[vc_row][vc_column width=”2/3″][vc_custom_heading text=”ProfitGenerator Cross-Sell Case Study” font_container=”tag:h2|text_align:left|color:%23cd853e|line_height:1″ use_theme_fonts=”yes” el_class=”font-weight-700″ css=”.vc_custom_1478526113253{margin-bottom: 10px !important;}”]
A community bank with 24 branches hired Infusion to build a comprehensive, multi-channel Pay-for-Results Customer Cross-sell program in spring 2015. The program was designed to promote banking products such as CDs, home equity lines of credit, checking and savings accounts, debit cards and eServices.
The first year of the program produced 1,520 responses and new account balances of $20.2 million. A three percent Net Interest Margin (NIM) on response balances plus $100 per year in fees on debit responders produces a first year ROI of 321 percent.
In addition, responders also opened 202 other deposit and loan products during the campaigns they responded to. Responders increased deposits with the bank by a net of $13 million during campaigns with responses. More than 90% of responders had been with the bank for multiple years and more than 1,000 were Single Service Households before responding. The program included an annual expense cap resulted in 132 “free” accounts.
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[vc_row][vc_column width=”2/3″][vc_custom_heading text=”Onboarding Case Study” font_container=”tag:h2|text_align:left|color:%23cd853e|line_height:1″ use_theme_fonts=”yes” el_class=”font-weight-700″ css=”.vc_custom_1478526113253{margin-bottom: 10px !important;}”]
A 70-branch regional bank, engaged Infusion to design a New Customer Onboarding Communication Program. The program was designed to provide personal contacts delivered through multiple channels over the first 3 months of the customer relationship.
The campaigns have proven successful for the bank. The program has elicited 36,806 responses with a cost of $8 per response since 2011. Customers included in the program are showing significant lift over a random control hold-out in key categories:
- Checking balances are up by an average of $616 during onboarding among those included in the program. This is compared with the balance of $196 for the control group. This increase resulted in a $24 million annual incremental checking balance impact. Five years of compounded impact equals $120 million in incremental checking balances.
- Household deposits are up $1,078 during onboarding among those included in the program compared to $204 for the control group. This resulted in a $26 million incremental deposit impact to date. At a 3.50% margin this component alone produced a compounding 220% program ROI.
- Program to date retention of High Deposit Profile customers is 6% higher for those included in the program compared with the control group of 446 incremental High Deposit Households retained.
- Customers included in the program show greater growth in online banking and loan product penetration during the onboarding period compared with the control group.
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[vc_column width=”2/3″][vc_custom_heading text=”Cross Sell Case Study” font_container=”tag:h2|text_align:left|color:%23cd853e|line_height:1″ use_theme_fonts=”yes” el_class=”font-weight-700″ css=”.vc_custom_1478526113253{margin-bottom: 10px !important;}”]
A conservative regional lender with 47 branches and 38,000 consumer households engaged Infusion to develop marketing programs to increase consumer loan growth. After the Infusion Opportunity Assessment was presented, the bank proceeded with quarterly consumer loan campaigns, leading with home equity.
After completing the first year of marketing campaigns, the Infusion client realized a 48 percent gain in total home equity households and a 67 percent gain in outstanding equity balances. Home equity growth was driven exclusively by expanded product usage among pre-existing households, which was the focus of the marketing program. In fact, the number of brand new home equity households actually dropped 26 percent from the prior year, proving growth came exclusively from Infusion target segments. Equity penetration of deposit households also grew 45 percent and penetration of mortgage households grew 25 percent.
During the first year of the program, Infusion campaigns produced 503 loans/lines of credit with $30 million in balances. Responders opened an additional 259 accounts during campaign tracking windows. Campaign response volume fits like a puzzle piece into the bank’s year over year growth.
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