Finding a "Really" Great Way to Grow Checking Accounts

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Category: B2C

Type: Acquisition 

Channel: Direct Mail

Industry: Banking

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Challenge:

 

American Airlines Credit Union (AACU) was challenged to grow checking accounts among eligible members who had not opened a checking account despite multiple marketing efforts. To get AACU members to respond, they needed members to get past three perceived objections which were identified in research as major barriers:

• Opening a new checking account is a difficult and time consuming

• “Free” likely comes with many strings attached, especially with banking

• Large banks offer more convenience and are a “safer bet” for checking accounts than credit unions

 

Solution:

 

We created a targeted direct mail piece (4-panel self-mailer) using “Really” as a strategic theme to get members to realize the key benefits over big banks. By using a visually compelling comparison table with minimal copy, we were able to quickly convey benefits at a glance.

 

Result:

 

AACU’s goal for the campaign was a .5% response rate with 24 new checking accounts opened. The campaign far exceeded the goal with a 2.2% response rate (340% higher than goal) with over 100 new accounts opened—this was AACU's highest performing free checking campaign over the last six years. Additionally, we achieved a 34.2% lower cost per acquisition compared to previous campaigns. More importantly, members with a checking account had a higher LTV of around $3000—substantially higher than savings-only members. And checking account members have a higher propensity to use other services such as debit cards, credit cards, auto loans and mortgages. The Houston chapter of the American Marketing Association recognized this campaign with a 2014 Crystal Award for best direct marketing campaign entry.

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