What customer behaviors drive bottom line profitability? While many firms, at best, muddle around this question…..BofA KNOWS! Stellar data analyses has shown the bank that its mortgage customer is THE “gravy train” customer.
Forbes reports that the typical BofA mortgage customer will eventually have an astonishing six BofA products (credit card, debit card, checking account, savings account, and online bill paying). That’s in stark contrast to the bank’s non-mortgage customer who typically has only a checking account and an ATM.
WOW!!! How powerful is that “connect the dots” insight!! It’s a huge strategic directive by which other BofA customer-centric initiatives such as new customer prospecting, customer experience programs, cross-selling tactics etc. can be mobilized.
OK, I admit that my small-town North Carolina roots naturally make me proud of BofA’s savvy customer management moves. ( I grew up just 30 miles away from the bank’s Charlotte, N.C. headquarters.) Can’t help but crow a little.