A $1.1b Mid-Atlantic based financial institution wanted to implement an on-boarding campaign to increase user brand experiences and expand their new customer relationships during the first 120 days.
To increase overall loan and deposit balances, engagement and retention rates among new customers over a 4-month period.
New customers were divided into four segments based on age, lifestyle and product usage criteria and targeted using relevant behavioral triggers and tailored offers during their first four months.
Average response rates were 9.5%, generating 799 additional new accounts, $920K in new deposits and $3.9M in new loans. The onboarding campaign generated $75,490 in total net profit, resulting in an ROI of 505%.