Financial institutions already have access to vast amounts of data on their customer’s financial situation. Add to that what could be learned from tracking customer preferences on a Web site and the possibilities are mind-boggling. Avoid analysis paralysis and focus on using just a few data elements to target high-revenue products.

For example, match users of your auto financing calculator against checking account deposit size (as a proxy for household income) and pitch appropriate auto-financing specials through e-mail.

In-House Data

SIGNATURE CARD DATA

• Complete name and social security number
• Age
• Marital status
• Employer
• Address and phone numbers
• Other demographics
• Beneficiaries

• Deposit history
• Check writing transaction history
• Funds transfer history
• ATM usage
• POS debit payees and transaction history
• Direct deposit originator and transaction history
• Preauthorized debit payees and transaction history
• Bill payment payees and transaction history
• Off-line debit payees and transaction history

CREDIT APPLICATION DATA

• Employer(s)
• Salary(ies)
• Vehicles owned and ages
• Assets
• Insurance
• Other creditors
• Other financial obligations
• Credit bureau information

CREDIT CARD DATA

• Credit card payees and transaction history
• Payment history (minimum vs. revolving)
• History of transaction disputes

OTHER ACCOUNT DATA

• IRAs
• Savings
• Joint accounts
• Investments
• Mortgages
• Installment loans and home equity
• Other revolving credit
• Insurance

Data Gathered from the Web

PREFERENCES/USAGE

• The importance of fees
• The importance of rates
• How often user checks balance/transactions
• Use of credit
• Use of computer for managing finances
• Financial services purchased from other providers

ATTITUDE/INTERESTS

• Concerns about fraud and financial privacy
• Loyalty to the bank
• Impression of bank
• Risk tolerance for investments
• Interest in general and/or financial news
• Interest in tracking financial markets and/or individual securities
• Interest in mutual funds
• Frequency of balancing checkbook (if at all)
• Interest/use of household budgeting
• Small business ownership/interest

SATISFACTION

• Rating of services/bank
• Suggestions for improvement
• Likelihood of remaining a customer

GOALS/NEEDS

• Savings/retirement goals
• Tax-planning needs
• Home purchase intent (first-time or trade-up)

WEB HABITS/USAGE

• Areas of the Web most frequented
• Length of time spent in each area
• Repeat visits to individual areas
• Type of questions posed to customer service
• Financial calculator usage