Financial Institutions Enhance Customer Value with New Predictive Marketing Capabilities from Raddon
October 31 2019 - 8:30AM
Business Wire
Institutions can leverage transaction data to
better understand customers, increase relevancy and boost ROI
Raddon®, a Fiserv company and provider of innovative research,
insightful analysis and strategic guidance to financial
institutions, has launched a new solution to help financial
institutions better understand customers’ and members’ lifestyles
and banking behaviors. Predictive Analytics from Raddon allows
financial institutions to build deeper relationships with members
and customers through sophisticated targeting and segmentation,
which helps drive greater customer value, share of wallet and
ROI.
“When we heard that Raddon would be bringing predictive
marketing capabilities to its suite of solutions, we immediately
jumped onboard,” said Karen Church, CEO of ELGA Credit Union, the
first institution to implement Predictive Analytics. “Consumers
have a lot of options when it comes to financial service providers.
If we can get in front of them to provide what they need, when they
need it, that’s a big part of how we earn a place as the primary
financial institution in their lives.”
ELGA is a long-time user of Integrator Advance™ and Performance
Analytics from Raddon, and will combine Predictive Analytics with
these solutions to create more relevant, timely offers for its
members and community.
While the technology and algorithms that power Predictive
Analytics are complex, the underlying premise and process are
not:
- First, the Predictive Analytics system takes in up to two years
of first-party data from the financial institution. This includes
information from the core system on deposits, loans, mortgages,
bill pay, credit card and other transactional data. Data is
anonymized to protect personally identifiable information.
- The data is analyzed, and indicators are then attached to each
anonymized consumer. Called a Key Lifestyle Indicator® (KLI), these
tags allow the institution to better understand consumer spending
and banking behavior. Third party data is also used in this
matching and analysis process, all in a manner designed to maintain
consumer privacy.
- The technology then generates recommendations based on customer
behavior, moving groups and individuals in and out of campaign
audiences based on their habits, in near real time. Not only does
the institution have a next-level view of how to plan and project
offers and campaigns, the hard work of segmenting and targeting
becomes more automatic.
“Institutions are challenged to bring in new deposits and
achieve primary financial institution status across the board,”
said Edward Wipson, general manager, Raddon. “Predictive Analytics
can provide an edge that helps them be more relevant through
timelier and better targeted marketing.”
Predictive Analytics from Raddon is available now and can
integrate into any core banking system. It is powered by Key
Lifestyle Indicators, a patented technology from Segmint, a leading
technology provider that allows financial institutions to more
easily understand and leverage data, interact with customers, and
measure results through advanced data tagging, categorization, and
contextualization of billions of transactions.
Predictive Analytics can be previewed live next week at the
Raddon Conference in Chicago, which serves as a forum to discuss
the latest challenges and opportunities facing financial
institutions.
Additional Resources:
- Raddon, a Fiserv Company - raddon.com
- Predictive Analytics from Raddon -
fisv.co/PredictiveAnalytics
About Raddon
Raddon, a Fiserv company, has been providing financial
institutions with research-based solutions since 1983. Raddon works
exclusively with financial institutions and has a unique
understanding of the industry, resulting in the ability to apply
practical know-how to the challenges and opportunities financial
institutions face. Raddon combines best practices in research and
analysis with consulting and technology solutions to help
institutions achieve sustainable growth and improve financial
performance.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and
information in a way that moves the world. As a global leader in
payments and financial technology, the company helps clients
achieve best-in-class results through a commitment to innovation
and excellence in areas including account processing and digital
banking solutions; card issuer processing and network services;
payments; e-commerce; merchant acquiring and processing; and the
Clover® cloud-based point-of-sale solution. Fiserv is a member of
the S&P 500® Index and the FORTUNE® 500, and is among the
FORTUNE Magazine World’s Most Admired Companies®. Visit fiserv.com
and follow on social media for more information and the latest
company news.
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version on businesswire.com: https://www.businesswire.com/news/home/20191031005344/en/
Media Relations: Marcus Hardy Manager, Communications Fiserv,
Inc. 801-823-5534 marcus.hardy@fiserv.com Additional Contact: Ann
Cave Director, External Communications Fiserv, Inc. 678-325-9435
ann.cave@fiserv.com
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