Independent Banker - August 2024 - 40

eLeft: Union Savings Bank customers can
use Spending Insights, an AI-based platform
that details their financial habits.
that customer feedback about Spending
Insights has been positive. " People are
saying things like, 'I like that Union
is looking out for me and helping me
to understand my fi nances better,' "
he reports.
frequently small business lending
turns into a personal fi nance
discussion, " Judd says. " For us, the
hallmark of our bank is a personal
interaction, and we use these tools to
deepen the relationships. "
Chris Barlow, VP, digital channels
for USB, agrees. " Everybody's journey
is distinct and specifi c, " he says.
" Being able to understand what your
patterns are and how to improve your
fi nancial outlook is one of the key
things we're doing. Spending Insights
is a diff erentiator for us. " Barlow adds
A bird's-eye view of
customer behavior
WesBanco provides dashboards to each
banking center that show key behavioral
elements of the client, such as adoption
of digital behavior or loan products.
" Any time a banker engages directly with
a client, we are able to have a fi nancial
needs analysis guide the conversation, "
Pattishall-Krupinski says. " This ensures
our discussions tie back to that person's
unique fi nancial journey. "
Points West Community Bank
(PWCB) in Windsor, Colo., has teamed
with Micronotes.ai, a cloud-based
marketing automation solution, to
track and analyze customer data
for tailoring marketing and other
customer communications.
Want to learn more about behavioral economics?
Books:
f Behavioral Economics:
The Basics by Philip Corr
and Anke Plagnol
f Nudge: Improving Decisions
About Health, Wealth and
Happiness by Richard Thaler
and Cass Sunstein
f Predictably Irrational by
Dan Ariely
f Thinking Fast and Slow by
Daniel Kahneman
Websites:
f analyticom.com (includes
insight on the Scientifically
Predictable model for selfdirected
investors)
f danariely.com
f behavioraleconomics.com
f insidebe.com
Podcasts:
f The Brainy Business podcast
f Masters in Business
(Daniel Kahneman)
Marin Olson, marketing director for
$700 million-asset PWCB, says that the
community bank has been surprised
and pleased at how data analysis has
driven greater customer engagement.
" We thought it would be more
technology-driven and would dictate
email or ad campaigns, " she says.
" It's done that, but we're getting more
information on individuals than we are
on segments of people. It has changed
our eff orts to cross-sell. We aren't just
doing cold calls. We have data that a
customer is interested in a product or
service, and the branch manager already
knows their name. We can approach
them with exactly what they need. "
In Bruceton Mills, W.Va.,
$950 million-asset Clear Mountain
40 /// ICBA Independent Banker // August 2024
/
http://www.Micronotes.ai http://www.analyticom.com http://www.danariely.com http://www.behavioraleconomics.com http://www.insidebe.com
Independent Banker - August 2024

Table of Contents for the Digital Edition of Independent Banker - August 2024
