The availability of increased competition has led consumers to open and test banking services with multiple providers, making account primacy much more difficult to attain. But one bank recently optimized marketing engagement activity toward inactive account holders and instantly started to enjoy an exponential increase in performance.
By using optimization models driven by Curinos’ Amplero Personalization Optimizer, the bank’s email click-through rates (CTR) increased across multiple engagement strategies: more than 620% for marketing engagement, 450% for checking utilization, 380% direct deposit engagement and 260% in digital engagement (see chart).
The bank used a number of traditional marketing strategies, created internally, and applied Amplero’s AI engine to personalize at the individual level to learn and act on which strategies were the most effective for engaging each customer.
As FI marketers strategize for the year ahead, it will be important to demonstrate the value of immediate wins as well as those with the potential to be realized over the first quarter and beyond. And with more institutions turning to marketing optimization models to convert account holders to primacy, getting strategies in place now will be crucial.
