Banking Success Story: Top National Bank
Background
- A top 100 U.S. bank had a 20%+ annual customer attrition problem. They were seeking solutions which would improve customer retention.
- Most opportunities to sell to or retain a customer are shortlived. Two to four days is average, however, typical bank marketing processes are based on a cross-sectional, monthly "snapshot" of customers.
- Client looked at a number of approaches and tools.
Solution
- Changes in customer transaction behavior patterns are highly indicative of new and/or changing financial needs.
- Conclusive Marketing's EDM (Event Driven Marketing) solution enables clients to leverage data for successful multi-channel, personalized customer communication programs which can be created, customized, and tracked with our web-based applications.
- Client chose Conclusive EDM due to the ‘completeness’ of the approach and solution.
Results
Since implementing the solution the bank has measured a nearly 34% reduction in customer attrition, and $300MM in incremental balances
- Other hard-to-measure but significant benefits include:
- informed branch and regional management
- more accurate sales forecasts
- more productive marketing resources
- less reliance on IT and data vendor resources for many tasks
- increased customer satisfaction
