Transactional Data Analysis Identifies Customer Cross-Selling Opportunities
Springfield, Ill. – The board of directors of the Community BancService Corporation, Inc. (CBSC), the business services subsidiary of Community Bankers Association of Illinois (CBAI), announced it has partnered with Revio Insight to provide community banks with improved access to transaction analysis services, which enables bankers to identify its customers that are obtaining banking products and services elsewhere.
The digital marketplace has experienced tremendous growth during the past several years, which has led to a rapid unbundling of banking services. Once implemented, the CFPB’s new Open Banking Rule could further accelerate this disintermediation.
Most bankers agree the majority of their customers, while maintaining a deposit account at their bank, are accessing a competitor’s banking services – but the banker cannot identify which customers, services or providers. Utilizing powerful computing software, Revio Insight can scan the payments history of every bank customer and organize the findings into an easy-to-read, actionable report. The report will reveal customer payments, transfers, purchases, deposits and withdrawals, providing deep insights into customer behavior and trends.
“Banks are under attack by our competitors and we may not recognize the damage until it’s too late. With Revio Insight, we can finally recapture those once-lost business opportunities. Revio Insight’s reports offer clear, valuable data that provides us a deeper understanding of our customers’ needs, empowering us to tailor our services and strengthen our relationships,” said Andy Tinberg, president & CEO, CNB Bank & Trust, N.A., Carlinville (Oak Forest).
“In addition to identifying opportunities for growth, Revio Insight’s service may reveal underlying data quality issues, such as duplicate customers in the core,” said Brian Bauer, Revio Insight’s CEO. “Revio Insight can help with cleanup or make sense of the data.”
An ICBA ThinkTECH Accelerator graduate and BankTech Ventures portfolio company, Revio Insight has been well-vetted, tested and is ready to serve CBAI member banks. For more information, please contact Sanjay Bhaskar, Revio Insight’s Chief Revenue Officer, via email.
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