Creating Targeted Reengagement Campaigns with Ease
Being a successful bank for 130 years requires a deep understanding of your customers; equally important is knowing when to capitalize on an opportunity. BankFirst Financial Services (BankFirst) decided, in the name of their commitment to personalized banking, to take a proactive approach to finding additional engagement opportunities for their customers by uncovering underperforming debit card users to reengage them with targeted campaigns aligned with their spending habits. To do this, it needed an automated marketing solution capable of uncovering the necessary data points to create effective, personalized outreach.
BankFirst turned to MeridianLink Engage for its ability to decipher data, segment customer lists, recommend campaign optimizations, and deliver a measurable ROI quickly and accurately.
Drastically Increased Spending & Transaction Volume
With minimal lift needed from staff, MeridianLink Engage automated marketing solution helped BankFirst quickly uncover its underperforming debit card users, their spending habits, and which users would be most likely to respond to gift card rewards for increased spending; the platform divided this user segment into two sub-segments based on spend and volume, and then it used that information to craft a targeted campaign leveraging pre-built, customizable templates
Normally, preparing for and launching a campaign can take weeks and even months, but with MeridianLink Engage, BankFirst launched the campaign to qualified customers in days. Over the course of the campaign, the bank experienced a 51% sustained increase in transaction volume from the total target segment, and it experienced an 82% sustained increase in spending amount.
Throughout the campaign’s lifecycle, customers increased their average monthly spending from $121 to $1,123, resulting in a 910% boost to total in-market monthly spending; in the three months following the campaign’s conclusion, there was a sustained 645% increase in average monthly spending. Transactions during the campaign period increased by over 550% as customers ramped up monthly transactions from 4 to 26, on average; a sustained 424% increase in average transaction volume followed in the three months after the campaign’s end.
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