Community banks and credit unions stand to gain a large number of customers given the dissatisfaction people currently have with big banks. Proactive community banks are turning to customer analytics to understand who their most valuable customers are, and where they can find more of these types of people. It’s a pure retail approach, taken by retailers and restaurants for decades in site selection and marketing.
The first step for community banks is to identify who their most valuable customers are. After these folks have been identified the next step is to find more people who "look like" those valuable customers. Next, target market to these potential customers - send them the message that community banking isn't like those big banks with their fees and impersonal service.
This analytics play is sure to position marketing directors at community banks with new prospects and new customers.