DEPOSIT RETENTION

CCG can eliminate fear from the minds of your customers.

BOTTOM LINE
Industry: Financial
Challenge: Retain customers while going through a merger.
Solution: A communications plan focused on reassuring customers with continuous, informative mailings.
Results: The bank’s call center didn’t receive any additional call volume after the merger was finalized, and only 13 customers who left the bank cited the merger as the reason.
Mergers and acquisitions, which have historically had a tendency to be mired in computer glitches and customer complaints, are high on the list of reasons customers leave their banks.

So when a large Midwestern bank embarked on its own merger — while its competitors tried to create discomfort to gain fearful customers — it turned to CCG to develop a merger communications plan and marketing campaign to ensure valued customers weren’t driven away by fright or the unknown. To smooth the way for an anxiety-free transition, the CCG team:

Developed methodology that allowed data from one bank to be translated into new account data for the other bank.

Focused on the benefits of the merger and highlighted additional banking products and services that would be available to customers.

Created a continuous communication stream with three statement inserts, three direct mail letters, two brochures and a postcard.

When the operational and name changes took place, the bank’s call center volume remained unchanged, and deposit retention held strong at 94 percent. (Only 13 customers who left the bank cited the merger as the reason.)

Looking to merge informative communication with lower attrition rates?
Call Greg Sultan, VP, National Marketing Manager,
at 513.947.9102, or send an e-mail to greg@customer.com