A large mid-tier bank wanted to boost new checking accounts for customers with higher deposit balances because these customers are more responsive to cross-selling. The bank wanted to simultaneously reduce its acquisition costs for these high-value customers.
We helped the bank boost business at lower costs:
In new checking deposits/year
Lower costs per account
Increase in average account balance
booked account rate
We created a location-based market strategy that isolated areas with a higher propensity to generate new high value deposit accounts. We used advanced modeling to target prospects who were most likely to respond and who had higher balances. We reached them successfully with direct mail, display ads and landing pages optimized for conversion.
We started by understanding and defining the key desired business outcomes:
We built this campaign based using five essential steps. We:
Strategy
Data & Analytics
Creative
Omnichannel