An East Coast bank with 149 branches had been getting poor response from its traditional campaigns, using an attribute-based approach to prospect modeling. It needed a more sophisticated and targeted audience strategy along with a multi-channel approach to boost response rates and booked loans.
We helped the bank boost loans and responses:
Booked loan rate
Response lift
Open rate for DDA accounts (Halo effect)
We leveraged custom-built data modeling with prescreen credit bureau data to find the customers most likely in need of a loan. We targeted them with highly personalized offers using a cross-channel approach with direct mail, email, and outbound calling. The approach netted the bank’s highest-ever response rates for this type of campaign.
We started by understanding and defining the key desired business outcomes:
We developed a focused campaign based on four essential steps. We:
Strategy
Data & Analytics
Creative
Omnichannel