Citizens State Bank of New Castle: Innovating with Data Strategy

Problem

When Citizens State Bank of New Castle, a $950 million-asset community bank based in New Castle, Ind., sought ways to grow core deposits, they naturally turned to their wealth of customer data. Unfortunately, their data was not easily digestible, and digging through those possibilities proved challenging.

That is, until they connected with Revio Insight via the ICBA ThinkTECH Accelerator.

Process

When ICBA’s ThinkTECH Accelerator named Revio Insight to its sixth cohort, the team at Citizens State Bank of New Castle took notice. The usability of the platform, which transforms raw transaction data into competitive Insight, particularly stood out as a solution for its data mining constraints.  

“Revenue certainly is part of our data strategy, and we want to be using our data to make intelligent decisions and have more insight into our clients. Revio Insight seemed like a solution that would help us further this vision,” said Dan Maddox, Chairman and CEO of the bank.  

ICBA Innovation Impact

7% Increase in Core Deposits

Revio Insight supported the bank by providing data that led to deposit retention and new deposit opportunities. 

105% Growth in Residential Lending Volume since 2023

Revio Insight helped the bank identify new loan opportunities from its existing client base. 

Quicker Intervention with At-Risk Loans

Revio Insight’s data helped the bank identify opportunities to better align customer needs with bank offerings.

Over the course of eight weeks, Revio Insight integrated, tested, and went live with Citizens State Bank of New Castle. Right away, the team launched into exploration mode to identify how the company’s offering could support the bank’s deposit growth goal. Enya Hardman, director of client success at Revio Insight, recalls the bank’s excitement over building “segmented, targeted lists” using “key criteria.” “They liked its precision and ease of use,” Hardman said. 

As a first step, the bank focused on areas of deposit leakage, which drove calling campaigns “to repatriate those deposits, supporting revenue growth,” Maddox explains. The bank also kicked off targeted campaigns, offering products and services to customers who needed more specific support, including those seeking home equity lines of credit, he explained.  

Maddox and his team also realized Revio Insight could support their credit management as well. Now, as they perform commercial client underwriting and annual reviews, the bank uses Revio Insight’s data capabilities to identify product or service opportunities and flag areas of potential underlying credit stress for risk-monitoring purposes. 

"Ten to 15 years ago, it was hard to provide what the biggest banks could offer on the tech side, but now, thanks to companies like Revio Insight and others from ICBA's ThinkTECH Accelerator, the tech curve has flattened out. 

Today, we can compete through smart partnerships. That's where our magic lies: We engage the best local relationship bankers, embed great technology, and create rich digital and personalized experiences for our clients. That's how we win."

- ICBA ThinkTECH Accelerator Participant

Performance

While it takes more than data analysis to ensure business growth, the Citizens State Bank of New Castle team has seen the impact of fast, efficient data. They attribute their improved performance in part to their relationship with Revio Insight, which supported: 

  • A 7% growth in core deposits year over year 
  • A doubling of residential lending volume in two years  
  • Quicker Insight to help identify at-risk loan customers, allowing for earlier intervention  

For its part, Revio Insight continues evolving to meet community bank needs. In fact, the company says 60% of its product roadmap comes from customer input. That continued collaboration includes weekly opportunity calls with Citizens State Bank of New Castle’s business development team, noting the discussions go beyond data Insight into strategies that explore how Revio Insight’s technology can be leveraged to achieve new business goals.

“Revio Insight exemplifies what we want in our partners: Active owners and founders who are engaged and really listen to our feedback. They are innovating with us,” Maddox said. 

Learn more about the ICBA ThinkTECH Accelerator and other ICBA Innovation programming at icba.org/innovation.