A customer walks into the bank to make a deposit, greets the teller and, out of the blue, she’s asked if she would like a second mortgage. Is this any way to serve a valued customer? Not if she isn’t in the market for a second mortgage.
But what if she is?
It’s common practice for banks to widely advertise their low rates on mortgages, car loans and home equity lines of credit, hoping this buckshot approach will hit the right target. The risk is that a weary, oversold customer might take his or her money elsewhere. Big data is now taking the guesswork out of discerning which individuals are the best targets for a particular product.
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