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Targeting Affluent Consumers? You’re Not Alone

With the cost of acquisition rising and fee revenue falling, the payback period for consumer banking customers has extended from 18 months to four years. This has prompted many institutions to shift their acquisition efforts to affluent customers, those with annual incomes of more than $100k, whose payback comes quicker despite a higher initial investment.  

But the universe is small. According to the latest Curinos U.S. Shopper Survey, affluent segments make up about 12% of consumers looking for a new primary banking institution (see chart, left side). In addition, adopting an acquisition strategy focused on affluent consumers means competing head-to-head against the national banks and direct banks, which hold a higher proportion of this group (see chart, right side). 

Here are three key considerations for institutions looking to gain share among the affluent:  

  1. Innovate. Transform the value proposition across product, experience and operating model to stand out among affluent prospects.  
  2. Target. Be scientific about who you target, by propensity and quality, to maximize your marketing investment. 
  3. Personalize. Realize the full value of the customer through personalized activation and relationship deepening. 

Acquisition Share and Segment Mix of 2023¹ Purchasers​
(Primary Relationship)

Note(s): 1. Out of respondents who opened a new primary checking account in 2023 only. 2. Affluents under 45 years of age.. ​
Source: Curinos US Shopper Survey 2023, Curinos Analysis

June 6, 2024

AI’s Value Prop: A Cheaper Path To Customer Primacy

The various product lines at banks are in constant competition for customer attention. But uncoordinated messaging comes with a high cost: Curinos analysis shows that the typical FI leaves $70 per customer on the table because relationship nurturing is poorly orchestrated across channels.
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June 4, 2024

DAF Levels Are Down. What Can Be Done?

As commercial deposits shift away from DDA, the loss of deposit administration fees (DAF) is a key impact. DAF are the largest single charge in treasury management, totaling more than 15% of fees at most TM banks.
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May 30, 2024

Defining Personalization Is The First Step Toward Greater Adoption

There’s a lot of talk about personalization in banking these days and a lot less action. In Curinos’ new Personalization Benchmarking Study, most of the responding FIs say less than 25% of their marketing is personalized.
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