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Citibank case study: making it rain – no, pour – again

It's never been uncommon for me to be put in charge of a team or project. It's even less surprising when my client's facing a massive challenge that no one else has been able to solve. Here's just one of the many examples.


setting the scene

In a dynamic, competitive banking landscape, customer retention is crucial for financial institutions like Citibank (Citi). With a rise in alternative banking options and investment platforms, retaining deposits became a paramount concern for Citi's senior leadership. Digging into direct deposit history and customer behavior data, they discovered that they were losing $23 billion (yeah, with a "B") in deposits annually that were flowing out to other banking and investment institutions.

the mountain to climb

The need was clear: stem the hemorrhaging of deposit funds by understanding the motivations and behaviors of customers using their Citi accounts as pass-throughs on the way to other financial destinations. This required a deep dive into customer data and the development of targeted strategies to appeal to these segments. Traditional methods weren't cutting it, so they sought a fresh perspective to reclaim their market share.

yours truly enters the chat

Ever been picked first for dodgeball? That's how my partner and I felt when chosen from the entire agency of creative talent to solve this problem. And we had an 8-week window, collaborating in a windowless war room, to try to accomplish a seemingly impossible goal.

unleash the strategic & creative hounds

Partnering with Citi senior leadership and a tactical team from McKinsey, my partner and I devised a cutting-edge, multi-faceted approach to address retention issues:

  1. Data analysis: We conducted extensive data analysis to identify patterns and trends among customers who were diverting deposits away from Citi. This analysis provided crucial insights into customer behaviors, preferences, and motivations.

  2. Segmentation: Based on that analysis, customers were segmented into distinct groups, each with its own set of characteristics and needs. This segmentation enabled personalized and targeted messaging for maximum impact.

  3. Strategic partnership: Our close collaboration with Citi senior leadership and the McKinsey team ensured alignment of objectives, strategies, and execution plans throughout the retention effort.

  4. Custom retention offers: We proactively tailored bespoke solutions to address the specific needs and preferences of our target segments, amplifying the appeal of retaining their deposits with Citi. Using predictive analytics, we upgraded some segments' accounts based on their potential future wealth. Some segments received exclusive invitations to unique luxury events to foster a sense of prestige. Additionally, we created diverse investment options for different segments, including custom CDs, ETFs, and other high-yield investment vehicles to optimize their portfolios.

  5. Message development: I then crafted compelling marketing copy for each target segment, offer, and medium, ensuring that the messaging resonated with customers on a personal level. All marketing outreach highlighted the value proposition of keeping deposits with Citi and addressed concerns or barriers to retention that we'd uncovered through our data research.

  6. Tailored media approach: Based on known and assumed behaviors, media channels were selected by segment to ensure maximum visibility and impact. This included customer direct mail, targeted emails, and banners on Citi.com and the Citi Mobile App, accessible only to the identified customers.

results, aka our touchdown dance

The impact was immediate and profound. In the first month alone, our campaign brought in a staggering $5 million in new deposits, surpassing initial expectations of $2-3 million in the first quarter. Did I mention that the first campaign launched the week of Thanksgiving? Yeah, we were all astonished, given the timing.


And the success didn't stop there. Each subsequent segment launch continued to deliver exceptional results, making this one of the most successful retention campaigns in Citi's history.

gotta wrap it up

We've all known for a long time that retention is queen. According to research from Bain, a 5% increase in customer retention in the financial services sector produces more than a 25% increase in profit.


Through our strategic collaboration, data-driven insights, and targeted messaging, we were able to successfully start regaining billions in deposit outflows, with significant returns on a relatively minimal investment. This retention effort not only demonstrated the power of personalized products and communications but also underscored the importance of understanding customer needs and preferences.

why choose big guns creative?

Well hello there, proven track record. As a seasoned CD of Copy and Content Strategy, I bring conceptual creativity and strategic thinking to the table on every challenge: a big, sexy acquisition campaign, critical retention/loyalty outreach, or even better figuring out your brand and voice. Together, let's craft narratives that resonate with your audience and drive measurable, meaningful results.


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