Lending

Attract New Customers or Members but Keep the Old with Proven Strategies from Data and Behavioral Science Experts

5 mins read
September 5, 2019
By
Total Expert

Banking used to be a primarily relationship-based model. Consumers would stay with the same bank for the duration of their lives and may have even worked with the same branch that their parents used. Why? Because it was familiar to them, it met their needs (both convenience and otherwise) and they had a trusted relationship with the bank.

Today, financial brands are walking a fine line to attract new customers or members – all while remaining true to their brand. Marketing to up-and-coming generations adds an additional dimension to this challenge given certain personas may not be fully fleshed out yet.

Hear from Total Expert Product Marketing Manager Matt Noyes and Data Propria President Matt Oczkowski as they discuss the best ways for you to attract new audiences and showcase what your financial brand has to offer.

Matt Noyes: So, Matt, when we were at the Financial Brand Forum earlier in the year, we spoke with a lot of marketers, branch managers, all sorts of folks from various financial services orgs. A lot of them shared their goals for the business and the challenges they were trying to solve.

Matt Noyes: One example that came to my mind was a conversation I had with a couple of marketers who made up their bank’s entire marketing team, a regional bank here in the Midwest. They talked to me about how branch traffic was declining and that their customer base in this mostly rural community was aging and that they knew that they needed to attract some new customers, because they knew if they didn’t start attracting new customers from outside of their general branch traffic that they weren’t going to have customers for that much longer.

Matt Noyes: The problem for them was that they just didn’t know where to start. They didn’t know these potential new customers because they didn’t see them in the branch. They didn’t know how to get in front of them because they didn’t know where they might be coming from or where they “spent their time”, digitally or otherwise, and they didn’t know what they wanted from the bank.

Matt Noyes: They didn’t know where customers were going for their current needs and why they weren’t coming into the branch. As we think about this, to really help our listeners better build their audience and address their customer’s needs, I think it’s worthwhile for us to run through a few of these bigger challenges facing financial services orgs because these challenges pose a significant barrier to taking this meaningful action we’re talking about.

Matt Noyes: Let’s maybe talk through what you and your team at Data Propria are seeing out there regarding the challenges facing these financial brands. Let’s just talk through a couple of these: aging demographics, catering to those changing demographics as well, whether that’s growing younger in the customer base or otherwise. Let’s talk through a few of these and get your thoughts on what you guys are seeing.

Matt Oczkowski: I mentioned the term self-fulfilling prophecy before, and I think that’s something that’s very prudent in understanding changing and aging demographics. If you’re only using knowledgeinside of your institution and only relying on data of what your current customers look like, you’re going to be building models and forecasts on audiences about where you are today in that aging demographic but not necessarily where you’re going tomorrow, and I think to focus on the future of the financial customer.

Matt Oczkowski: There are some ways you can do this in a very lean, cost-effective way that doesn’t necessarily have to be a massive market research program or something like that. It’s the idea of getting outside of your comfort zone and starting to understand different data resources, but also authenticity. Where authenticity meets new data is really the focus when you’re talking about aging demographics. I see far too many financial customers say, oh, young people are using things like Venmo and the Cash App, so I have to mimic that approach.

Matt Oczkowski: No, don’t do that, because that’s not authentic to who you are as a brand and what you’re trying to do. Be real to your customer. Certainly, embrace new technologies, but yes, what are the underlying elements in why people like those organizations? Is it convenience? Is it user experience? Is it functionality? Is it customer service? Whatever it may be, learn from those elements and use those authentically to who you are and what you do, but then again you also have to understand who that audience is.

Matt Oczkowski: I think there’s far too much of an inclination to read a publication on Adweek and say, oh, young people are using Snapchat, so I’ve got to be on Snapchat. Well maybe, but how do you know that? Is Snapchat the right vehicle, is that the right media preference for the customer that you’re trying to go to? Could you be doing better just with customer segments between 35 and 50 rather than trying to go down to 18 to 25? Is that efficient? Is that effective? How do you test that? Being able to find other data resources outside your organization, maybe leveraging some commercial data sets that exist in the marketplace.

Matt Oczkowski: But maybe conducting some market research to your existing customers, asking them what they like and don’t like about your brand, going out and doing some small testing. There’s a lot of online survey tools today within tools like Google and Facebook that you could use that are still very helpful directionally that might not be the end all be all of a large scale quantitative research experiment, but that could help you learn about the customer base and what they want. Once you start to build that information it’s going to help point you in the right direction, not only of persona and audience development but also productization and how do you point your organization in the right direction.

Listen to the full webinar to drive relationships and revenue in your organization.

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For years, lending organizations have measured technology's value by a simple test: did it get people to log in and complete a task? New dashboards, new buttons, and new workflows all designed to change human behavior just enough to extract a little more efficiency from the same process.

The catch, Welu explains, is that this approach caps out at the limits of human behavior itself. A loan officer forgets to follow up. A call center rep runs out of time in the day. A relationship goes quiet not because anyone did anything wrong, but because relying on people to be perfect and predictable was never a sustainable strategy to begin with.

What breaks when the old ceiling stays in place

Joe used an analogy at the 2026 HousingWire AI Summit to capture the stakes: a farmer who just got a bigger, faster horse looks to the neighbor’s field and watches them ride by on a tractor. Incremental improvements, like faster horses, were the best option for decades. That's not the case anymore.

The risk isn't hypothetical. We still see lenders asking AI to slightly improve an existing workflow, rather than asking what their workflow should look like with AI built in from the start. And the lenders who are still chasing incremental improvements will find themselves outpaced by competitors who were willing to embrace a new mindset, a new strategy, and new era.  

Joe also highlighted that speed and speed alone will not set you apart. Context will be the critical differentiator in an AI-enabled world. Being the first one to engage a borrower is great, but only if you actually have something to talk about. Historically, a legacy database only knew what a person remembered to type into it. If that information wasn't captured, the system, and the loan officer, wouldn't be able to use it for the next conversation.

Context is king, and the mindset shift that gets you there

This is where Joe took the conversation from diagnosis to direction. Total Expert's Customer IQ continuously aggregates zero-, first-, and third-party data to create a complete financial profile and interaction history for every customer. This provides lending teams with the context they need at the exact moment it matters, whether that's to a loan officer having a conversation or an AI agent handling a task automatically.  

To put things in a perspective that everyone can understand, Joe drew a comparison to how streaming platforms already personalize recommendations based on what the user has watched or listened to previously—i.e., context. When that context is missing, it's obvious and often frustrating. He argues borrowers feel that same disconnect when their lender's outreach doesn't reflect where they actually are in their financial journey.

This level of change doesn't happen without friction. There will be individuals, teams, and even entire organizations that resist this shift. But leaders have to be clear-eyed about the realities of how our industry is evolving and, more importantly, how consumer expectations are driving that evolution.  

The reframe Joe’s pushing lenders toward is to stop measuring success by tasks completed, and start measuring it by the lifetime value of the customer relationship. He calls this “turning relationships into appreciating assets," where organizations never lose a customer and continually find new ways to add value to that relationship over time, rather than treating every interaction as a standalone transaction.

The takeaway

AI doesn't create value on its own. It creates value when it's grounded in real customer context, embedded in the actual workflow, and pointed at a bigger goal than getting a task done faster. For lenders willing to rethink the engine itself, Welu says the payoff isn't incremental. It's the same seismic shift that farmers experienced when they realized that even the slowest tractor was more efficient than the fastest horse.

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