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Your MCIF: the Business Intelligence Tool You’re Neglecting

April 26, 2018
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In a changing and growing world of data, can your MCIF system keep up?  To arm you in making better, more informed decisions, your need for more information about your customers increases every day.

Your organization needs the right tools to ensure you continue to connect with your customers as quickly and effectively as possible. Having data in too many places causes confusion, inaccessibility, and worst of all, inconsistent data. A powerful business intelligence tool becomes your one place to store, organize and access all your institution’s data. 

All the data in world means nothing if you don’t have the right tools to turn the insights into action.  Growing your business and encouraging depth of relationships is the business of the whole organization. You must give your team all the tools they need to succeed at both those tasks.  With more and more organization leaning on CRM systems, your MCIF must be that engine that feeds the CRM. What’s more powerful than having all your data and research built right into the MCIF system? 

An MCIF system can no longer be considered just a “marketing” tool because it is no longer just up to marketing to promote products and services to customers. MCIF systems have to be easy to use, timely and visual to make it a successful, dynamic tool for the organization.  Gone are the days of complicated, clunky MCIF systems that only report on a monthly basis and take hours and hours to run. Gone is having to have a degree in writing SQL code to be able to pull information from an MCIF.  Now, daily updates provide timely customer data for marketing, management and front line staff.  Powerful data visualization tools give access to data across the whole organization. And everyone is on the same page when it comes to understanding the data provided.

The most important thing that an organization can know about its customers is what their complete relationship looks like. Once you know that, you can customize detailed plans to grow the relationship profitably for both the customer and the organization. To see that full, 360° view of the customer’s relationship, you need all your data in one, easy-to-access spot: your MCIF. This includes CORE data, credit card data, investment and insurance data, transaction data and on and on. Now you are armed to make the best, most accurate decisions possible.

While you know it is easier and more cost efficient to grow our business by increasing your share of wallet within your own organization, sometimes it is necessary to cultivate new customers by using prospect lists. You should able to look at these potential customers in your MCIF database, map them in and around your nearest branch, send specific campaigns, and track your success.  Your MCIF should be able to facilitate these initiatives easily and quickly.

Financial institutions are increasingly looking at the value of their physical locations.  Understanding the geographic dispersion of customers, loans, deposits, and transactions can provide great value, and a good MCIF should facilitate this.  This capability, coupled with the flexibility to execute a filtered, map-based targeting approach, can be used to implement your marketing tactics and enable powerful geographic and visual-based representations of your MCIF intelligence.    

A strong MCIF system will help you execute a successful plan to grow business and strengthen relationships with your customers. Sometimes you need an industry expert to help sort through all the noise in the industry and provide guidance with your go-to-market strategy. Dedicated advisors who get to know your business, your customers, and your strategic goals help to make your strategy a successful reality.