Harland Clarke recently received the 2011 Database Excellence Gold Award. Presented by the National Center for Database Marketing (NCDM), the award was given in the marketing strategies category for the onboarding program Harland Clarke developed with Zions Bank. The prestigious NCDM international awards program honors organizations that have demonstrated ingenuity and creativity in using customer data to produce measurable results.
Harland Clarke developed the onboarding program to help Zions Bank reduce customer attrition, increase share of wallet and drive positive engagement with the brand. The program combined insights collected during account-opening sessions with Harland Clarke’s statistical analysis and predictive modeling to drive intelligent multichannel communications and create immediate customer engagement. During a seven-month measurement period following implementation of the program, Zions Bank generated a return on investment (in the cost of the customized onboarding program) of more than six to one, an average retention rate of 96 percent and an increase in deposits of 40 percent when compared with the control group — exceeding the project goals by more than 200 percent.
“We know from Harland Clarke’s 2011 State of the Industry Benchmarking Analysis that up to 40 percent of account holders will leave a financial institution within one year of opening a new account — and that represents a significant loss in potential deposits and revenue,” said Sandeep Kharidhi, vice president of analytics and business intelligence for Harland Clarke. “The key to sustaining those relationships is to be proactive, using immediate, ongoing and smart communications to engage account holders.”
“Zions has been tremendously pleased with the success of this collaboration,”said Matt Wilcox, director of interactive services for Zions Bank. “We knew that Harland Clarke had the industry knowledge and experience necessary for this project, but the results have surpassed our expectations.”
Harland Clarke and Zions Bank worked with Salt Lake City-based Richter7 to design a campaign that relied on behavior-driven messaging to maximize the relevancy of the customer communications. “The NCDM award is especially gratifying because this program is so measurable and has had such a positive impact for Zions,” said Tal Harry, partner at Richter7.