Savings Cross Sell

Growing Balances and Customer Relationships

$9 million in New Balances

Business Problem

Pushing savings accounts to customers that can benefit from them is a win-win proposition. The bank wanted to develop a campaign that would provide bankers with a good reason to reach out to their customers and generate new balances from one of the cheapest sources of funds.

Our Solution

FI Works collaborated with this high performance community bank to make certain it maximized the savings account funding potential of its current customers while taking the opportunity to expand on customer loyalty. The critical component was to ensure the campaign only focused on the customers that would most benefit from adding a savings account and making it a personal-touch experience.

Campaign details of how it worked.

Since this campaign was driven out to the branch channel (no email or direct mail involved) it was able to be set up in a day. Identifying highly qualified customers that would benefit from a savings account provided daily calling work queues at a push of a button for each branch banker. The details of the campaign are outlined below:

We solve the data dilemma in banking.

Solving the Data Dilemma

Daily Customer Data Updates

The FI Works solution consolidates and cleanses the bank’s customer data, from all the different bank system silos. This provided a complete picture of the banking products each customer already had, and which of the customers did not have savings accounts.

“Savings account cross sell campaigns can be automated to generate daily lists of customers for bankers to call on.”

Keith Henkel, CEO, FI Works

We make intelligent targeting easy for bank sales and marketing

Making Intelligent Targeting Easy

“Look Alike” Patterns and Trends

With the complete view of the bank’s customers that didn’t have savings accounts, the FI Works platform performed predictive analytics to determine which customers were most likely to need a savings account. The approach used was to isolate only the customers that had recently opened a savings account and then find trends and patterns for this subset of customers. The results of this “Look Alike” analysis resulted in a specific set of characteristics such as demographics, income level, combinations of other banking products, etc. Rules were also developed to assign a probably ranking that would be used to select the best customers to target.

Needs-based, Accurate Work Queues

Community bankers can be very skeptical about cross selling customers because they don’t want to damage their relationships. The power of a needs-based campaign – when done right – gives the bankers a valid reason to call their customer. So building an accurate list of customers is vital. Using the characteristics identified through the FI Works “Look Alike” analysis, the platform generated a highly-qualified list for each banker of customers that ranked highest in probability to actually need a savings account.

Savings accounts are a cheap source of funds – the added benefit is if you target customers that need an account it’s also relationship building.

We drive high-performance behavior.

Driving High-performance Behavior

Personal Touch

FI Works also helped prepare the bankers by developing talking points for their customer outreach calls. The bankers were also shown how to use all the pertinent information included in their work queues to familiarize them on why the customer was likely to need a savings account. This approach made the calling experience much more personalized and resulted in very positive feedback from the customers.

Campaign Dashboard Drives Results

The bank’s FI Works account representative set up a dashboard to monitor the bankers’ call activity and to visually track the new savings account openings directly attributed to the savings account campaign. Seeing the activity and results were a clear motivating factor for all the bankers. The overall success of the campaign and positive response from the customers helped make the bankers big believers in how FI Works could help their performance and build customer relationships.

The Proof is in the Numbers

  • $9 million in new balances
  • 12% response rate