Looking to grow bank profits?
I’m talking about deposit profitability and it is definitely NOT small potatoes.
But don’t take my word for it. Here’s what others have said:
#Deloitte says deposit profitability analytics and pricing/concession management (just 2 of their 6 levers for improving #DepositProfitability) can impact your profits 14-30bps annually. Apply all 6 levers and you might see 50-66bps of annual profit growth.
#PwC says increasing customer profitability is a “Top-3” US #Banking challenge, and that standalone product profitability for banks is a matter of survival.
#Capgemini says banks that apply analytics can see 4% market share gains and that advanced analytics can increase conversion rates up to 7x and top line revenue growth up to 10x.
#McKinsey says banks using data to improve marketing decisions (like segmenting profitable depositors) can see 15-20% productivity gains.
So what’s the problem?
#Oracle says that 70% of US financial institutions do not apply data analytics.
Don’t be one of those banks.
Be a high performer instead.