CI My Best Checking™ Yields 44 percent Boost in Core Deposits

The Challenge: 

A Community Bank in the Northeast with a 100,000-checking account customer base and $0.5B in assets was struggling to get value from its investments in marketing technology and analysis.

  • Popular MCIF marketing database from a major vendor had been installed, including Claritas Segments Profitability system from another well-known vendor installed.  Consultants had prepared voluminous analysis and reports on bank’s situation

There was no marketing action plan; Senior Executives did not know what to make of all the raw data and analysis and wanted to ensure marketing investments above yielded a return.

Our Solution: 

PNT loaded the entire MCIF into our proprietary Bank Marketing Data-Mart and established meaningful and actionable market cells:

  • Identified multiple cells of customers whose balances and transaction histories indicated they were in the wrong checking package
  • Developed a multichannel communication program to set-up appointments with bankers for customer needs analysis to get customers into the best account package for them
  • Provided calling activity tracking for branches and back-end results measurement.

Our analysis uncovered significant errors in profitability measurement

The Results: 
  • 6 percent response rate, an extremely high gross response rate in an industry where typical response rates are around 1 percent
    • 8 percent postal gross response rate
    • 1 percent email gross response rate
  • Targeted households increased 3-month average core deposits (checking balances) by 44 percent more than “control” households not targeted over 6 months.
  • Targeted households increased total deposits by 9 percent more than control households over 6 month period.
  • Branch staff reported a customer service “Wow.”