Results Matter #16
Banking Case Study

Top-Ranked Mid-Tier Bank Boosts New Deposits, Lowers Acquisition Costs



Interested in learning more about this project and others like it? See all our case studies in our Financial Institutions page.

The Challenge

A top-ranked mid-tier bank wanted to generate high-dollar savings and CD accounts with the mass affluent market. It hoped to reach more than $50 million in yearly deposits through a program that would also cut its acquisition costs down to $200 per account.

Results

We helped the bank boost deposits and increase ROI:

$67
Million in deposits generated per year
$50,176
In average new customer deposits
$175
Acquisition cost per account
13%
Below acquisition cost goal

The Solution

We developed a location-based market strategy that went beyond distance from branches to isolate specific areas with a high propensity to generate new accounts. Using advanced modeling, we created a two-tier audience strategy that pinpointed affluent prospects with a large predicted balance who were most likely to respond. We sent them direct mail and coordinating display ads leading them to landing pages with comparison charts and a strong offer that generated increased deposits at lower acquisition costs.

What did we do

We started by understanding and defining the key desired business outcomes:

  • Increase in savings and CD deposits per year
  • Increase in average customer deposit
  • Lower acquisition cost per account (below $200)

How we do it

We developed a focused campaign based on five essential steps. We:

  • Developed a location-based market strategy isolating high-propensity areas.
  • Created a two-tier audience strategy focused on high-propensity and affluent targets.
  • Developed connected messaging featuring rate comparison charts, a strong offer and landing pages.
  • Reached prospects through direct mail and coordinating display ads.
  • Measured with a/b testing to optimize messaging and delivered results boosting deposits at a low acquisition cost of $175 per account.

Services provided

Strategy

  • Audience
  • Channel
  • Messaging

Data & Analytics

  • Modeling
  • Analytics
  • Measurement & Reporting

Creative

  • Print
  • Web
  • Editorial

Omnichannel

  • Direct Mail
  • Display & Digital Media