I awoke this morning to a buzzing cell phone caused by text messages, Twitter and Facebook status updates; all wishing me a happy birthday. I must say, it feels pretty good to know that people are thinking of you on your special day. I even received some email coupons from stores wishing me a happy birthday. But you know who didn’t send me anything? All the banks and credit unions I have accounts at.
Lately you’ve heard a lot of buzz about “big data” in the financial services industry. Not tapping into the wealth of information that is at their fingertips is hurting financial institutions. Sure, it’s great that some of you have the capability to pull customers by account types and balances. But that’s used to just offer them more products.
Birthdays are one thing FIs can really take advantage of. Also, most FIs have a nice sized database of customer email addresses. So why not send your customer an email on their birthday offering a $5 gift card to iTunes, Starbucks, Amazon or some other merchant, if they visit a branch that day? You could even wrap this birthday wish up with an offer to help them get their finances on track for the next year.
Sending some type of correspondence on customers’ special occasions helps remind them that you’re a FI that cares and are thinking about them. Do you think your customers would mention to their friends that you sent them a gift card offer on their birthday? How about the anniversary day of when they opened their first account?
The good news for you is, I don’t personally know of any bank or credit union doing this now. The bad news for me is, I have to wait until next year to find out if this idea gets picked up and spreads like wildfire.
Photo by freakgirl