To select core banking partners, about half of businesses conduct a formal request for proposal process. But what about the other 50% of opportunities that don’t issue RFPs? Converting that 50% of potential business relies heavily on the skills of a financial services’ sales force. And with the financial upheaval of 2008, many firms have spent the last 8 years regrouping.
With the market steadily improving, firms can once again focus on profitability. But McKinsey states “With growth expected to continue to be slow in developed countries, banks must rely more heavily on excellence in sales – retaining and increasing share with current customers as well as luring customer from competitors”.
This places added pressure on financial services marketers to identify and engage with those companies that offer the greatest opportunity to drive revenue growth. Now, tools like Lattice Engines enable the marketing organization by identifying which accounts to engage for selling and retention. 
Predict Corporate Banking Engagement
McKinsey advises “Leading institutions have been able to balance growth and profitably by taking a more granular view based on insights into macro- and micro-trends and analysis by geography, sector, customer segments, and products.”
Marketing can now evaluate both the micro- and macro-view. By incorporating a predictive scoring approach based on explicit data (who they are), implicit data (what they’re doing), and historic behavior and trends, financial firms can now identify which companies they should target. This alleviates the burden on the marketing teams to guess what targets are most likely to engage.
This also allows financial institutions to develop value-based account targeting and segmentation. And this targeting approach can also lead to increased client penetration.
Identify New Asset Opportunity
By scoring the behavior of contacts, companies can improve their “penetrate and radiate” strategy by attracting new divisions. Let’s say the banking division of a financial services firm has as an established corporate banking relationship. Financial organizations can score penetration opportunity by evaluating the information they already have on the account, like website traffic, sales interactions, marketing response, purchase history, etc. They can also score external attribute data like growth indicators, executive change, news events, business change, and outside firewall technologies. Lattice predictive sales enablement also assembles a wealth of account information such as company information and financial transactions.
The asset management division of the financial institution can now leverage this scoring and insight to engage with the company’s plan sponsors. Asset managers also spend a great deal of time working with the plan sponsor to define fund line-ups. Predictive analytics can guide asset managers in their asset recommendations. By evaluating corporate behavior, like hiring activity, asset managers can identify new asset opportunities. If a company is hiring for specific roles, this tool can alert the asset manager to recommend specific assets.
Predictive analytics is allowing financial services firms to identify the best revenue opportunities, to grow existing business within an account, and to enable sales and asset managers to develop more valuable customer relationships.
How is your firm adjusting to this changing model?