What was the irrefutable consumer insight?
Consumers desire a frictionless path to purchase for financial products that builds confidence and makes their financial lives easier.
Describe the marketing challenge.
In an omnichannel world, different consumers can take different and complex paths to purchase. For financial services the classic brick and mortar acquisition model has been more influenced by technology in which consumers would shop online and buy in-person. The Path to Purchase research indicated that the decision-making process for switching a financial institution is shorter, with fewer barriers to switching than in prior years. The challenge was to identify meaningful influencers of perception throughout the consideration and evaluation process, which paired with the right reasons to believe, could be compelling enough to convert deposit account shoppers in becoming Bank of America customers.
Bank of America customers who start a new deposit relationship with us are 10x more likely to deepen with additional products and services. This makes the checking account relationship a critical acquisition play. For Bank of America to maintain and more importantly grow the deposits business, new households and customers needed to be engaged. The largest opportunity was believed to be among the 24MM consumers who are switching banks annually, but questions remained around how and when to best engage as well as with what message. Every year the seasonal rush of young adults needing a checking account (approx. 14MM) occurs from May through September. Student sales peak in August and represent 35% of all new DDA sales. Parents tend to be the initiator and greatest influencer in determining where their children would bank, although decisions are often made jointly. Targeted messages directed at parents in the purchase cycle as well as students indirectly was thought to be key to achieve the desired growth rates among this population.