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Leading firms use IXI’s solutions to maximize the return on their marketing and sales efforts

Bank Optimizes Target Audience for Cross-Sell Campaign

Top 10 Bank Used Investyles® and WealthComplete® to Select Customers for Marketing Campaign
“With millions of customers, it can be challenging for our bank to determine which households should be targeted for our deposit gathering campaigns. Using IXI’s tools helps our firm narrow the target audience to include only those customers most likely to be able to bring incremental assets to our bank and need certain deposit products.” – Bank Representative, Top 10 Bank
Situation

A leading U.S. bank was planning a campaign to offer a high-interest checking product that would come with access to an online financial planning tool. The checking product required a minimum balance of $10,000. The bank needed to determine the target audience for the campaign.

Objectives

The bank needed to find a way to pinpoint the target audience for the campaign. The firm wanted to identify customers that:

  • Were likely to manage their own investments, vs. utilize a professional financial advisor, therefore more likely to change their banking habits
  • Were likely to have significant deposit assets, specifically interest checking assets
  • Had low product penetration at the bank
Solution

After suppressing all existing customers with interest checking accounts, the bank used several of IXI’s products to narrow its customer base in order to reach the desired target audience quantity:

Metric Goal IXI Product Used
Metric 1:
Investment Style Preference
Identify customers that are likely to be self-directed in the management of their investments Investyles Investment Tendency Measures: Advice vs. Self-Directed
Metric 2:
Total Deposit Assets
Identify customers with a minimum estimate of $50,000 in deposit assets across all firms (not just at the bank) WealthComplete AssetMix
Metric 3:
Total Interest Checking Assets
Identify customers with a minimum estimate of $25,000 in interest checking accounts across all firms (not just at the bank) WealthComplete DepositMix

The bank also examined how many existing deposit product relationships each customer had with the bank, seeking those that had just one or two accounts, but not an interest checking account.

Results

The bank was able to analyze its customer base to identify those households that not only were most likely to have the greatest opportunity to bring incremental assets to the firm, but also the likelihood to respond based on their likely financial preferences (need for an interest checking account) and behavior (self-directed investment style).

“The IXI analysis helped us identify the best candidates for our campaign and reach our desired target audience quantity,” reported a VP from the bank.

For future campaigns, the bank is now evaluating Financial Cohorts® to develop the most appropriate communication strategy and offer based on the financial, demographic, and behavioral characteristics of each target audience.

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