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
For the first time in more than 10 years, financial institutions have faced rising interest rates which threaten to compress net-interest margins and drive off low-interest deposits as account holders move money from safer insured deposits to higher-yielding long-term deposits.
Mobile banking is no longer just for Millennials and Gen Z. In fact, recent findings indicate that well over 50 percent of consumers under age 54 consider mobile deposit to be a “must have” or “nice to have” feature.
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.