Case Study
Super-regional bank deploys Deluxe life-event triggers program
A top-10 bank wanted to target households with students who may be looking to open a new account.
Business challenge
Having previously established relationships with universities inside its geographic footprint, a super-regional bank wanted to find new ways to generate more leads for their successful student bank account program.
Solution
A top-10 bank reached out to Deluxe to see if it could replicate their successful consumer campaigns by targeting households with students who may be looking to open a new account.
The Deluxe targeting methodology included its massively multi-sourced data library which contains thousands of attributes on every marketable household in the U.S. To ensure they targeted the right households, Deluxe used data attributes that indicate if there is a soon-to-be or recent high school graduate in the household. All life stage data is aggregated to the household level and the contact is associated with an adult in the household, typically a parent. Households at this life stage may be ideal targets for new student accounts including Checking, Student Loans, and Credit Cards.
Deluxe and the client decided to offer a $100 cash incentive to any household in the campaign that opened a new account, which was an unprecedented approach for this client. They targeted over 300,000 households by applying a custom-built targeting approach geared toward student banking to finalize the selected population. In addition, the campaign included rapid retargeting for 80% of the households.
Results
The campaign yielded the kind of numbers the bank was looking for, and more. Those results were highlighted by achieving:
- 245% of the goal for student checking account acquisitions
- 105% of the goal for other checking account acquisitions
- 145% of the goal for all accounts acquired
The campaign also showed a 15% improvement in response rate, driven by remail. That was 171 more student accounts in total. The positive results motivated the bank to expand the size and scope of the checking program and add a lending-focused tactic in its second year. The creative included a campaign-specific promo code to ensure attribution of student accounts opened at a new or different address.