Following the money just got easier for Banks and Credit Unions. New solution drives increased core deposit sales and reduced attrition.
Toronto, ON -- (ReleaseWire) -- 05/09/2018 --FlowTracker Analytics today announced a major expansion of their analysis services, enabling banks and credit unions to drive deposit growth by focusing on money flows into, out of and within customer accounts. The FlowTracker SaaS service includes innovative new tools to analyze these money flows and reveal the underlying customer behavior dynamics, a unique new way to plan growth strategies.
"Following balance growth is like watching the score change in a ballgame," says Dave McNab, founder and CEO of FlowTracker Analytics. "But money flows are the playbook. And managing the plays is how you win the game."
Traditionally bankers rely on net balance growth as the primary objective when they execute sales, cross-selling and attrition reduction strategies. Overall goals created at the Board level are pushed down to operating units, branches, and ultimately to front line staff, who are then expected to achieve often unreasonable sales targets.
But sales goals must replace attrition before they achieve any growth. To get 10% growth when attrition is running at 10%, a sales person must sell 20% of the entire deposit portfolio every year.
"Imagine being told you have to replace 1/5th of the entire bank's deposit business this year. Would you want that job? Or want the person serving you pushing sales that hard?" says McNab.
FlowTracker Analytics' solution changes the way financial institutions approach the challenge of achieving deposit growth. Measurement and classification of cash flows can distinguish money that is new or lost at the total institution level from flows of money between products, branches and accounts within the institution.
With FlowTracker, banks, credit unions and other financial institutions can plan evidence-based growth strategies, knowing when money is at risk, which customers are under-served, who brings money in or takes money out, how new customers behave after they join and how lost customers behave before they go – by customer, product, location and over time. FlowTracker Analytics' unique new capabilities bring customer behavior into sharp focus.
About FlowTracker Analytics Inc.
With offices in Toronto and New York, our mission is to make actionable analytics accessible to Financial Institutions of all sizes. We enable Banks and Credit Unions to grow deposits through smarter performance management, targeting for growth, dynamic behavior insights and deeper product intelligence. Our FlowTracker SaaS service provides a complete planning, analysis and action list generation solution, based on a patented analytical method that reveals money flows into, out of and among products at the individual account level. The FlowTracker solution uses readily available data, takes only a few days to set up, is delivered as a service to avoid capital costs and price is scaled to assets to make our capabilities accessible to all.
FlowTracker Analytics Inc. - Deposit Growth Analytics for Credit Unions and Banks