Pub. 7 2019 Issue 4

www.uba.org 12 #4 – Target the Right Prospects Taking the time to target account holders with whom you have a likelihood of establishing strong relationships with multiple product offers increases the likelihood of gaining a strong share of their wallet. THERE ARE MULTIPLE WAYS TO DO THIS: 1. Reach young consumers opening new checking accounts through mediums and messaging that resonates with them to build strong awareness of your bank and its products 2. Use saturation marketing via direct mail 3. Outsource to a knowledgeable third party to further increase account acquisition marketing 's ROI (for example, with a product such as Harland Clarke’s deposit and household acquisition solution) Remember: Banks have a wealth of customer data at their fingertips that can be used to learn more about existing checking account holders. This information can be leveraged to target “lookalikes” in a market footprint and further accelerate account acquisitions. When the strategy is to attract new account holders, a strategic, data-driven acquisition campaign can give your financial institution a marketplace advantage. 5