These are extraordinary and challenging times for all of us as we deal with our COVID-19 “new normal.” For some it means having to juggle work from home, virtual schooling, and barking dogs in the background as we video conference. Unfortunately, there are way too many of us who are dealing with larger problems, including unemployment, mortgages they can’t pay, and sick family members and friends. We’re all aligned in wishing for a quick and rapid recovery across the board, and hopeful that those who need the most help will get it.
Banks and Credit Unions Poised to Help
There’s no group of organizations in a better position to help consumers and small businesses right now than banks and credit unions. With the support of the government behind them, strong capital positions, and a desire to help, banks and credit unions are the first line of financial support. Most financial institutions have already put pen to paper and have quickly come up with new products and innovative ways to get consumers some relief, including interest-free short-term loans, skip payment plans, and waived fees on existing products. However, determining which customers and members need the help the most, and the eligibility requirements for these solutions is proving to be difficult.
As is often the case, adverse conditions create opportunities for creative thinking and new ways of looking at problems. We’ve done just this at Segmint over the past few weeks. Typically, our Segmint platform is used to analyze transactional activity within the banking system. We spot indicators (Key Lifestyle Indicators or “KLIs”) typically used by our clients to drive marketing communications, trigger product offers, help stem attrition, and most importantly, enhance customer and member experience. When it became clear that COVID-19 was going to fundamentally change life as we know it, we became determined to be more helpful to our clients using the data we already had.
Segmint “Vital Signs” Report
For the past four weeks we have been working on a “Vital Signs” Report for our clients in an effort to help Financial Institutions determine what was happening with consumers and to help identify which ones might need help the most. This report examines the changes associated with payment inflows and outflows on consumer accounts and correlates Segmint “KLIs” with transactional data, resulting in insights into how our clients may want to help consumers in need. What’s most remarkable about this is that we were able to do all of this with the data we already had.
In every one of our conversations with clients, we stress that “it’s all about the data.” We commonly point to the importance that data insights have on customer relationships, improved communications, better user experience, and product recommendations. What’s clear is that in addition to those benefits, the data we have can be used beyond marketing, across the bank in a variety of meaningful ways. We’re excited about what this means for our clients, but even more excited about how we can use data right now to help consumers in need.