|Marketing solution helps maximize mergers|
"Fast Forward Conversion Services" from Deluxe is a multi-channel customer communication and merchandising strategy designed to increase retention in the critical first 90 days after a merger or acquisition
“Research shows that customers of an acquired bank are three times as likely to leave post-merger. Attracting new customers costs five to 10 times as much as keeping existing ones,” said Susan Eick, vice president of financial services marketing for Deluxe Corporation. “We’ve been helping our customers quickly and seamlessly implement successful conversions for nearly a century. Our broad range of experience – particularly with account retention and customer care – is what drove the development of the Fast Forward approach.”
The greatest risk for accountholder attrition is during the first 90 days of a new relationship. Deluxe works with a financial institution to quickly develop a customized, multi touch, multi channel communication strategy targeting personal and business accountholders.
Once the strategy is developed, Deluxe helps the financial institution execute Fast Forward solutions like direct mailings, personalized outbound customer calls, replacement checks and accountholder gifts. Fast Forward products and services include:
• DeluxeCalling – A high-touch outbound calling program tailored to a financial institution’s objectives and brand vision that provides a positive, lasting impression with targeted, high-potential accountholders.
• DeluxeSelect – A merchandising strategy based on leading industry research that allows accountholders to choose products and services that best fit their needs.
• Deluxe Business Success Kit – A marketing services kit for small business customers that offers relevant, value-added tips, incentives and resources for affordably priced, professional-quality marketing tools.
• Identity Guard by Intersections, Inc. – An industry-leading suite of consumer-paid identify theft defenses providing four levels of service that address different levels of risk.
With the help of Deluxe, MidWestOne Bank based in Iowa City, Iowa created a smooth post-merger account conversion strategy that included mailings and outbound calls to personal and business customers during its transition. They achieved a 69 percent response rate from business accountholders who ordered checks with their new account information.
“We had customer feedback that they were very happy with the professionalism and promptness of the DeluxeCalling team,” said Barbara Millward, second vice president of MidWestOne Bank. “I simply don’t know how we could have moved through this process without Deluxe. They were very flexible, very accommodating and a tremendous resource.”
For more information about Fast Forward Conversion Services by Deluxe, visit www.deluxe.com/fastforward or call 1-888-633-5893.
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