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Case Study #27

Financial Institutions

Midwest Bank Achieves 40% Loan Growth By Targeting Loan Shopping Customers

The Challenge

A Midwest bank with over 125 locations needed to increase loan applications and conversion with existing customers. The bank also wanted to create more effective campaigns that would simultaneously reduce acquisition costs per loan.

Results

We helped the Midwest bank:

2%

Booked loan rate

40%

Consumer loan growth

50%

Decrease in acquisition cost per funded loan

The Solution

We developed an audience strategy that included credit bureau data to target existing customers actively applying for a loan and did additional modeling and analytics to refine their credit goals and prospect profiles. We used this data to create highly personalized and timely offers via mail and email that boosted loan growth and solidified these customer relationships.

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What did we do

We started by understanding and defining the key desired business outcomes:

  • Increase new loan applications with existing customers
  • Increase conversion with existing customers
  • Decrease acquisition costs per funded loan

How we do it

We effectively reached existing customers who were current loan seekers and converted them at higher rates using these five essential steps:

  • Developed audience strategy using data from all 3 credit bureaus to identify current customers actively seeking loans.
  • Completed additional modeling and analytics to define their credit goals and profiles.
  • Created highly personalized, compelling and timely offers that reached prospects within 24 to 48 hours.
  • Reached targets via mail and email at their precise time of need.
  • Measured loan growth and cost per acquisition to confirm MROI.

Services provided

Strategy

  • Audience
  • Channel
  • Messaging

Data & Analytics

  • Enrichment
  • Modeling
  • Analytics
  • Measurement & Reporting

Creative

  • Print
  • Web
  • Editorial

Omnichannel

  • Direct Mail
  • Email