Magazine article American Banker

Software Finds Prospects in Consumer Data Files

Magazine article American Banker

Software Finds Prospects in Consumer Data Files

Article excerpt

Software Finds Prospects In Customer Data Files

An increasing number of banks looking to improve marketing are turning to their customer information files for help.

A customer information file, or CIF, is a data base about customer relationships that includes information from various transaction-oriented systems, such as deposit accounting, trust, and loan servicing. Banks have long used CIF software in operations, but until recently few used it to increase revenue.

New Products

A new spate of software designed to use CIF data to improve the marketing of bank products has recently hit the market. Few measurable results have come back, but industry observers said bankers are putting the packages to use fast.

"It sounds silly, but many bankers are just realizing that the customer information they store on their computer systems is extremely valuable if they can manipulate it correctly," said Robert J. Buskas, head of the American Bankers Association's technology and operations division and an executive vice president at American National Bank and Trust Co. in Chicago. "Information a bank has always possessed can be turned into a strategic advantage."

The new software takes the data gathered by the main CIF system and sorts out the best cross-selling opportunities.

Cost: Up to $1 Million

Some software systems, such as the ones offered by Early Cloud & Co., Newport, R.I., are geared toward increasing sales to individuals. …

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