DM News Essential Guide to Lists and Databases: Quaero Accelerates Bank's Database Marketing
The bank also has several loyalty programs. But it lacked a comprehensive, extensible and flexible infrastructure to support outbound and inbound marketing activities, activities essential to the bank's goals.
The bank's current infrastructure leverages a proprietary master customer information file and the Harland Analyzer Platform. However, this solution was problematic as the environment was not efficient enough to support its expanding loyalty and new product marketing activity at an effective cost.
With 5 million customers spanning the traditional consumer, high net worth consumer, small business and commercial segments, Fifth Third's challenge was to create its desired platform within an aggressive budget and timeline. The bank devised a comprehensive, multiple-year plan to update its infrastructure to leverage a customer-centric marketing data mart and advanced marketing applications. The plan focused on:
· Building core capabilities and infrastructure including a customer-centric database and associated tools for campaign execution, reporting and analysis.
· Developing a measurement framework for insight into customer value in addition to traditional product, channel and campaign metrics.
· Enhancing customer data accumulation through the use of third parties and improved point-of-contact information-gathering policies and procedures.
Quaero's marketing automation executives helped the bank in the design of the data mart, required application infrastructure and metrics framework. This improved marketing campaign execution costs and timeframes.
Also, Quaero implemented Fifth Third Bank's marketing campaign management system in conjunction with the building of the bank's marketing data mart using internal resources and the deployment of reporting software.
To date, its new environment has let Fifth Third Bank deploy a new tool that extends the reach of its most successful programs to field marketing representatives in its regional network. More enhancements are expected to further standardize reporting capabilities to increase customer insights, driven through the application of advanced analytics.
Overall, Fifth Third Bank is enhancing the loyalty and profitability of its customer base while achieving new customer growth.