Answer:
How you use your Marketing Customer Information File (MCIF) will be determined, to a large extent, on your bank's strategic business objectives (SBOs). Some of the most productive uses of an MCIF system include:
- Identify the Top 10% of Households by profit contribution.
- Identify the profitability and breakeven balances of accounts and products
- Identify cross sell ratios by total bank, branch and/or individual
- Analyze the profitability and track results of marketing campaigns
- Identify opportunities to expand relationships of single account and new households.
- Communicate the next most likely product a household will purchase to aid frontline sales efforts.
- Compare different pricing scenarios, including attrition, and their impact on profitability.
- Maximize marketing resources through target marketing and avoidance of duplicate mailings to the same household.
- Identify "at risk" households because of reduction in loan and/or deposit balances.
- Identify maturing CDs and loans and develop proactive marketing strategies to increase retention.(The industry norm is 60% retention for CDs which can be increased to 80%+ with proactive marketing.)
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