For banks today, having more ways to communicate with customers is a good thing. But it has also made it harder for banks to figure out where and how to most profitably commit their marketing resources.
Leveraging predictive analytics, First Tennessee Bank is applying the ultimate acid test. It’s combining a granular understanding of the needs of customer segments with real P&L data to optimize its marketing spend, focusing on programs that deliver the highest ROI.
First Tennessee’s ability to target its campaigns more intelligently has increased its response rate by 3.1 percent, cut key marketing costs by nearly 20 percent and enables the bank to get the most from its resources.