DataMentors, Inc., the leading full-service data quality solutions company based here, and Pinnacle Financial Strategies, the Houston, Texas-based specialist in customer relationship enhancing technology and total solutions for the financial services industry, today announced the release of a new customer relationship analytical and marketing tool. The new product, called ActionPointS, provides financial institutions with critical information about who their customers are, what they want and how to make each relationship most profitable.
“ActionPoint delivers a complete picture of each institution’s customer base quickly and economically without the need to invest in the expensive software and systems usually required to access this information,” said Joe Gillen, CEO of Pinnacle Financial Strategies. “The point behind ActionPoint is that this information is provided in a format that can be put to work immediately,” he said, “to maximize marketing and sales resources and increase the value of each customer franchise over time.”
Gillen said that the top 10 percent of any retail customers typically provide 110 percent of total profitability, but financial institutions do not usually know who they are. “This is why DataMentors’ product is so crucial. We can now get a true accurate view of each customer,” said Gillen. In addition, he said the attributes of each institution’s most profitable customers could differ dramatically, so having accurate information on each individual household is critical.
Improving the quality of this customer information is where DataMentors comes in, utilizing its highly flexible cleansing and organizing database software solution, DataFuse, to maximize the accuracy of the records on each customer. “DataFuse dramatically increases data accuracy and validity by scrubbing’ incorrect customer data and then combining it with other bank data to create and maintain the most customized, comprehensive and consistent information about each individual,” said Bob Orf, president of DataMentors, Inc. He added that improving the quality of customer information by even a small percentage has a major impact on the success of customer retention and cross-selling programs.
Gillen said that ActionPoint combines this householding information with data about each institution’s financial products and overall strategy to calculate revenue and cost components for each customer account, identify households with the greatest potential for higher performance and provide demographic reports for each market area. “The result is a win-win situation for our financial institutions and their customers,” he said. “Both benefit by this far more efficient ability to meet customer needs and to provide superior levels of customer support.”
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access