We work with several leading regional banks, and have gained deep insights into consumer wealth and lending behaviours. By nature of the business, banks can gain a lot of foresight into the financial future of customers. By analysing each customer's behaviour in saving, spending, lending, and investing, a bank can easily segment customers into different groups by their risk and wealth profiles. More importantly, banks can also gauge a customer's true spending power and project his/her future wealth trajectory.

 

Such information can be extremely useful to other parties, including retailers, insurers, car dealers, resorts, and luxury brands. Banks can work in partnership with such firms, where data from multiple sides are merged together in a 'sandbox' to create a unified view of the customers. The insights generated from the sandbox will in turn enable 'collaborative marketing' where the products and services from the partners and the bank are bundled together to create a seamless customer experience. For example, savvy banks have partnered with luxury car brands to target customers in the fast-rising 'future wealthy' segment. Before these customers become more affluent (and jaded by then from the endless courting that they will receive), they are invited to exclusive events and offered attractive deals with pre-approved car loans. This will help the bank and the car brand to build a stronger relationship early on with their target customer base.