Growing Commercial Business Accounts in a Competitive Market

Client Problem

In today’s rapidly evolving financial landscape, traditional banking institutions face the unrelenting pressure of Fintech and online banking competitors. Our client, a regional bank with a rich legacy, was no exception. They grappled with some pressing issues:

• The challenge of maintaining consistent growth in a fiercely competitive market.
• They faced difficulty in acquiring and retaining Retail Checking accounts. The churn was a worrisome metric that needed immediate attention.
• Recognizing that online banking platforms would find it tough to penetrate deep into the commercial business, our client aspired to harness this segment, not only as a growth opportunity but also to support their local communities.

The Solution

To address the bank’s concerns and capitalize on their strengths, we crafted a focused and personalized strategy:

• Focus on Commercial Offerings: Instead of being spread thin across various products, we advised the bank to emphasize on bolstering their deposits, loans, and merchant services, making them the bank’s core commercial offerings.

• Data-Driven Custom Audiences: Leveraging advanced business intelligence tools, we dissected market data to identify three distinct audiences. These audiences were chosen based on their likelihood to benefit from and engage with the bank’s commercial offerings.

• Omni-Channel Marketing Campaign: Recognizing thatthe modern consumer engages with brands across multiple touchpoints, we rolled out an omni-channel campaign. Every aspect of this campaign was tailored, from messaging to visuals, ensuring resonance with their target audiences.

• Optimal Campaign Cadence: Intensity matters, but so does timing. After assessing consumer behavior, we concluded that running the campaign every other month was the sweet spot for engagement without oversaturation.

The Result

Our strategic approach began bearing fruit almost immediately. Within just three iterations of our campaign, we achieved:

‍over $ 80,000,000 in loan balances

Signaling trust and a burgeoning business relationship with new customers.

$180,000,000 in deposit balances

Showcasing the bank’s capability to not just attract but also retain commercial clients.

over 3,000 new accounts

A testament to the campaign’s success and the bank’s renewed prominence in its domain.

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By focusing on the right audience, leveraging the strengths of the bank, and deploying a data- driven approach, we were able to steer our client towards growth and community impact in a challenging market environment.