One way that
banks obtain e-mail
addresses is to offer
an e-newsletter to
their customers.
Customers are
offered a chance
to win a prize by
subscribing. Shown
are e-newsletters
from Salin Bank
and Marlborough
Savings Bank.
percent of all new applicants, the highest total of the three
banks profiled for this article. The e-Loop account features an
integrated e-statement, direct deposit, high interest rate and a
bonus of ATM reimbursements regardless of location.
“We have not had to push the collection of e-mail addresses
because it is ingrained within our account opening process,” says
Ouellet. “We saw the benefit in moving to electronic delivered
monthly statements instead of paper three years ago.”
Practices that the banks have in common
The three banks have, on average, e-mail addresses on file representing 42 percent of their direct deposit account products,
although these e-mail addresses may also include savings and
some commercial account owners.
All three banks request e-mail addresses as a part of their
account opening processes, regardless of channel. Salin Bank
collects 40 percent of e-mail addresses from new applicants,
NewportFed 48 percent, and Marlborough ranges between 27
percent and 100 percent depending upon the branch.
Marlborough and NewportFed require e-mail addresses
for online banking customers, Salin Bank does not. However,
all three banks believe the online banking customer offers the
best channel and most accurate source for e-mail addresses.
Promotions, new branch openings, contests and community
events are extremely effective vehicles for collecting e-mail
addresses for Salin Bank and Marlborough Savings Bank. In
addition to Salin’s TV and iPad giveaways, Marlborough has
used Boston Red Sox tickets in individual branch promotions
that have collected upwards of 200 addresses per branch (from
the bank’s fanatical baseball demographic segment).
The banks’ marketing officers agreed on the importance of
integrating the collection of e-mail addresses for their bank’s
marketing, services and e-newsletter communications. Custom-
ers can sign-up for e-newsletters on the banks’ websites and,
if forwarded to friends, through links within the newsletter.
E-Mail Will Continue to Grow in Importance
E-mail is an increasingly important means of communicating
with today’s mobile and wired bank customer.
“We are really pushing to capture the e-mail address, but we
are conscious of how the customer wants us to communicate with
them,” says Badger. “Clients are across the board. We have some
that want texting through mobile and others e-mail. We have
customer service teams that are plugged into the various mediums and respond to customer requests regardless of channel.”
With customers choosing alternative online methods for
executing transactions, e-mail addresses will continue to
grow in importance as a critical link for ongoing customer
dialogue. n
ABOUT THE AUTHOR
NewportFed’s
address
collection
strategy is
embedded
in its core
checking
product,
e-Loop.
TOM NEIMAN is the account executive with IMN Banking
Services Group, an e-communications company serving
the financial services industry. The company is located in
Waltham, Mass. E-mail: tneiman@imninc.com.
