Independent Banker - June 2020 - 64

ADVERTORIAL SPOTLIGHT
Banker
Innovation
Guide
Solving the data dilemma enables growth
opportunities for community banks
CHALLENGE: Community banks struggle with a dilemma that limits access to their data and to better understanding their
customers.
SOLUTION: FI Works uses advanced technologies and machine learning to enhance your data and effectively help you
discover and win new qualified customers, increase customer retention and loyalty, and build and deepen customer
relationships.
How often have you asked for
information and were told that you
can't access it because it's in multiple
systems? A typical bank has over
500 million data elements per $1
billion in assets, yet this data is often
underutilized because community
banks don't have the right tools.
The stats:
* 25-30% of customer data
changes each year
* 40% of keyed customer data
is erroneous
* 20% people in the U.S. change
their email addresses yearly
* Data decays up to 3.4% monthly
* Community banks can have
15-20 data silos
A TYPICAL BANK HAS OVER 500
MILLION DATA ELEMENTS PER
$1 BILLION IN ASSETS, YET THIS
DATA IS OFTEN UNDERUTILIZED
BECAUSE COMMUNITY BANKS
DON'T HAVE THE RIGHT TOOLS.
1. Discover and win new
customers. By utilizing your
data, you can not only sell
relevant products to your current
customers, but also find qualified
prospects who need your products.
Keith Henkel,
Founder & CEO
at FI Works
2. Increase customer retention
and loyalty. With customer
attrition rates around 15% each
year, knowing how to keep these
customers can save you the
trouble (and the cost of up to $200
each) of replacing them. Banks
have rich data that can be used
to predict attrition if it's integrated
properly.
That's why there's a data dilemma
FI Works aims to solve this issue with
technology that allows you to access
that data. By cleaning, enhancing and
integrating your data, you can turn
insights into action, which will allow
you to:
3. Build and deepen customer
relationships. Complex
relationships are often the most
valuable, but they can be the
hardest to understand. Integrating
and understanding your data
shows you how to build upon
existing relationships and prepare
for deepening new relationships.
Modernize your bank with data
You need enhanced data to see
a complete view of the customer,
advance your digital initiatives and
succeed in today's modern banking
climate. Data is an asset to any
community bank, and you must be a
steward of it.
How FI Works helps
By automating the heavy lifting, we
can effectively pull key insights from
your data and assist you with making
actionable marketing campaigns.
We'll guide you through every step.
FI Works is a complete sales and
marketing solution for community
banks. We harness bank data and
make it accessible, driving smarter
and more effective marketing
campaigns that result in growth,
efficiency and better relationships.
Unsure how to tackle your dilemma?
Let FI Works solve it for you with free
implementation through June.
fiworks.com
(501) 448-0240
keith.henkel@fiworks.com

http://www.fiworks.com

Independent Banker - June 2020

Table of Contents for the Digital Edition of Independent Banker - June 2020