Discovering a Global Dimension
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One bank identified untapped demand for its lucrative trade financing products within its existing customer base with the help of PIERS import-export trade data.
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PIERS helped a regional bank discover that one current customer's business had a global dimension ... and a need for trade financing that was being met by a competitor.
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One year — and some highly targeted marketing — later, that same customer is the bank's top growing revenue generator.
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"The bank ran its customer list against the PIERS list of import-export companies in one of the states it serves," says PIERS representative Joe Davis.
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"For a small dollar outlay, the bank identified untapped demand for its more lucrative trade financing products within its existing customer base."
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In contrast to interest-based commercial lending, Davis explains, such trade finance services as import-export letters of credit and remittances are fee-based and typically incur minimal charges for capital ... and so yield better return for banks.
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"In just one year, from just one customer, the bank has realized a 50-fold return on its initial investment."
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Davis adds that PIERS data also helps bankers close deals quickly because they're able to qualify customers based on the volume and value of their commercial activity.
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