Operational Excellence: The Prescreen Revolution

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Financial institutions have always been faced with the challenge of acquiring qualified customers for their products in an effective and efficient manner. However, today's saturated marketplace makes traditional customer acquisition techniques as obsolete as the telephone switchboard operator.

New customer acquisition strategies demand solutions that capitalize on the institution's existing infrastructure and customer base. One such strategy instantly prescreens individual customers for additional products whenever and however those customers contact the lender. This approach lets financial institutions gain new wallet share through their existing channels and customer relationships at an extremely low cost per booked account.

The Prescreen Revolution has begun.

Direct Mail Prescreen: Is Anybody Out There?
The outdated mode is direct mail prescreen, a process in which financial institutions prescreen a batch of thousands or millions of people for a specific credit product, and then send direct mail offers to qualifying prospective customers. Despite the availability of more sophisticated technologies, direct mail prescreen is still widely used. According to Synovate Mail Monitor, U.S. consumers received more than 6 billion direct mail credit card offers in 2005, an all-time high. Yet, only 0.3 percent of recipients responded. The ends don't justify continuing down this financially and environmentally costly path.

Making Contact: The Benefits of a New Approach
Instant prescreen, on the other hand, yields astonishing results. Consumers have a greater propensity to accept offers that are tailored to their needs and presented to them in realtime by an institution that they already know. According to Zoot, a provider of innovative technology solutions, a top-10 U.S bank that implemented Zoot's instant prescreen solution has consistently achieved an acceptance rate of about 20 percent since they launched the initiative in 1995. Overall, the degree of success with instant prescreen, which works with all lines of business, depends on the type of product prescreened and customer interaction used. Acceptance rates can reach as high as 40 percent. Financial institutions' need for better ways to acquire customers for their products is paramount. With such a dramatic increase in acceptance rates and the substantially higher ROI within months, financial institutions cannot afford not to embrace the benefits of instant prescreen.