Harland Stratics Line Aimed at Financial Institutions
The Stratics line is based on a set of proprietary product models developed by Harland. They will incorporate financial behavioral data from more than 18 million accounts held at 25 different financial institutions.
According to Harland, from these models, Stratics Scores are developed as predictors of propensity to purchase. The scores are built on pooled customer data from businesses within a specific industry and purchased demographic and/or behavioral data from service providers.
Harland will provide the financial services industry with standardized purchase potential scores that assist banks and credit unions in increasing wallet share and creating more profitable customers.
"When financial institutions know their customers' needs, they are able to make informed choices that can positively effect the rate of return on their database marketing efforts," said Andy Daniell, director at Harland Analytical Services. "The Stratics Score can be used to generate next most likely profitable product leads to branches and call centers."
In order to develop Stratics Scores, industry purchase potential models are built using unique user-defined independent variables created from the financial institutions' master files versus using publicly appended data. Stratics Scores are also designed to help financial institutions implement customer relationship management strategies. A scaling technique will be applied to the Stratics Scores to create next most likely profitable product purchase for customer-centric strategies.
A line of Stratics products was developed to deliver the Stratics Scores to banks and credit unions. That line includes consulting services, decisioning products and direct mail programs.
The consulting services deliver customer data-driven strategies in five strategic service offerings: database marketing plans; merger and acquisition strategies; direct marketing budgeting; customer segmentation strategy; and enterprisewide market evaluation.
Scores are available to financial institutions as data appends on a subscription basis. Stratics Scores are currently available for the following decisioning products: home equity, consumer and auto loans; money market accounts; certificates of deposit; credit cards; IRAs; and checking and savings accounts.
Harland said the scores also can reduce the size of a direct mail program by up to 70 percent while doubling response rates as a result of incorporating actual customer behavior in its predictions.