Full Funnel Marketing Success: 3 Cross-Sell Campaigns Fire Up Deposit Growth

See results from deposit-driving financial services marketing automation campaigns

With nearly 90% of CD balances expiring at the end of 2024, competition for certificates of deposit (CDs) is getting hot. Personalized, multi-channel marketing campaigns can make all the difference in attracting and retaining deposit accounts. Full funnel marketingcombines financial services marketing automation, data insightsand predictive artificial intelligence (AI)to deliver personalized messages to all digital channels. This post explores how banks and credit unions have used full funnel marketing for cross-sell campaigns that grow deposits and revenue, even amid a fiery competitive environment.

Case study 1: Cross-sell campaign brings in 245 new CDs

This midwest financial institution launched a cross-sell campaign targeting consumers who hold investment accounts with the institution and consumers with competitive savings accounts. During the 10-month campaign, 245 CDs were opened, demonstrating the power of full funnel marketing to drive deposit growth in a competitive environment.

Case study 2: One-month campaign yields 27 money market accounts

A $2.6B financial institution on the east coast launched a digital banking campaign focused on attracting new money market accounts (MMAs). This campaign targeted consumers who were already in the market for savings and investment products. These individuals were then served personalized ads about the benefits of opening a money market account via their digital banking app. After only 30 days of running the campaign, 27 new money market accounts were opened. This highlights the potential for targeted, full funnel marketing to bring in deposits.

Case study 3: CD campaign captures 1,828 new accounts

Another Midwest institution launched a CD-focused campaign. It targeted consumers with competitive accounts, individuals actively shopping for investment products, and account holders who had recently made significant deposits. By using their online banking platform and public website to engage with account holders, they were able to reach their audience where they already were-online. As a result, 1,828 CDs were opened, proving that even in a crowded market, data-driven financial services marketing automation can help financial institutions stand out and capture new accounts.

The role of full funnel marketing for deposit growth

With most CD balances expiring at the end of the year, it's clear that these types of data-driven cross-sell campaigns will play an increasingly important role in keeping deposits in-house. Each of these case studies proves the importance of full funnel marketing in growing deposits and retaining account holders. But what makes full funnel marketing so effective for deposit products like CDs and MMAs?

Data insights fuel personalization

With access to comprehensive data insights, financial institutions can identify the behaviors and trends that signal interest in deposit products. Whether it's someone increasing their savings or frequently engaging with investment tools, data insights help institutions tailor their outreach in a way that feels relevant.

Predictive Artificial Intelligence (AI) in Banking drives proactive engagement

By predicting when an account holder might be most receptive to a CD or MMA offer, financial institutions can ensure their messages hit the right note at the right time, increasing the likelihood of conversion.

Multi-channel financial services marketing automation increases revenue impact

Consumers interact with their financial institutions across multiple platforms, from mobile apps to websites. Full funnel marketing leverages all of these channels and more to deliver consistent, personalized messagesthat reach account holders on the channels where they are already engaged.

Win the deposits race with data-driven financial services marketing automation

As competition for CDs fires up as the year ends, deposits are up for grabs. Financial institutions that embrace data-driven marketing will be the ones that succeed in capturing and keeping deposits, building stronger relationships with their account holders along the way. Full funnel marketing, grounded in data insights and predictive AI, offers a powerful financial services marketing automation solution for driving personalized engagement and retaining valuable deposits.

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