How do you spend your investments in location data? For regulatory compliance? For marketing? For retail planning?
The answer is probably all three.
Join me at noon EST November 13th for Customer Expectations Are Driving Finance Professionals to Next-Gen Data Marketplaces. In just a half hour, you’ll learn how to find the investment sweet spot where these three types of datasets overlap.
After the global financial crisis of 2008, the bank regulatory climate grew more stringent. For years, banks invested in premium datasets that could help them comply with regulatory mandates. Investments in marketing data, or “data to help us grow,” took a back seat.
While anti-money laundering laws will remain stringent, United States banks expect a relaxation of other regulations. Many financial institutions now feel confident switching their data investments from datasets that support financial crimes and compliance to those that support marketing and retail planning.
As you can see, there’s a push and pull between compliance and growth, a balancing act. One day you buy data for growth, the next day, for compliance. Striking that balance can become needlessly expensive when you’re buying different datasets to accommodate each purpose. And, if you’re buying from different vendors publishing data in different formats, you may also face interoperability problems.
Financial institutions need a singular set of data products that fuel both compliance and marketing efforts. They also need the right technology platform for integration and orchestration.
Pitney Bowes has been in the data business for nearly a century. We know customer intelligence. We know retail location intelligence. And we know financial crimes. With one investment, we enable you to buy data that can be applied to different points across the data-use spectrum.
How does it work?
When customers walk into your bank to open an account, you have a regulatory obligation to do customer due diligence on them, to comply with Know Your Customer laws. You take their names, addresses, dates of birth, social security numbers. You run this information against national watch lists and sanction lists, to make sure you’re legally allowed to work with them. You use data to examine their risk profiles.
But once a customer has been cleared to open a checking account, your marketing department wants to grow the relationship. They want to know how they can upsell or cross-sell the customer. They want to know the customer’s income. They’d like to get a mortgage for the customer, or start a 401K. They want one of your bank’s credit cards at the top of the customer’s wallet.
And retail planning wants to better understand the customer, too. That department wants to combine data on a range of customers for an enhanced view of market characteristics: the bank’s catchment area, its competition, its most profitable and least profitable locations.
You need more than just Know Your Customer data for this type of marketing and retail planning. You need datasets covering boundaries, demographics, geodemographics, routing and points of interest.
Across Pitney Bowes datasets, thousands of data fields encapsulate customer identification and demographic information. Several thousand fields will interest compliance professionals. Marketing personnel and retail planners will use thousands of others. Many data fields will prove valuable to all three departments. Since they’re all sourced from the same company, investing in these datasets helps you avoid the interoperability problems that arise when buying data from more than one organization. We even offer a technology platform for easier integration and orchestration.
Getting started is easy. The Pitney Bowes Software and Data Marketplace is a one-stop online shop for discovering, exploring and accessing business-critical data sets. These include datasets covering streets, addresses, boundaries, demographics, property attributes, and points of interest worldwide. You can even test these data sets at no cost.
In today’s competitive market, Pitney Bowes datasets offer you the insight you need for compliance while concurrently helping you grow your business through precisely targeted marketing and retail planning. Gain an edge on the competition. Register now for Customer Expectations Are Driving Finance Professionals to Next-Gen Data Marketplaces. And don’t forget to join me at noon EST November 13th.