How to Find High Balance Customers for a High Interest Checking Account Offer

Objective:

In this article, we will be talking about one of the ways that you can identify high balance checking account customers who are prime for an upgraded, high interest checking account. We will explore the following topics:

  • Which report works best for finding your high balance customers with existing checking account products
  • What report metrics are most effective at returning a list of customers you could send an offer to

Which report works best for finding these Checking Account Offer customers?

For this audience, we will want to use the Core Deposit Customer without a Selected Service report. This particular report allows us to query the customers that we know already have a particular Core Deposit account (in this case, checking). More importantly, it allows us to find customers that are particularly lacking a certain service group, or set of products. It also allows us to query things like balance and date ranges, allowing us to set minimum thresholds on Current Balance and Open Date, if we would like.

What report metrics work best for finding this audience?

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For this report, the following report criteria works best:

  • Customer Type - We will want to set this field to look at only ‘Nonbusiness’ customers for the purposes of this audience. While your product Service Groups should exclude ‘Business’ customers, this will guarantee that we don’t send any offers to business customers
  • Is Employee/Is Director - We will want to set both of these fields to NO in order to exclude our current employees and directors from the Product Offer. If this isn't important to you, then feel free to leave these at the default DON'T CARE.
  • Has Active Account In - For this field, we want to include our Personal (Nonbusiness) Checking group. If you have more than one group of checking account products, then feel free to include any that are comprised of products you feel qualify for someone upgrading to a high interest account.
  • More Specifically Lacks This Service - This is where we get granular. Within this field, we only want to include our high interest Personal Checking products for which this offer pertains. Make sure to include each in order to keep offers from going out to the wrong customers.
  • Numeric Range - Set this field to Current Balance, which will allow you to query the current balance of the customer's checking account. This particular query does not roll up balance, which means that if I put a minimum of 15000 in the first field, Core iQ will look at all of the checking accounts in the system to find those with a minimum of $15,000 current balance. It will not return those that have two checking accounts with $10,000 in one and $6,000 in the other. Set your minimum accordingly for the offer (we recommend starting somewhere between $10k to $15k) and leave the rightmost field empty.

 

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