It’s crucial that your financial institution expands deposits to fund revenue-producing loans and other ventures. While most marketers jump to checking deposits as the solution, various savings accounts can be your answer—an answer that competitors often ignore.
FIND BEST PROSPECTS
Start with your own customers in the search for new deposit account openings. WordCom analyzes your database before examining your marketing territory to identify the best prospects. Our analysis uses a combination of your product history along with predictive modeling and demographic selections to discover where the best new deposit prospects are most likely found.
MARKET AFFECTS RESPONSE
Deposit products are rate sensitive, so your marketplace may dictate which deposit products work best. WordCom can analyze the market and offer guidance to help your marketing campaign succeed.
EXPECT RESPONSE BASED ON PRODUCT
Smaller savings accounts with average balances of approximately $3,000 could have opening rates of 2% or 3%, while money market accounts with significant average balances in the range of $25,000 would have a lower opening rate, yet still reach the overall deposit target for the campaign.
There are many variables to consider, but matching your most likely new accountholders with the most appropriate deposit account is key. Contact WordCom for advice and help with your deposit campaigns.