How to Create an End of Relationship Audience

Objective:

In this article we will be talking about how to create an audience around the complete end of a banking relationship for use in an automated schedule. We will explore the following topics:

  • What data needs to be sent to Core iQ in order to achieve this audience's outcome
  • How to create an end of relationship audience and what sort of communications work for this audience.

What data feeds do I need in order to make this End of Relationship audience work?

This schedule is fairly simple to create, and only keys off of one extremely important piece of data: Close Date. While this seems like a standard piece of data to be giving us in Core iQ, you need to make sure that you are accurately providing it to the platform as this schedule will not work without it. If you are curious as to whether these dates are coming through to Core iQ, you can always pull an Account Listing with a Close Date of Jan 1st of the current year to today. If you are giving us a valid Close Date in your data, you should see closed accounts as the results for this report. If, for some reason, you do not see any closed accounts returned as a part of this report, you might need to check with the person who is responsible for your data feed to see if you are giving us account Close Dates.

How do I create an audience for the end of a banking relationship?

End-of-Relationship-Audience.png

For this audience, we will be using the above criteria in the Who would you like to be a part of this audience? area. The first part of this statement will evaluate whether the customer/member formerly had an account in these Service Groups, and the second part will need to include EVERY service group within your instance of Core iQ. With only these criteria, Core iQ will generate your automated communications every time a customer closes an account. We need to add a single piece of Additional Criteria to our audience in order to cause this audience to only include those that have closed all of their accounts:

  • Customer Status EQUALS Past Relationship - This single piece of additional criteria will exclude anyone who has closed an account, but has not ended their relationship with your institution. Once the customer/member closes their final account, they will be marked as a Past Relationship in Core iQ, thus qualifying them for the audience. The qualifying account will be whichever product they closed last according to Core iQ.

Additionally, you can add the following criteria in order to exclude loan or deposit products which have been charged off, as these are technically 'closed' according to Core iQ:

  • Total Deposit Charge Off EQUALS 0 - This will exclude anyone who has had any amount marked as Charged Off on their closed deposit account.
  • Total Loan Charge Off EQUALS 0 - This will exclude anyone who has had any amount marked as Charged Off on their closed loan account.

What trigger events can I use to send Account Closure communications?

The trigger event for this schedule that accompanies this audience should most likely be only Close Date, as we are triggering off the timeframe for when this account was closed. We recommend using surveys, emails, and phone calls for a period following the end of any relationship. These are all great tools for gathering more information about why a customer/member might have left, and what you could do to win them back.

One note for this sort of schedules is that, based on our experience, it is important to ensure that your Core data is correctly capturing account closures. We occasionally see institutions that attempt to create an End of Relationship schedule, only to see it not trigger correctly. This is typically because of the fact that certain products, typically Ancillary products, are not being 'closed' within the Core. If you are not consistently closing products like Online Banking, Mobile Banking, eStatements, or other Ancillaries, then this audience will not work consistently. If a member/customer closes all of their accounts, but their eStatement product is not marked as closed in Core iQ, they will not qualify for this audience.

Another issue that you need to be aware of arises for customers using monthly Ancillary data uploads to Core iQ. For those that are not providing us with daily updates to their Ancillary product feed, this audience may not work as expected. In cases where a customer closes their account early in the month, if that data isn't provided to Core iQ in a timely manner, it will potentially not meet the trigger conditions for your X days After Close Date

If you have any questions as to whether your institution might encounter these sorts of limitations, you might need to talk to your Data Team and potentially run an Ancillary Listing report to make sure that closure data is consistently coming into Core iQ on a daily basis.

0 out of 0 found this helpful