Source: Goldleaf Financial Solutions
Goldleaf Financial Solutions (NASDAQ:GFSI), a provider of integrated technology-based solutions designed to improve the performance of financial institutions, today announced that five community banks have selected DepositPlus, a turnkey strategic tool aimed at helping financial institutions acquire new retail customers to generate larger deposit balances to meet funding needs.
Munster, Ind.-based American Savings Bank, Midland, Texas-based Community National Bank, Baton Rouge, La.-based Fidelity Bank, Geneva, Ill.-based First Choice Bank, and Atmore, Ala.-based First National Bank have all implemented DepositPlus, which starts with a competitive analysis of their respective markets. Goldleaf examines competing banks in the area to evaluate and assess the different products and services being offered and then works with the institution to identify key products that should be provided based on that analysis. Upon determining key products, Goldleaf works with the institution to create a series of targeted direct mail pieces with market-tested messaging complemented by optimal incentives to generate interest.
"A bank's ability to acquire low cost deposits can be the difference between success and failure in today's banking environment," said Lynn Boggs, CEO of Goldleaf Financial Solutions. "DepositPlus gives banks the opportunity to attract more retail deposits in a targeted, strategic approach that yields results. Goldleaf works side-by-side with each institution to develop and execute a marketing approach that is based on the specific evaluation of their unique market. Within months, most of the banks that implement this solution acquire hundreds of new accounts."
Many banks are engaged in active marketing campaigns to build brand awareness, but what makes DepositPlus attractive is the in-depth segmentation that allows banks to better segment their target audience and ensure they are offering the right services. While direct mail can generate interest, to acquire new customers, the bank must understand the needs of its prospective audience. In addition, the competitive analysis enables the banks to understand the value proposition of its competitors, which in turn provides the bank an opportunity to better compete by offering additional products and services.
"At Goldleaf, we are constantly developing solutions to help banks grow," said Jennifer Napolitano, director of product development for Goldleaf Financial Solutions. "A lot of banks engage in direct mail campaigns; however, in order to reap the benefits, it is critical for banks to segment their audience for a more targeted approach. From technology to customer incentive programs, we are 100 percent committed to creating turnkey solutions that result in tremendous value for our clients."