Direct Marketing – Pass nEo
Background
Research conducted by Lucent in 2010 revealed that there was an 85% likelihood for children to bank
with the financial institutions where their parents banked. In April 2014 a report was generated for
existing customers with dependents. This report revealed over 150,000 customers with at least one
dependent. Given that there are 59,674 nEo accounts in the system, it can be assumed that there are at
least 90,000 customers with children who do not have nEo accounts.
Initiative
A strong direct marketing approach targeted to these First Citizens customers with children. In the first
phase, 30,000 customers will be contacted welcoming them to extend their banking relationship to their
children. Given the large data base, messages can be carefully designed for emails, letters and text
messages. This invitation will be incentivized for both parents and staff members to encourage the
opening of these new accounts.
Timelines
The July- August period will be best suited for this promotion as most children will be on vacation and
will be able to visit the Branches to open their accounts. The suggested time frame is July 7th – August
29th 2014.
Action Plan
Deliverables
Responsibility
Dependent
Deadlines
Updated Data Base
Quotation from
suppliers for direct
messages (SMS, Emails,
Letters)
Discussion with EBU for
online appointments
Start Messaging Blast
Weekly report for new
accounts
2nd Messaging Blast
Anthony Kansinally (AK)
Lyndon Balkran (LB)
ICT
External Suppliers, EBU,
Streamline Solutions
June 23rd
June 23rd
LB
EBU
June 18th
LB, AK
AK
External Supplier
ICT
LB, AK
External Supplier
July 7th
Due Every Friday from
July 11th- August 29th
August 6th
Success Indicators
5,000 new nEo accounts for the period
60% awareness by parents in September Omnibus survey
20% increase in use of online application system
Estimated Budget
$18,000