Are You Getting the Most From Your MCIF?

Thursday, November 18, 2021  |  Helen Acke McComiskey

The one objective we hear from clients more often than any other is growth: growing the number of accountholders – more specifically growing the number of younger accountholders; growing loan portfolios; growing checking; and growing mobile. Using data is the best way to attack this objective and your organization’s MCIF system can play a critical role in targeting key growth areas.

Growing Market Share

Combining your MCIF’s mapping functionality and non-accountholder list import capabilities is a great way to measure not only your accountholder penetration in a specific area, but also potential accountholders in a new area or an area where you want to increase your footprint.

Use the mapping feature to enter competition in and around your existing branches and/or around a new location your organization may be interested in. By mapping your accountholders, you can see the penetration not only by number of individuals and households, but by demography, product penetration, and opportunity for loan and deposit growth based on generational segment and life stages.

The same concepts apply for importing and mapping potential accountholders. With the amount of data now available on consumers, prospect lists can contain a variety of components – including age, income, wealth and more – that can help you determine if there is growth potential in an area. Alone, the mapping and prospect management features are powerful tools for your growth strategy. Together, they can be a game-changer.

Sharing Key Metrics Across the Organization

As organizations tackle growing their accountholder base as well as selling their products and services, they often have metrics and goals tied to these initiatives, and that’s not including reporting on the success of marketing campaigns and promotions. Using an easy-to-create, automatically updated dashboard is a great way to share this information and much more with your team. Giving employees up-to-date metrics on organization goals as well as their own branch or department goals is critical in continuing to motivate the team to reach the goals.

Tracking Marketing Success

Perhaps surprisingly, a spreadsheet is not the most efficient way to track marketing results. Instead, marketers in the know use their MCIF’s campaign tracking module.

After using your MCIF to make informed decisions about your growth campaign criteria, set it, forget it and let the system do all the hard work for you. Being able to see success rates from campaigns helps solidify to team members that what they see and do across all their delivery channels makes a difference – from marketing to front line staff. Use the previously referenced dashboards to share not only campaign collateral, but to share tracking results for the organization overall and specific branches.

A true campaign tracking module will be able to track your direct responses to any campaign, as well as “indirect” responses, so that your organization gets a full picture of what accountholders are actually coming in and purchasing. Even better, should you be lucky enough to have a strong profit module in your MCIF that allows for your profit to update frequently, you can calculate an ROI for each campaign by adding in campaign expense.

Your MCIF system can help you attack not only your growth initiatives, but your organization’s strategic initiatives, branch and organization analytics, campaigns, tracking and more.

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