The Challenge

An overall company-wide challenge is to consistently increase core deposit accounts with customers, such as Checking and Savings accounts as well as Certificates of Deposit (CDs). More core accounts leads to more money coming in to a financial institution, which in turn leads to higher funds to work with for loaning money to individuals and businesses. Marketing was tasked with increasing the awareness of our company’s new Online Account Opening process that allows customers to open standard Checking and Savings Accounts and CDs all from the comfort of wherever they may be.



There were no benchmark figures for prior online account openings, because this is a brand new feature. This means no accounts had ever been opened online. It was decided to look at what how many accounts were opened in an average week, in-person. That number ranged from 150-200 per week throughout 19 different branches. Marketing’s goal was to help the company-wide challenge of increasing the overall number of core accounts by creating an email campaign that resulted in 20 online account openings per week. This number was decided upon by evenly distributing the total number of new core accounts among our 19 branches, essentially treating this online avenue of opening an account as a branch in itself and holding it to the same account opening goals as physical branches.


The Campaign

Our first task was to get the word out about this new online account opening feature. Our segment included contacts/prospects who had visited website pages that featured checking account options, savings account options, certificate of deposit options, and account rate pages. Also included in our segment were customers with a savings account and no checking account, a checking account with no savings account, any customer who has or had a CD, and mortgage customers with no other core accounts. These were the core group of individuals that seemed most fitting to introduce our new account opening feature to. We created a simple email campaign with an email describing the new process and the benefits it would have for the potential account opener. We excluded specific details and features of our core accounts but pointed email readers to our website to learn more about any account they may be interested in. A link to the account opening web page on the company website was also included in the email. This would allow for tracking of click-throughs and would help us determine interest and effectiveness of the email message.


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Relevant Marketing Cloud Courses

There were many marketing courses that aided in the creation of this simple email campaign, I’ve only noted a few below. The Fundamentals bundle was key in the introduction of all things Eloqua and how best to use the system with all of its abilities. Modern Marketing (MM): Email Deliverability was helpful in understanding why some recipients may not be receiving the email sent, and what helps drive contact engagement.


The Impact + Conclusion

The above mentioned simple email campaign returned some results, but not quite to where our goal was set. We saw slow adoption of the online account opening process and continue to see that, but are hopeful core account opens will steadily increase over time. Part of this may be due to this being a new service that isn’t readily available with small financial institutions.


If doing this campaign over again, I would create a campaign that was not just a batch send so contacts could be continuously added as they fit within the segment criteria created. I would also not mix the segment with Mortgage Customers, Retail Customers, and Prospects. This would make for very difficult routing if this were not just a simple email campaign/ batch send and more assets were added to a campaign. This would also allow for more targeted and specific messaging in the email itself. For example, a Mortgage Customer without a core Checking Account would receive a message letting them know about a quarter percent rate decrease on their mortgage if they opened a Checking Account with us. Again, the email would contain a link sending the reader to the account opening page on our website.