Banking: Deposits attraction

Banking: Deposits attraction

Attract more customer deposits to fuel liquidity & profitability.

The Challenge

A retail bank wanted to attract deposits from both its active and dormant customers, but without resorting to expensive strategies, such as subsidizing interest rates.

The Objective

Achieve a very significant total amount of new deposits, but avoid the risk of igniting a spiraling price war with the competition.

The Solution

SkyMakers performed a cost-benefit analysis of various scenarios in order to determine the most effective solution. This lead to the creation of an incentive scheme that was designed to reward customers for depositing and retaining their money at the bank. The scheme relies on consistent, individualized communication, which intelligently boosts and accelerates the desired customer behavior.

The Result

Through optimized customer interaction, customers deposited more money at the bank. The deposits target was achieved well within budget. Not only that, but a consistent and long-term trusting relationship with each customer was built, without burdening the bricks and mortar network of the bank.