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Echo Partners Community Bank Blog

    Deposit profitability is the missing link in marketing analytics

    [fa icon="clock-o"]} [fa icon="user"] Howard Lothrop [fa icon="folder-open'] deposit profitability, analytics

    Many cars, toys outside, many colorsDeposit profitability is the missing link in marketing analytics.

    Marketing analytics is the sexy promise of profits magically appearing from the thin air of your customer base. But have you ever noticed how many bankers don’t achieve these grand visions?

    The reason for lackluster results is that they skipped over the basic fundamentals and went straight to the sophisticated. And more powerful tools just allowed them to get so-so results faster.

    It’s like taking a newly licensed teenage driver and putting them in a racecar. They’re still a crappy driver, only now they’re going way faster and are a bigger danger to themselves and others. They need to get the basics right before they apply powerful new technologies.

    The same is true in banking.

    Read any marketing analytics text, or dig deep into the assumptions behind the tech and you’ll see the prerequisite of precisely answering 2 questions:

    1. Who are our best customers?
    2. What does our best customer look like?

    Sure, you can generally answer these questions, but you need to be able to exactly and specifically answer them in a predictive quantitative sense.

    You must do this first.

    The answers come from deposit profitability analysis. It’s the grit and grind fundamentals of banking but it provides the fuel for your racecar.

    Do you want to grow your bank profits with little to no risk? Click Here to  Discover How
    Howard Lothrop

    Written by Howard Lothrop

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