How account holder segmentation can help your financial institution

Whether you represent a new bank or a credit union, knowing how to improve account holder relationships is essential to your operational success. One of the most effective ways to accomplish this objective is by learning more about your audience.

The reason is simple: Understanding account holders on a granular level can help your financial institution (FI) better grasp each group’s specific needs. This segmentation enables you to assimilate the account holder’s life cycle through meaningful data that often gets lost in the more significant details.

This not only allows your community FI to serve account holders better, but also gives you valuable intelligence. For instance, you can learn where your audience segments overlap, how you can leverage those intersections, and what methods you can use to enhance your value proposition.

By using an engagement platform such as the Larky nudge® platform, you can segment your account holders through different data sets. You can better decipher your audience information by arranging otherwise incomprehensible data into geographic, demographic and behavioral sections. This analysis leads your FI to garner all the benefits, as mentioned earlier, while also helping you cultivate your brand presence among different audiences.

Harness holistic benefits through geographic data

Whether you want to learn how to improve account holder relationships in a neighborhood, city or county, this data sorting can help you craft your offerings for specific areas.

The Larky nudge® platform lets you utilize robust geographic segmentation tools in an intuitive manner. As a result, you can execute marketing activities such as geolocation push notifications. These messages pop up as pitches for auto loans when your account holders are visiting a car dealership or as offerings for student loans when they’re touring a university.

This particular feature can also help you zero in on branch planning, service deployment and even employee management. In the long run, it provides you with results that can help your FI grow in your targeted areas.

Pitch specific products through demographic sorting

Sorting audiences through demographics is one of the most optimal ways to execute account holder relationship improvements. While this particular methodology has been widely utilized in marketing technology, FIs with a larger focus on product segmentation have only started paying attention to it in the past few years.

By using the Larky engagement platform, you can easily get reliable data about factors such as account holder income, living status and occupation. This helps you personalize your product offerings and build a better relationship with your audience.

For instance, you can easily remind your more affluent account holders about large-scale investment opportunities, while offering loan products to those who are looking for financing. By targeting your pitches to specific audiences, you can improve your chances of generating more leads and interest against your products.

Go in-depth with behavioral segmentation

This is perhaps the most interesting, yet one of the most effective, ways to segment your data and get the most out of this methodology. When running a bank or a credit union, geographic or demographic sorting is often the primary way to tap into audience information. But although it provides you with reliable data, it’s based on cold, hard facts instead of human emotion.

To complete that missing piece of the puzzle, utilize the contemporary features of the Larky nudge® engagement platform. By ethically learning about your account holders’ investment behavior, spending habits and online activity, you can unlock the doors to behavioral segmentation. This gives you a clear way to improve account holder relationships.

As a result, the practice allows you to interpret audience actions and predict what they might do with a product or piece of information. For instance, so-called passive account holders may only enjoy short-term savings accounts and dreamers might take an interest in loan products, while futurists might go for long-term investments.

By using these audience segmentation capabilities, your community FI can gain an edge over its competitors. Apart from bringing in new business, making the right product pitches at the right time can improve retention by keeping your account holders from going to other institutions.

In order to intelligently improve audience relationships, make it a point to use these data segmentations and take your financial operations to the next level today.