In a challenging economic cycle, a large western regional bank was looking to acquire new deposit relationships with existing and prospective customers. The bank faced a tough challenge of growing its deposit portfolio when the market was filled with other institutions competing for low-cost deposits. Harland Clarke Marketing Services developed a behavior-based approach including a custom geo-targeting tool proprietary and demographic-based information and micro-segementation. The bank achieved a 407 percent return on investment.download pdf
Acquisition solutions can help banks and credit unions target customers in a specific location to meet product and CRA goals. These tools help identify potential consumers who are most likely to respond to a personalized offer, promoting growth in the very areas a financial institution wishes to grow.
Financial institutions need a strategy that identifies the best checking prospects, successfully targets them, and captures their attention with a strong incentive. Here are three ways to attract and obtain more checking account holders.
In the June Strategic Update, we discussed the increased inflow of deposits due to the expanded FDIC insurance and stock market fears. While deposit balances are still on the rise,...