. Using the data to make good decisions and to really focus in on on client opportunities that we have, that's by far and away been a huge gain for us with with Segmint,

Kent Blacksher  05:13
Cheryl and Ben, you both bring up interesting points around transactional data and being kind of the left seems like that's where you're focusing your efforts z, I want to want to ask you, as your, you know, front and center for so many of our organizations or our clients and, and kind of on your background, are there any other areas of data that we're seeing being very valuable right now? Are we focusing primarily on transactional as it pertains to DF eyes?

05:42
Yeah, that's a great question. Because, you know, when you think about transactional data, your mind always goes to, you know, how can you better understand your account holders, because the best indicator of who people are is reflected in the transactions that they make. So if if I, if I'm a golfer, I'm gonna have golf related transactions, you know, in my account, so you can start to tell a story based on really analyzing that data set. But you know, we don't even have to get that complicated. You know, a lot of our clients simply gain a lot of good understanding from just looking at, you know, behavior indicators, you know, how are account holders interacting with products and services with the institution? What's their utilization, what's their product mix, that has a huge impact on, on how they they strategize and what tactics that they use. And then when you layer on the competitive Kayla's that we're able to produce to see, you know, Hey, someone is paying their Chase credit card from from this account. So how about we market to them our credit card, it just starts to layer onto the different services and tactics that they can use to better serve their account holders. So really, it's starting off from the very basic and access to information to then layering on additional insights that can be produced from transactional data.

07:08
And, you know, I, what I'd add to that is, I think Segmint has this giant leap that that affords us. So when you think about, we're a $1.3 billion bank, nine branches, the feedback loop to understand that transactional data is either core, or it's pulling some data out, and it's getting feedback from the branches. But in this ever increasing digital world, we just do not see our clients or have that that strong enough feedback loop to understand that. So this is one of those ways where we can start to validate what we're hearing in the branches, or do the math we often hear some of our clients will say, or some of our associates will say, Well, this is happening a lot. And you ask what's a lot? And they can't really articulate that. So then I can go into Segmint and I can actually see all right, is this a lot for us? How do we utilize this? Is the landscape shifting? Or is it they just had a couple of random clack conversations, and they were important conversations, but they weren't enough to get me to jump out of my seat to do something different strategically within the bank.

Kent Blacksher  08:13
Very valid, and I want to circle back to z real quick, as you mentioned, a term that our audience if they're not familiar with our approach to data was Kaline. Do you want to give quick, just your synopsis for maybe anybody who isn't familiar with the landscape? What that means?

08:30
Yep, absolutely. So K li stands for key lifestyle indicators. And at the very most basic level, its metadata, its data tags. So we analyze transactional data from the core for every account holder that an institution has. And we do that without the need to take in PII. And we are able to assign different key lifestyle indicators from the very basic of which accounts and what products and services they hold to how they interact with those products and services to looking at the the spend that they're doing on their accounts, so that we can start to tell a story about you know, if they're a golfer or a home improver to also seeing where they're making payments and being able to produce and bubble up competitive key lifestyle indicators. Where are they paying their mortgage, if they don't have it with the institution, it affords a whole new world of information that is essentially sitting there for financial institution to just tap into right.

Kent Blacksher  09:35
Appreciate it great for those of you who really is their data tags and, and that's what you nailed it. It's so important right? To have that kind of repeatable process to be able to, as you kind of describe to have categorized data that the institution can leverage, which leads to where I want to take the discussion next and I'm going to point it at Cheryl here to take lead on. On the first crack at this. We hear in The industry and I in my everyday when I'm talking to credit unions and banks, and really anybody in the FinTech space, the the mythical beast, if you will the unicorn is that one central source of, of truth, right? How are? How are we getting that one true source of data or the 360 degree view or the holistic, whatever buzzword you want to view around your account holders? What advice do you have, for FIS may be looking to establish that? And then also, the follow up to that for everybody on this call will be? How do you make it easy for everyone at your organization? If you have that kind of approach? How do you make it easy for everybody to get to that? Right? So a lot I've just run out to Cheryl, sorry, but that's okay, that makes sense.

10:44
So we started our journey to build our data warehouse about four years ago, and let me tell you, it is not a sprint, it is a marathon. It is a big project. It's not just it, it's every single business unit needs to dive in and validate data and make sure the data is correct. So it's it's really a big project and advices, you know, you may have to partner with someone we did, we partnered with someone to help us build it. And then also, it's really key that everyone stays involved afterward, and really managing the data warehouse, you know, are you going to do that in house? Are you going to hire a data scientist to help you with that, you know, these are all challenges of putting together this one true source of data, and then making it really easy to use. So right now, we have a lot of visualizations set up, you know, in our internal website that our employees use. And, you know, our team worked really, really hard to make them easy to use dropdowns that are easy to toggle through, sort through. So that's another big key is when you do finish it, how are you going to use the data? How is it going to look? Are you going to make it easy for people train people on how to look for that data? So it's like I said, it's a marathon, not a sprint?

Kent Blacksher  12:11
That seems to be a a common theme when when I'm talking to prospects and clients alike. That's a perfect way to describe it a marathon, not a sprint, Ben, your team at Winona, your thoughts in and around that? What's it been like, as you kind of work towards that one true source of of data? And I know you're I'm chuckling

12:33
because when we went through like the questions for PrEP, my response to this question is best of luck. When you when you hear Cheryl talking about, you know, and you know, the look of the process a little bit of the people, the engagement before the engagement after? That's, that's an amazing question. And they are sounds like they're doing a great job. But I also think culturally, there's a lot of us out there with, you know, the bank space, that community bank space, the credit namespace, we're just not getting, we're not in a place to do that we're not in a place to to invest with that. And so it's not right or wrong. I think what I would really contribute in this case is to take a step back for those banks that are going to look for that kind of that holy grail, if you will, that blackbox of all this data. And that's what's the bread and butter of banking, it's gathering deposits, it's making loans, it's expanding relationships, it's relationship utilization. So when I think about this question, it's very much in the sense of, how do we take the data that we have and fulfill on those points. So the key lies around home equity opportunities, credit card opportunities, under utilized lines, clients that are savings opportunities. You know, that's where I see us utilizing this and in some ways, I think of it very much as how do we right size, the technology that we have. And for us right now, that's kind of what we're getting with with the Segmint relationship is we can take all that we can quickly quickly understand it, we don't necessarily jump off to a lot of other data points, and then we apply it and this omni channel marketing approach to all of our clients. And, you know, again, I think we'd love to be where it sounds like Cheryl's team has asked, but we're not close to that. And I think that's just fine for where we're at. But how do we use the data, we have to be smarter about what we're doing? That's where we're at today. And I think that's the honest conversation that banks and credit you just simply have to have on this topic. You know, what, what can you actually bite off and chew? Right?

14:42
Yep. I can jump in there again. You know, Ben, you made a great point, I think, you know, for institutions just like you know, Ultra and Cheryl where they have the resources and and the the executive buy in to be able to do a project of that nature to institution is like like yours, Ben, I think the the key thing is that, you know, when we talk about data warehousing, and we talk about data and information, you know, that's great. But what does that what does that really mean? You know, you could have information, but you have to work to derive insights from that information, right? So what you want to always look for is, can we partner with the right solution provider to really provide us those insights, rather than simply aggregating that information. And I think that the key there is you want to get to those insights, because you're going to be able to go to market faster, you're gonna be able to service your account holders better. And that's what it's about, within a data warehouse or without, it's, it's about, you know, getting to the right information at the right time.

15:48
That would say culturally for us, not that we don't want to have all of that data, but you talked to some other banks, you know, my world out there, and they like to gather all of this data, and then you ask them about where do they go with it? What do they do with it, and it's not actionable, that actually is now filtering downstream into the branch environment into the marketing environment into the community environment. And they're willing to spend all this money on gathering data, but when it comes to a graphic designer that can do you know, the web art to actually apply it downstream, that's missing, and we think about us being in a very much results, environment. You know, that's huge. That's an important conversation, granted, very cultural, it depends on each, you know, institution, but you know, that's, that's what works for us. And, you know, we're gonna keep hammering away at it.

Kent Blacksher  16:41
I love it. And all of you have hinted at different words of like actionable insights and things like that. And I'll start with Cheryl, what I would really love. And I would love for our audience to get a feel for because I tiptoed around it at the onset. But both of you, Cheryl and Ben, specifically, you know, we're very well regarded in your industry, and have had that kind of a little bit of public how your institutions have been very progressive, as it comes to experience for your account holders. So I really want our audience to get a feel for kind of if you can share some of those aha moments you've had as you started to dive into the insights and the data. And if you can share a little bit about what that meant, you know, for operationally, but also for your account holders. So, again, very open question. I get that, but really just looking for, what are the insights that you've seen that kind of opened your mind? And what are the use cases that have been very well, valuable for you? And you think that experience might be great to share with with our audience today? Sure. We'll all start with you,

17:46
sir. So the biggest aha moment for us was, during the pandemic, we saw a huge increase through the data of members getting unemployment payments, and it was really concerning for us, because how can we help them? Do we help them defer a loan? Can we help them defer mortgage payments, you know, because they're going under a lot of financial stress. So we quickly, you know, pulled the list of those members that were getting these unemployment payments, we sent them over to our credit services department. So they can be proactive and reach out and help these members before they you know, we don't get too far down the path of not being you know, financially well. And then also, we offered our financial advising services, you know, free, no obligation, do they need some help and financial planning? Can we help with a 401 K, rollover, just what can we do to help those members that are, are really experiencing a lot of financial stress? So that was a big aha moment for us when we first started using Segmint.

Kent Blacksher  18:50
Question for you on that follow up? How was that? One of the questions I always see when I'm talking to prospects who are interested in leveraging their data is, is there ever I can't think of the terms they use. But does that ever feel? I guess we're going to how did the members in your case How was that received when you're reaching out to them? Knowing a little bit about what they're going through? How what was that delicate balance? Like and how was the overall, you know, reception from from your account holders?

19:18
Yeah, it wasn't creepy. So that was that was it wasn't creepy. It was just, you know, really targeting a personalized message through online mobile and our website through Segmint just is there anything we can help you with? We have financial advisors on our staff to help you for credit services, it was just really reaching out saying, you know, altra is here to help you. We know the pandemic is causing a lot of financial stress, what can we do to help you as our member and it was very positive because it was very proactive.

Kent Blacksher  19:51
Awesome, awesome. Ben, looking at you with the same open open swath here where the floor is yours.

19:58
Yeah, you know, maybe Just a quick analogy I'd share or even story for those that maybe aren't part of Segmint right now. About a year ago, my wife and I were in Sedona, and it's a wonderful place for stargazing. And we all look at the stars, we've all seen the moon, and we did the stargazing tour, and we got to see the moon under this, you know, gigantic microscope. And I think that's the same analogy with looking at data through Segmint is it just becomes so unbelievably clear. And you know, if they geek out on it, it's extremely amazing. And, and that was extremely eye opening to us, like, you know, it's going to be really cool, but you don't really know until you actually see it. And so how we've actually started to apply that maybe a couple quick ways. One is younger, last year, the crypto space has been, you know, kind of blowing up, everybody's talking about it, you got to be in the space. Well, you know, in pre Segmint, if we wanted to actually understand, is there a client engagement opportunity? Should we look more closely at vendors, we wouldn't have really any great way to be able to do that. And now I can go into pinpoint. And I can run a quick key ally, to understand who's working with Coinbase, who's working in Robin Hood. And this is what it means that helped clarify for us how we wanted to use our resources. I think that's kind of the theme that I have. But to show this point, we have that same thing as well, on clients who are maybe getting more of what's called checks in the mail, if you will, and we couldn't really see them because they were digital. The offshoot of that what we did is because we can now download the client information and kick that into an email, we can set really a program around how many email communications should we have to our clients? How much is too much Cheryl mentioned before that that comment on is it creepy? Is it too much? Well, now we have the ability and Ally Segmint our clients, but also program out? What's the right number of touch points we want to have? What's a goal or what's too many? And not that we get client feedback on that. But I think that helps us just real strategically understand how do we want to communicate with our clients how much is too much, how much is not enough. And when you start seeing that partner off with results, you know, now we can decide where we want to step on the gas a little bit more where we want to kind of pull off the gas. And we can talk later about I think how we've done that a little bit on for instance, the home equity space in the mortgage space. But I guess it helps us program how we want to reach out to our clients much more clearly in focus rather than merely spam emails, because we think they're going to be an opportunity for us. So really powerful.

Kent Blacksher  22:41
I love the way you just described that the way you program it, and kind of no longer doing things on the A we think this may be the approach I think I think you nailed it there. Zeke curious to get your take on this kind of that kind of back to that aha moment. But really, what are you hearing from clients? I mean, you're you're you're in the trenches, you and your team, your amazing team of client success managers are the ones kind of front and center with with the clients as they start diving into data. What what are you hearing as a first to begin to first?

23:14
Yes, it is an amazing team. I agree with you there. You know, it's it's funny the the analogy that you gave then because it's we've we've never gotten the the stars and stargazing analogy, but we do have lots of car analogies, you know, we have clients saying, Oh, I just feel like I got a Maserati or some have said, Oh, I feel like I just, you know, bought a Ferrari or a Lamborghini. So there's been a lot of car references, when they first see the data, they're always surprised at how granular they can get the data to be. And just like you mentioned, Ben, you know, you know, thinking and actually programming it, it's allowed our clients to really start to think strategically about how they interact with their, with their account holders, rather than just rely on old biases, or, you know, hey, we used to only do mortgages, mortgage campaigns in the, in the spring in the fall, you know, we're not thinking about that anymore. We're really looking at the data to see when is it the right time for these account holders to have the conversation about a mortgage as an example? So it really opens their eyes to a whole new world.

24:26
Yeah, and I'd add to that we work closely with Laurie McMaster, who's been, you know, an outstanding relationship rep for us was Segmint and that immediate impact of is the campaign working, is it not working? Just shooting from our, what's the click throughs look like? What's the value being added through it? You know, we, we just simply can't do that a with our resources, but also we you know, we're pretty omni channel with our marketing as it is. So, to tie that all together and make quick changes, you know, to kind of let that Maserati you know, really have the curves That analogy. I mean, that's, that's huge for us. And that's, we just can't do that on our own. Most banks can't do that on their own.

Kent Blacksher  25:07
Well, I want to shift slightly along the same veins. But um, I guess I'll go to you first Cheryl, talk to me a little bit about as we're going through this, we're talking about data, we're talking about insights, you gave a great example about unemployment and things like that. Talk to me about and it doesn't have to be specific to our tool, just data in general, how in this day and age with faster access to data, how are you and your teams adapting quickly? Because, again, insights are one thing, but the ability to leverage that quickly and adjust to well changes to your to your member base, in a pretty swift manner. What's that, like? And, and what are you seeing? How's it changed the landscape for you?

25:50
Oh, sure. Well, you can identify trends pretty quickly. So by now pay later programs have just exploded, right. And they're really worrisome for us. Because we don't know if our members really understand the consequences of these programs, the higher interest rates that they're paying. And now with the shortages, you know, people are buying, now they want it now they're like, I might not get it later. And so they're taking advantage of multiple, multiple programs. So we're able now through Segmint to identify those members that are utilizing Buy now pay later programs, and just send them a message, you know, need some help. We have low interest rate loans, where you can consolidate your debt, you know, how can we help them, you know, be more again, financially? Well, because they're using these programs, and they're paying huge interest rates. So I think that's an example of really being adaptable, really being efficient, really trying to help our members understand these programs and give them an alternative solution.

Kent Blacksher  26:51
Yeah, I love to hear that you bring up a really interesting use case, when you buy now pay later, we've heard a lot about and then you brought up crypto, which my goodness, we've all heard a lot about. So same approach to you, Ben, what is the what's the landscape like for you adaptability, you know, I guess speed to market, you know, or I should say speed of insights to to market? What do you? How does that change for you operationally? And what do you see?

27:17
Yeah, you know, I'll give you one great example, we literally just dealt with this last week, you know, we've been doing a lot of checking acquisition campaigns. And what we found with a lot of the direct mail that we were doing, we just were not getting the response rate that we wanted. And granted Segmint is a little bit more focused into, you know, our client base, but we have a lot of clients who don't have a checking account with us at this point in time, either. So if we think about how we design and let's call the mail card, a newspaper piece, you know, we are still holistic, and how we're approaching clients. But between the design of that piece, the mailing time, the response time, the setup time, for all of that all of a sudden, we just wasted a month, and understanding, you know, A to Z, what's the ability, so now we've taken the approach to the open Internet side of the Segmint world. And we've started to redo that. And granted, we're adding some other digital tools, but what I think is really nice about the speed is we can go through and create, you know, within a day, you know, all the art that we want to have, we can put it out to all of these channels through Segmint, we can complement the art through non Segmint channels. And, you know, theoretically, it's that took us 48 hours to be able to go through and do that. And because we're seeing more immediacy and results, we also have a better sense of what our actual acquisition costs are. And so if you roll that into the home equity space, the credit card space are the big areas that we also play in, you know, we can make changes immediately. And that allows us I think, to be you know, better off with our resources, you know, overall, we'll skip a bunch of spending because it's just isn't working. And, you know, roll it back into find something that is, and that's again, that's, that's huge. That's, you know, the digital age, right. But, you know, for a lot of banks in our space, that's this omni channel approach that is difficult to get to, and you start piecing together a bunch of programs, rather than having Segmint as one program that we can roll everything out of,

Kent Blacksher  29:20
I love again, the use cases both of you are providing are are ridiculously cool. And I love for our audience to hear that. Ben, you highlighted the open internet channel, I'll point to Z. I'm familiar obviously with that what that is, but leveraging our insights into these channels Z Do you want to take kind of a stab as to what not just not just specifically open Internet, but Ben started to highlight something there about what it looks like now to have kind of a more seamless marketing campaign with these insights in the quick turn. And then please Cheryl, then I'll look to you after this. If you have anything you want to add to what marketing campaigns look like whenever Things operating efficiently now.

30:01
Right? So open Internet feature that we have is, we are hooked into a demand side platform where we can do programmatic ad buys out on the open Internet. So, you know, a lot of our, you know, your account holders, they do go to your website, they log into online banking, they use mobile banking, but threatened that is really, if you look at in a month, how many times they're going in, it's a very small fraction of time, versus how much time they're spending out on the open Internet. So what we've been able to do is through our DSP partner, and through the programmatic ad buy, we're able to purchase media on your behalf out on the open internet to really reach out on a one to one basis to your account holder so that you can have that relevant conversation, not only on your own channels, but out on the open internet as well. So that's a that's a quick overview of that. But I want to I want to piggyback on what what Ben said, I think it's so important to have the the availability of data so that you can have earlier validation of your tactics and your programs, right, it's so important to be able to be agile, so that you can really adjust and respond to the market as as you see the data flowing in. And as the sentiment is shifting, or as behavior shifting, you're able to react to it. And having that access really gives you a leg up on your competition, right, because you're able to react to it way faster than than anyone else. And And with that, I mean, that access to data can have so many different use cases, like one recent one that comes to mind as one of our clients, we were talking to them about how really engaged their account holders, in terms of debit card swipes, and one of the ideas that we came up with was really looking at the charitable giving within their capital base. So we were able to see where people are giving money to and what's important to them and helping with the debit card swipes, we came up with the program the swipe X amount of times we will donate X amount to your charity, right so that it not only is good engagement with the account holders, it makes them feel better, hey, I'm doing some good. It's for the for the institution, where you're also helping to donate to to a wonderful causes. But it's also beneficial for the financial institutions who can then see an outtake card swipe so data can be used in so many different ways to interact with with your account holders. I get really passionate about I apologize. Really.

Kent Blacksher  32:51
Oh, go ahead. Sure.

32:54
I think it's easy to say do we want our clients to use our credit cards? Yes, we want more cards and wallets? Yes. For your play starts to really articulate where we're comfortable softly, culturally, strategically, how do you apply that jazz about our clients maintaining balances we really want evermore debit and credit cards for you know, the everyday purchases people when they're using Spotify, and Apple and Verizon etc. That's where we want to capture the interchange. We don't want to have high balances. And that's where you start to I think take your your strategy when you're gathering key allies very through the mobile channel, through email, I want to cover all bases. That's where you only think about it once you can really

Kent Blacksher  34:00
love it I love you guys have really brought up massive amount of great use cases. And you talk about having the adaptability and close at hand which makes it so much easier. And one want to I'll share ones but piggybacking on something you said a little while ago um but something I think that's near and dear to many of our FIS hearts right now is there's so many different challenges in the marketplace right now. But I really want to talk about the housing market and what mortgages Yeah, a little bit on the equity side, of course, too. But what's that like right now? And how are you leveraging data to speak? Well, more relevantly to account holders and in home lending and equity in scenarios like that because I can only speak for myself. I've been in this industry for over 15 years now. It's crazy out there. How are you guys using those insights to to have those discussions.

35:01
Yeah, sure. So it is very challenging, right with interest rates increasing and you know, low housing available. So a couple of things we're doing is we have a very, very strong first time homebuyers program. And those two Segmint were able to identify those matters have i precedent, they're looking for a home, so we can target them with the first time homebuyers program that we have. So we are doing that. We also looked at specific competitive mortgages, you know, where could we possibly have our mortgage team, call these members and, you know, maybe do a better refinance right now, it's not a good time. But you know, before interest rates really don't, we were able to take a look at specific competitors and give those members to our mortgage team that they could call and maybe offer a refinance, things like that. Also, we're just always targeting, we're always on anybody that's looking for a mortgage or, you know, looking at our website, you know, they're receiving those always on mortgage messages, and how we can help them. And then, you know, home equity wise, you know, that's an area where utilization to us is important, we want to be top of mind, we want to make sure if they have home equity with us that they're using at home, instead of something else, instead of you know, a higher higher loan higher higher credit card. And so with Segmint, we're able to identify those members that aren't utilizing their home equity lines, and we're able to set a goal. So if they're utilizing, you know, 50% or less of their home equity line, we're able to send them a very personalized message, you know, bright idea, you know, you have this available, you have home of home products that you need to know somebody, you know, help with, right along with use your home equity line. So things that we've never seen the debt before us, they take forever, from our consumer lending department. And then less than that, to put it in an email campaign, and then to measure results Well, right now, we can put that came up campaign out there, we can measure those results right away. And it's really worked for us, it's actually one of our better performing campaigns.

Kent Blacksher  37:14
Fantastic. I love that it's awesome to hear the way your team is utilizing that and adjusting the fly fencing question, you

37:24
know, first, I'd say Cheryl's on it. You know, when you when you think about, you know, environment today, that's a really good summary, I, I think what I would say, maybe reinforce a couple of things is, you know, for most of us, I've been my thing for over 11 years, and you feel like our clients know, we do mortgages, and they know, we're competitive. And they know we do home equity and and I think we lose sight of the fact they just don't they don't appreciate it, we're not first in line for them. So you know that with the kale I opportunity does for us as as we identify clients who are banking elsewhere for their home lending needs. Those are the people that we are definitely more aggressive with. And in fact, my director, James, even, you know, put up our home for home mortgage, it's like we, we are all over the place digitally. So when clients are interacting with us as a bank, they can't lose sight of the fact that we use mortgages, or we have mortgages, home equity. You know, the other thing that we've seen as well back to kind of this quick pivot is with rates going up, we have made a strategic decision to not increase our home equity special. And the reason for that is in this environment, it's so tight, we're just hammering away at gathering as many home equity opportunities as possible before rates go higher. And, you know, that's something when you think about how do we take that add, we verify the rate, we may be changed the art around, you know, we can do that in 48 hours, if we want to that is significantly faster than creating, printing, mailing and getting a direct mail card out and a lot of our banks, that by the time we start that process, the Fed will now have increased rates yet again, which means maybe home equity, and mortgage rates will go up yet again. And now we're running to catch up to the cycle rather than with Segmint where we are really running lockstep with the cycle. And that's it, that's clearly a competitive advantage relative to the other players and talent for us.

39:27
I'll add to this, you know, it's Mark layer, our head of data and analytics on earlier data, Jim said it best, you know, account holders don't really are looking for a home equity line of credit. They're looking for a new basement, right? So it's a matter of how you message to them and how you talk to them. But, you know, identifying those accountholders is the key, right? So you need need the right insights at your fingertips to be able to do that. So, and one of the things that we've been doing is really because we are able to have standardized categorize data, it lends itself well to AI modeling. So we've been able to get into AI modeling and be able to assign those, those key allies through machine learning, you know, we have as a human being, and we only have certain brain capacity. So utilizing the machines where they can correlate hundreds and 1000s of different catalyze that we produce and be able to produce a predictive model and assign that key ally, to those account holders that may be at a higher propensity to open up that mortgage, it changes the game for for accountable for our financial institutions. And, you know, then they have to do that last mile, and really message it right so that they can get those conversions flowing.

Kent Blacksher  40:51
Fantastic, I appreciate that. That's, that's a whole nother discussion is the use of AI. And Cheryl highlighted a little bit about, you know, understanding, you know, members who have visited and in, you know, starting you know, their their channels and looking for information and tying that into what you just mentioned Z taking that even a step further into true AI modeling in and around behaviors and predicting what's next is really, really the next frontier and amazing we're seeing a lot of that obviously, in market. I do have to shout out James, I think you said it was Ben, the fact that you have a director, I knew we have

41:28
here for me, he's even got a pointing sticks. So if I get a little too, off to the side, you can gently gently push me back. So

Kent Blacksher  41:36
that's clearly you've made it you are the the upper echelon, which we

41:41
know will embarrass right now. So we will put him back on camera, but he's doing a great job, he's done a great job, whatever,

Kent Blacksher  41:45
we appreciate it, we appreciate it. I do want to ask it and shift to something kind of kind of, I guess, more serious. And I'll look to use the one of the things as we've kind of realized my, my Supreme Chancellor, she's not a producer or director, it's Emily Fagan. But what we call our Supreme Chancellor, because that's the title she deserves, has been hitting me on the timeframes here. But one thing I do think we'd be remiss if we didn't talk about Z, looking at you is the sensitivity around all of this data, that's probably paramount for anybody who may be watching this that hasn't started to really dive into it. What's it like? How do you keep it secure? We're talking about you know, Cheryl's talking about transactional data, and you're really getting insights in and around accountholders. What's the bulk of plays there?

42:32
Yeah, I mean, the good part is that, you know, when, when we deal with our clients, we're dealing with financial institutions, and they are, are very, very conservative. And they're, they, they're all about data security and data governance. But it really depends on the use case, when you're, when you're thinking about how to best utilize those insights and that information in that environment. And also keep it secure, right? Obviously, we've seen in the industry shifts to more tokenized or obfuscated or anonymized data, right, where you're using a key rather than actual PII data. You know, luckily, you know, for three years, we've been doing the same thing by by tokenizing it so we've been doing it well ahead of the industry shifts, but it really depends on the use case, because there are certain use cases, like for example, email, where you do need an email address, right to be able to execute on that. So how can you layer that in into your process so that you have the right data security while you're processing and analyzing the data, but right at the point when you need to execute, where you can dereference it and then execute it as an example for an email. Right? So we recently launched our constant contact channel. And that's exactly what we're doing, where we keep the data in a tokenized format. And before we send it to constant contact to build a list over there, it automatically gets dereferenced and then put it into Constant Contact, so that we never have the need to take in PII. So it institutions need to look at use cases and keep that in mind. Because you know, the one one main thing is, you know, a lot of times we look at, hey, this solution is going to work for all use cases and it's never it's never true. So you want to really look at it case by case.

Kent Blacksher  44:36
Excellent. Now I see from a time standpoint, we need to be winding down a little bit here. I'll open it up FINAL THOUGHTS everybody in just a moment. But I see actually from the aforementioned Supreme Chancellor, Emily, we already have looks like two questions came in. They seem to be as I'm reading this on the fly, actually around to around similar touch points. I'll point back to you Use either both questions around, ultimately, what type of resources typically needed action and venture as well as the start of resources, typically seeing deployed to, to manage this type of data and tie it into action abilities do let you start from specifically your team side, then Ben share would love your feedback as to, you know, how operationally the data and marketing efforts kind of combined from from resources that your team. So one

45:29
of the things that we always tell our clients is where we're there for you, whether you like it or not, right? So we're gonna be, we're gonna be making sure at the very least, we're meeting with you on a monthly basis. You know, we're one of those rare vendors that don't really, you know, hey, you're onboarding, you're, you're implemented a CEO later, you know, call us if you need anything, we don't do that. We, we believe in our clients, existing client success team and our clients is success. So we want to make sure that we're having regular touch points, and we assign a, a dedicated client service manager to each of our clients so that we talk to them about what's going on, what shoes are you facing? You know, what is a problem that has been on your whiteboard for months, they haven't able to cross off? What is your board of directors asking you over and over again, that's difficult, because you never know how data can can help solve for that. So we want to, we want to make it like a therapy session, right? You tell us your problems. And we will, we will work with you to try and figure it out. And as any Parker would do, if we can't, we will be transparent with you. And we will tell you that right. So we want to make sure that you're you're being successful with with any of your your use cases and any of your your problems that you're trying to solve

Kent Blacksher  46:52
a therapy session. Awesome. Cheryl, how about you from a resource standpoint? What's it like? Again, not necessarily specific to Segmint but leveraging member engagement to more relevant dialogue with the account holders,

47:07
as well, just specifically, with Segmint we have a creative services manager, that's part of the Segmint team, if you will. And then we also have a marketing analyst and myself. So three of us are heavily involved in the data analysis, the catalyze the campaigns, the results, our marketing analyst, kind of takes the lead when it comes to working on those results for us and letting us know, do we need to shift in creative? Do we need to change strategy with this? Do we need a different message? Are we going to test? And then of course, I have to compliment Laurie McMaster Ben, she's our our client success manager. Oh, boy,

Kent Blacksher  47:44
I'm gonna hear

47:46
amazing, she's amazing. I mean, she constantly challenges us. I think that's the key. It's always about, you know, to just think of this, did you think of this audience or we have this new KPI that you guys should be targeting. And here's how I would do it. And here's what other clients are doing. So you're right, it's not just plug in and then Segmint is gone. Segmint just continually adds value every month when we meet with them.

48:14
Hey, Cheryl, you know, she's in Italy right now. Right?

48:16
No really

48:19
good could relay that Cheryl. and I both gave her a little love. Just wondering what she's going to send back to us from Italy, maybe? Yeah,

Kent Blacksher  48:26
but most of the message will not get to her. Ben, are you kidding? Nice. Yeah.

48:36
Real brief, because I know we're a little tight on time, I would echo what Cheryl saying, when it comes to how we operate internally within our bank. You know, James, besides being a director also is our main contact here, the quarterback, if you will, for everything we're doing. And then it touches a lot of other people. But the reality is that you get out of it, what you put into it, right. So it's not a heavy, ongoing level of maintenance. It's a heavy level of ongoing usage, if you make it that, and for those that maybe aren't working with Segmint, we use our program with them through FIS. So one of the I think the benefits of that path for us is that the installation, the implementation, the ongoing maintenance is pretty much non existent for us. And that's very different when you get a lot of these other fintechs and providers in who are going to partner with you and your core. And it's a pain in the bucks to set that connection up to make it roll not know what the costs are. And so, you know, frankly, at the end of the day, what it means for us is we get to focus on how do we use the system to impact our clients and our banks growth and and that's frankly kind of rare for anybody that's working with a lot of fintechs these days.

Kent Blacksher  49:49
And then I don't know if you can see it, we actually have a question specifically for you at Manana. Cassandra has reached out via LinkedIn saying does manana have a marketing management system? That helps with any of that consumption ie marketing cloud.

50:04
Not probably not maybe as holistically as she is suggesting or maybe asking. So we do use, obviously an email system. We've got a CRM that we use, obviously we use pinpoint, but I think we're really at kind of the size and the scope where we kind of manage it internally within ourselves. And to my earlier question or commentary about kind of your culture, how are you going to use it? That's, that's definitely what works well, for us. We're getting bigger here. We're actually merging with another bank. So I think that could definitely was Cassandra. But we haven't haven't gotten to that point yet.

Kent Blacksher  50:40
Awesome. Congrats. And that's great. If my Supreme Chancellor Emily, if there's any other questions, give me a heads up. But we're broadcasting on a couple of different social media functions. So kudos to her for keeping it all together. As we're kind of wrapping up here. I'll, I'll start with z and then Ben, and then Cheryl, I'll kind of open it up to any final thoughts, or recommendations. And if any other questions in the audience come in, we'll certainly feel those. But any final thoughts as it pertains to how to get started? What's the best approach? Or, you know, just your general thoughts on on data and the importance of engagement around account holders?

51:15
Absolutely. First, I want to start off this ending by thanking Ben and Cheryl, you know, you guys are our valued partners, and we absolutely appreciate you being part of our Segmint family. But data tells a story, right? For any f5 that is looking to get started, talk to the right provider talk to us, we'll be happy to have a chat with you, Kent would be would be the first one to call you. But data tells a story. And the best way to really understand your account holders. It's through transactional data. That's where the magic is, and it's all there for you within your core.

51:56
Then to you. Yeah, you know, I feel like anybody that's joining into this world, they just haven't been part of this world elsewhere. And so for us, we started off slow, we did home equity, we did mortgage, and instead of doing you know, every single product service, we could think of to get that transactional data used, we were more narrowly focused. And that allowed us to understand how it worked, see results, pivot from results. It allowed us to make sure we had this omni channel experience that we could carry through both online mobile. And then we still referenced the direct mail, we'd like to talk about all this digital pieces, but to be able to give somebody the direct mail, and then when they log in and see it and then they get an email later in the day. That's this omni channel experience. We all look for it. And so so start slow, figure it out. And it's just gonna blossom from there. Perfect.

Kent Blacksher  52:51
Cheryl, for yourself.

52:52
Well said, Ben, I agree with that. We started slow even tried to analyze our own transactional data, which was really really difficult. Oh, my goodness, you need to partner with someone like Segmint? Who has who has that down pat, they know how to identify, you know, the transactional data. So again, I agree, start slow. We picked up, you know, maybe like five campaigns to start with, measure the results and really expanded it. I love it that, you know, one thing for me is always about ROI. How do you measure marketing and SEO? It's very difficult now with, certainly with Google, and all the Analytics, you can get through them, it's a lot easier. But boy, I can go in and just look at, you know, how are these campaigns performing? What's the ROI? How many members have we impacted with this campaign. So I'm pretty excited about that fact, just the whole measurement of campaigns and how successful they are.

Kent Blacksher  53:50
Love to hear thank you so much. And to reiterate what Z said fan turtle, really appreciate your partnership. And really appreciate your time and ultimately, your insights today, and Z you as well for our audience. I just appreciate the three of you joining us today. So that's going to bring an end to yet another fun and informative Data Jam Session on behalf of Ben and Z and Cheryl. I'm Ken Blanchard, VP of biz dev at Segmint, signing off until next time, thanks. Thanks, everyone.

54:18
Thank you, everyone.