– Bank Representative, Top 10 Bank
A leading U.S. bank wanted to cross-sell asset products and needed to determine the best target audience.
The bank needed to find a way to identify high-opportunity customers for its campaign. The firm wanted to:
- Understand the growth potential among its existing customer base
- Develop treatment groups
- Determine the target audience for its campaign
The bank used IXI’s WealthComplete to score its customers based on their total invested assets. By comparing the firm’s customers’ Assets Under Management (AUM) to the total invested assets projected for each of its customers, the bank was able to:
- Identify the asset growth opportunity for its target audience
- Define its target audience for the direct mail campaign based on benchmark asset levels: customers that were below the firm benchmark but above the total invested assets benchmark were deemed to have the most opportunity for growth and included in the target audience for the campaign
- Develop customer treatment groups for all of its customers:
- Protect: Customers have a greater than average balance at the bank and greater than average total investable assets. Accounts are well-developed with significant assets for the firm. Provide premium service.
- Develop: Customers have a less than average balance at the bank and greater than average total investable assets. Customers have high growth potential; aggressively pursue.
- Maintain: Customers have a greater than average balance at the bank and less than average total investable assets. Customers are at potential with limited opportunity for growth. Maintain current service.
- Reduce Costs: Customers have a less than average balance at the bank and less than average total investable assets. Accounts offer limited upside. Offer low-cost service; consider transaction service fees or raising minimum balance fees.
“The WealthComplete analysis showed us where we should align our efforts. Our direct mail campaign proved successful in bringing in additional assets to our firm,” said a VP from the bank.
The bank is now evaluating additional improvements to its direct mail strategy by using WealthComplete to determine customer investment preferences for various financial products, as well as using Financial Cohorts® to gain a better understanding of the financial, demographic, and behavioral characteristics of households in their targeted segments to increase the relevance and effectiveness of its marketing efforts.