Leveraging financial insights to assess customer opportunity from day one
Banks require complete view of new customers to improve on-boarding and grow deposits
CHALLENGE:
Traditional customer on-boarding programs present an incomplete picture
Banks have a limited window to engage new customers before they lose interest or are approached by competitive banks
Many banks rely on initial opening balance to determine new customer treatment groups; however, the opening balance often does not present an accurate depiction of households’ wealth and growth potential, resulting in lost opportunities
SOLUTION:
WealthComplete® enables banks to gain insight on the growth potential of new customers from day one
Based on approximately $10 trillion in anonymous, directly measured assets provided by over 95 leading financial services firms, WealthComplete enables banks to:
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ASSIGN new customers to appropriate treatment groups based
on households’ estimated total assets and total deposits potential - IDENTIFY new customers that are likely to be Mass Affluent and ensure that appropriate resources are focused on this potentially lucrative group
RESULTS: WealthComplete enables banks to achieve almost $50 million in incremental AUM from new customers
By using WealthComplete total assets estimates to IDENTIFY HIGH POTENTIAL NEW CUSTOMERS from Day One, a bank can expect to:
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Increase balance amounts for high potential new customers over 200% more than for low potential customers |
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Achieve almost $50 million in incremental Assets Under Management (AUM) by the end of Year Two for every 1,000 new customers it brings on board |
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Gain additional deposit dollars from identifying “High Potential” new customers and striving to match the share of deposit wallet to that of their “Best New Customers” |
