The Financial Brand Insights - Fall 2022

and product preferences. Make an initial contact focused on reacquaintance and not on hard sales. From here, develop a customer-specific response plan. Answer questions such as: • How often and how many times should you reach out without a response? • After some period of non-response, is a reward or discount offer appropriate to entice a response? • What steps should you take after receiving a response, and how specifically should you cater that response to the demographic of each customer? If your financial institution has the right marketing tools, consider automating a series of contacts for your entire dormant customer population in which they hear from you regularly until they respond or until a predetermined period of time passes. Don’t forget, after you launch your “rev up” plan, be sure to design in a way to measure the plan’s performance and tweak your methods as the results begin to emerge. The Payoff Spending the time and money to recognize and find your dormant customers, then to implement the plan to woo them back to an engaged relationship with your bank or credit union is energy well spent. As Saleh of Invesp reiterates, “Existing customers are 50% more likely to try new products and spend 31% more, when compared to new customers.” The translation of these statistics to the bottom line of your institution is significant. These idle engines are worth jump-starting. Get the engine going, and you and your customer are going where relationships are satisfying and profitable. ▪ About 360 View 360 View is the CRM and marketing automation platform developed for bankers by bankers who have years of experience in the financial industry. The solution offers a 360-degree view of banking clients allowing smarter decisions that grow relationships and increase revenue. To learn more, visit

Where to Start: The important first step is to determine which of your customers you consider inactive.

“360 really had it all for us.” “360 wins hands down in every category . . . clearly it’s designed by people who understand banking.” ★★★★★ The CRM Platform Made for Bankers - John L., SVP Director of Retail Banking

and institution-wide activities like customer appreciation events. Another effective loyalty reward is offering your customers an annual financial checkup. A valuable relationship builder, it communicates your institution’s proactive care and intent and affords you the opportunity to review customer accounts and goals and make necessary adjustments. These types of regular personalized touches with your customers keep them engaged and increase loyalty and retention. For Customers Already Idle, Here’s How to Rev Them Up The important first step is to determine which of your customers you consider inactive. For example, how long must an account be inactive for you to consider it dormant? Is the customer a single account holder? For multiple account holders, is the full relationship inactive? After setting the criteria, identify those customers. Here, a good CRM is extremely helpful and a timesaver; for instance, you can create automatic triggers in the CRM to assign follow- up activity to an employee once an account becomes inactive. Do a careful analysis of the characteristics of these customers so that you understand who they are and the best way to communicate within the demographic. For example, some customers may respond quickly to an email or text, whereas others may prefer a standard letter sent via U.S. Postal Service. After you know your audience, use their preferred method of communication and reach out. Again, personalization here is powerful, so make the initial contact one that capitalizes on every piece of customer data you have available – e.g., transactional data, profile information

- Donna H., Customer Experience Officer


“I don’t know how many times in a week I say, ‘360 is a game changer for us.’”

- D.H., Indiana Banker


“There are just so many positive things about this program . . .” - Courtney B., SVP Consumer Banking

“360 View set us up for success.” ★★★★★ -Bill N., Wisconsin Banker


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