Unlocking $500M in annual revenue growth

West Monroe’s deep analysis transformed the bank’s approach to wealth management. We began by integrating specialized Equifax data with internal records, allowing the bank to view customer assets across all relationships. Through this process, we uncovered key insights: customers with lighter deposit relationships had 3.5x the household wealth compared to their stronger ties. This discovery challenged existing assumptions and shaped a compelling business case for focusing on these high-value segments, with a potential $500 million increase in annual revenue from fees.

We worked together with the bank’s executive team during the 13-week engagement. Our experts in retail banking and data analytics led a series of workshops and strategy sessions, developing a unified vision for the future of wealth management. We utilized dynamic modeling and third-party data to create precise scenarios for customer targeting, helping executives gain consensus on how to capitalize on new, underserved customer groups. This collaboration reshaped the bank’s wealth management strategy, laying the groundwork for more effective customer engagement and growth.

West Monroe’s customer segmentation analysis revealed a critical gap in the bank’s approach to its wealthiest customers. We identified 45,000 households with the highest potential for both fee and deposit growth. By refocusing efforts on this underserved segment, the bank stands to improve its marketing efficiency by 4x and generate up to $500 million in annual fee revenue. This data-driven approach also provided a roadmap for more personalized wealth management services, enhancing the bank’s competitive positioning in the market.