Answer:
MCIF - Instead of trying to tackle the whole customer database, try pulling one piece off for a test. Get your feet wet. See what works. For example: Ask your IT guy/gal to pull a list of all customers who have a home mortgage loan with the bank, but not a home equity credit loan. Take the 100 names from across the total list....A to Z. Write a letter offering the customer a special, unpublished loan rate, if they act within 2 weeks. They call the bank president and mention this letter. Be sure to make the rate significantly lower than current publicly state rates AND underscore that the offer is a private offer to only a few loyal and much appreciated bank customers. Really suck up to them...make them feel very special. ALSO...suggest a few things they might do with the small loan.
First published on BankersOnline.com 7/9/01
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