Put a rat in a maze, and they will speed up as they get near the end as can smell the reward. Forget rats, human sprinters also run the last 15% of a race faster than the previous 30%. Forget athletes, citizens make more donations to a charity as that charity gets closer to its fundraising goal. Forget citizens, bank customers also complete more new account applications, hit savings goals, and complete conversions if they can view a goal that is close.
Tag: Deposit Marketing
Earlier this week we ran an article on the Price of Attention for Bank Marketing (HERE) and we were inundated with questions about how to pull some of these techniques off. Many bankers wanted to know where to begin with the most common question being - how to apply the “campaign portfolio technique” to something as crucial as loans or deposits?
Given that it is the start of the year, it is a common practice in banking to clean your desk to kick things off. When it comes to desk cleanliness, you have two choices: leave your desk alone or set it on fire.
No matter what size bank you are or what your experience level is, there are simple things you can do to improve performance. Today, we will look at an example of how data, marketing, and deposit building can work together to build shareholder value and improve customer engagement at the same time. To pull this off, all it takes is about two hours of time, an Excel spreadsheet and some email marketing to create long-term franchise value. In this article, we explore a technique that can be used for almost any product to drive profitability.
When it comes to marketing bank products, email remains king. It is not only the preferred marketing channel of every age group, but it is the most effective as well. Of course, no one wants an irrelevant message that clogs up their day, so a bad email message also has the power to inspire the greatest backlash. In this article, we look at the data on email’s effectiveness and highlight ways banks can better hyper-personalize their message to take their email marketing to the next level.
Earlier this week we highlighted the lessons that machine learning taught us about the Unified Deposit Formula (HERE). Embodied in the Unified Deposit Formula is a marketing and amplification equation. In this article, we expand on the lessons we learned from artificial intelligence when it comes to deposit gathering and explore how we can better use the Formula to optimize deposit gathering.
Banks have smartly used the low rates of the last ten years to restructure their liabilities so that they are much less interest rate sensitive than they were during the last tightening cycle. The fear is that as we face the next tightening cycle, banks will relax and give themselves carte blanche to add more time deposits. This happens every rate cycle, and in this article, we review what happened during the last cycle and point out ways that banks can avoid becoming more interest rate sensitive.
It was the famous England vs. France chess match back in 1834, where the French opened with a simple, yet potent attack. England came out moving a pawn to the center of the board. The French stopped the pawn’s advanced and then used the combination of their bishop, rook, and knights to counterattack England’s exposed players. The set of moves have become known as the “French Defense” or “The French” and is one of the most popular opening moves in chess.
Happy tax day! We actually don’t know how you feel about tax day, so if you are grumpy about it, we apologize. However, as a banker, you should be positive on the subject. Taxes, no surprise, are an excellent inducement to engage customers with financial leadership. Tax strategies, savings, and future planning are all anxieties that drive customers, and potential customers, to research. Proactively seek inquiries, and your bank is likely to reap tremendous rewards.
Show a potential banking customer information, and their brain will quickly try to organize and synthesize the information. The easier the information is to organize, it turns out the more the viewer will like your ad. Our own Dr. Chris Janiszewski from the University of Florida and Dr. Dan King of the University of Singapore developed a theory on the “Fluent Processing of Numbers” and came up with research that tested the position in 2011 (HERE).