The largest U.S. banks were pessimistic about an early 2024 rebound in loan growth after more weak performance in the fourth quarter of 2023. Median sequential loan growth during that period was 0.9% across the 15 biggest banks, according to data from S&P Global Market Intelligence ("Market Intelligence"). Elevated interest rates weighed on borrower demand and banks continued to tighten standards across a variety of loan categories.
Commercial line utilization had failed to recover to pre-pandemic levels, with commercial customers being more conservative between geopolitics, wars and supply chain volatility. Commercial and industrial (C&I) loans had dropped by a median 0.3% across the biggest banks. All this increased competition for new lending business.
Similarly, credit unions have been competing for loans in their regional markets. While economic growth may be slowing, investor expectations for a soft landing have fueled stock market gains and stronger loan growth is expected later this year.
Members of the business development team at this credit union were charged with uncovering potential loan opportunities for the sales group to pursue. They were reviewing news articles and doing online searches to find leads, which was time-consuming and inefficient. They knew there needed to be a better way to bring in needed revenues for the organization, especially with the anticipated turnaround in loan activity.
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Click herePain Points
Members of the business development team were not meeting their goals for the number of prospects to give the sales group each month. Their approach to prospecting was antiquated, and they wanted to identify a service provider that could provide:
- Online access to lists of companies within specified regions, as well as larger national companies.
- An understanding of their lines of business, creditworthiness and key executives.
- A way to centralize the data in the company's CRM system so it can be analyzed, segmented and passed to the appropriate salesperson.
The team had heard Market Intelligence representatives speak at a conference and reached out to learn more about the firm's capabilities.
The Solution
Specialists from Market Intelligence discussed several datasets that would help the business development team zero in on good prospects in different regions. They then described S&P Global Reverse ETL, an intuitive point-and-click technology that enables firms to effortlessly integrate trusted S&P Global data into their business tools ‒ like Salesforce, HubSpot, Microsoft Dynamics and more ‒ without code. This eliminates manual data entry and complex mapping processes, enabling non-technical users to set up essential business pipelines. The datasets together with Reverse ETL would enable the business development team to:
Key BenefitsMembers of the business development team were confident that they could meet their monthly goals for providing leads to the sales group by leveraging offerings from Market Intelligence and subscribed to the services that were discussed. They can now:
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Gain essential intelligence on lending opportunities |
The Commercial Prospecting dataset provides commercial property data and Uniform Commercial Code (UCC) liens data for the U.S., combined with business listings across both the U.S. and Canada, helping evaluate lending opportunities. Users can identify outstanding loans in the markets, creditors and debtors and businesses across different industries with detailed firmographics. The dataset includes:
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Understand a company's business |
Company Intelligence provides profiles of public and private firms worldwide, including company contact information, competitors, financial auditors and summary or detailed-level business descriptions. |
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Link related data for a company |
The Business Entity Cross Reference Service (BECRS) dataset automates the linking process. It provides immediate cross-reference capabilities for millions of public and private entities using standardized and proprietary identifiers, including:
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Streamline the flow of data into the credit union's CRM system |
S&P Global Reverse ETL eliminates manual data entry and complex mapping processes, providing a hassle-free experience for users across an organization. From data to action, S&P Global Reverse ETL revolutionizes data activation by automating the data enrichment of sales and marketing tools.
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Key Benefits
Members of the business development team were confident that they could meet their monthly goals for providing leads to the sales group by leveraging offerings from Market Intelligence and subscribed to the services that were discussed. They can now:
- Integrate extensive company data into their CRM system with the easy point-and-click technology of Reverse ETL.
- Save time and reduce errors by replacing manual data integration with this smarter, more efficient approach.
- Centralize data to eliminate duplicates across the sales group that may not be up to date.
- Distribute lending leads and associated data to relevant salespeople via rules and specific assignments.
- Empower the sales group with real-time, actionable data for strategic decision-making.
- Eliminate sales time spent on lower-probability prospects.