DDM - Financial Services

Leading Bank Enhances Prescreen Efficiency for Card Acquisition Campaigns

Segment your customers and prospects to optimize your marketing campaigns

Issue link: https://resources.datadrivenmarketing.equifax.com/i/920300

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Leading Bank Enhances Prescreen Efficiency for Card Acquisition Campaigns case study A leading bank was sourcing prescreen lists for direct mail acquisition campaigns, but its sophisticated prospect selection criteria combined with a manual process to obtain counts resulted in a longer than desired list development timeframe. The bank used the Equifax Segment Manager application to instantly gain counts using waterfall reports and split/merge functionality based on criteria applied to the full credit file. The bank was able to reduce prospect list creation from 11 to 7 days and triple the number of campaigns it ran per month. Challenge: Expedite List Development Timeframe for Prescreen Campaigns The bank was sourcing prescreen lists for credit card acquisition campaigns, but the marketing team was not pleased with the timeframe it took to get updated counts. The bank's sophisticated decisioning criteria included extensive champion-challenger testing, combined with a manual, Excel-based method to obtain counts, which resulted in a slower than desired list development process and limited the number of prescreen campaigns the bank could run to just one per month. One of the bank's main revenue sources was from acceptance of new credit cards offered through the prescreen, so it wanted to gain more control over the prescreen campaign management process and speed list development in order to increase campaign volume. Solution: Use Segment Manager to Obtain Counts in Real-Time Based on Sophisticated Selection Criteria Equifax recommended the bank utilize Segment Manager, an online segmentation management tool that could rapidly handle its complex prescreen list selection criteria. A leading U.S. bank focused on credit card acquisition CHALLENGE Prescreen list development was taking longer than desired due to manual processes that could not efficiently handle the sophisticated prospect selection criteria. This hampered the number of prescreen campaigns, and the quantity of prospects identified for firm offers of credit. SOLUTION Segment Manager allowed for list counts to be generated on-the-fly based on advanced decision criteria. This allowed for more targeted and custom lists to be generated by the bank. RESULTS The bank was able to reduce prospect list creation time by 36% and increase the number of campaigns it ran per month from one to three.

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