Quaero, a leading provider of services to accelerate marketing performance, was selected by Fifth Third Bancorp to help the bank measure marketing effectiveness and create an improved customer experience.
To accomplish this, Quaero recently revamped Fifth Third's data store making it easier to analyze and use customer information for direct marketing programs.
Quaero customized and implemented Fifth Third's marketing campaign management system, Unica Affinium Campaign. The implementation was done in concert with the bank's design and build of a marketing data mart and the deployment of Business Objects for reporting. In addition to the implementation, Quaero helped the bank design key tables to effectively execute and measure marketing programs.
"Quaero is a true thought leader in the marketing space and has really paved the way for us to accelerate our marketing performance," noted Katherine Black, vice president of direct marketing, analytics and research, for Fifth Third. "Much more than a systems implementation partner, Quaero has helped us to think about our entire marketing process to better gather and organize information to improve the customer experience."
Fifth Third has 5 million customers, segmented into the following groups: consumer, high net worth consumer, commercial and small business. The bank currently runs direct mail programs for new account acquisition, cross-selling and retention, primarily through direct mail and call center and branch calling efforts.
According to Black, the bank has several loyalty programs in place and is constantly measuring customer loyalty via outbound surveys and through standard metrics. Fifth Third is very focused on a loyalty program for new customers and wants to roll the program out to its larger customer base. "Our work with Quaero to revamp the database has been absolutely critical here," Black notes. "We are finally able to access and analyze customer data, which has been a painful process, until now."
Fifth Third will remain focused on automating more and more of its marketing processes. This will free up time for higher level customer analytics and ultimately, more effective marketing programs.