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Session Description:
Organic deposit growth comes from
multiple sources including new branches,
mass market branding and product
promotions and by cross-selling existing
customers. Even though every bank says
they prioritize customer cross-sell
strategies, a quick review of the banks’
total marketing spend demonstrates
otherwise. What many banks know but fail
to capitalize on is that up to 85% of
total organic deposit growth comes from
the banks’ existing high balance deposit
households. Essentially those households
who already control the vast majority of
total retail deposit balances are also
the source of incremental deposit growth
and, by virtue of their existing value,
are also a key retention priority.
Using our national normative database of
50 million US retail banking households
we know that more than a 90%
concentration of deposits is typically
held by about 20% or less of the banks’
total deposit households. We call these
households Investment Seekers and their
profile is substantially similar in
every bank we’ve analyzed over the last
20 years.
A customer-centric versus
product-centric cross-sell approach
expands performance measurement from
simply widgets sold through individual
campaigns to measuring the true impact
of frequent marketing communications in
deepening and widening share of wallet
and household and balance retention over
time. This approach has continually
contributed new account, new and
augmented balances and a dramatic impact
on household retention. All with a
remarkable 400% ROI in just the first
12-months.
This session is appropriate for senior
financial services executives with
responsibility for Retail Banking,
New Account Acquisition and Retention, Market Research and Strategy teams.
About Bruce Purple:
As senior consultant at Acxiom Direct,
Bruce is responsible for database
marketing strategy support for the
company’s retail banking clients. Bruce
uses his more than 29 years of
experience in the financial services
industry and 19 years in direct/database
marketing to help clients widen and
deepen wallet share from existing
consumers.
Bruce has served as director of market
development for Beneficial Corporation
and was chief retail banking officer for
Beneficial National Bank. At Beneficial
National Bank, he also served as chief
marketing officer and was a member of
the executive management and ALCO
committees. He was responsible for
national deposit gathering initiatives,
along with branch banking. Under his
tenure, BNB was the first commercial
bank in the country to install the MPI
MCIF system in 1979 and the first bank
in Delaware to open supermarket
branches.
He works closely with banking clients to
manage their retail household growth and
develop retention strategies using
Acxiom’s powerful normative databases
and direct marketing expertise. Bruce
works with leading financial
institutions across the country,
including seven of the best-performing
retail banks. He has led Acxiom’s
creation of unique bench marketing
databases that include data points from
more than 60 banks in the United States,
allowing clients to compare their
consumer’s product usage and balance
performance to the industry.
Bruce, a graduate of Illinois State
University in Normal, Ill., has served
on the faculty of the Advanced Financial
Database Marketing School at
Northwestern University for six years.
About Acxiom:
The global leader in interactive
marketing services, Acxiom provides deep
consumer insight to connect clients with
their customers for profitable business
relationships. We incorporate decades of
experience in consumer data and
analytics, information technology, data
integration, and consulting solutions
for marketing across digital, Internet,
email, mobile and direct mail channels.
www.acxiom.com
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