An estimated 21 percent of a financial institution's consumer accounts in a portfolio also may be small business owners or principals, according to a recent Equifax data analysis.
"This finding is important because it represents a valuable opportunity for financial institutions to generate new revenue and wallet share of existing customers who may be wearing two hats - that of a consumer and a small business owner," said Dennis Behrman, assistant vice president of Product Innovation for Equifax Commercial Solutions.
The findings were presented as part of a Webinar entitled, "Increasing the Value of Your Data Across the B2B Sales & Marketing Ecosystem."
"The key is to be able to link consumer and business portfolio data into a 360-degree view that identifies those retail customers who also are profitable business-to-business targets. Armed with this knowledge, financial institutions can better understand and respond to the needs of those customers with tailored products and services, which can yield dividends immediately."
The traditional customer view is limited in that it treats each entity as a different account, separating consumer data from business owner data, added Behrman, who discussed Equifax's new EFX Link product as a possible option proving a holistic view.