Banks increased the amount of direct mail they send by 38% between the first quarter of 2002 and the fourth quarter of 2001.
And another 35% increase in mailings was tracked between the first and second quarters of 2002, in an effort to grow accounts, the use of new products and deposits.
Banks have also increased the number of statement inserts they include in an effort to achieve their goals while limiting expenses.
According to a study by Mintel’s Comperemedia, banks promote a number of products and services by direct mail, including checking, online banking, debit cards and some investment vehicles.
Basic checking accounts are offered when people first become customers, then the customer will be steered toward investment vehicles, discounts on loans, financial advisory services, according to database and news service Comperemedia. Banks increased the amount of direct mail they send by 38% between the first quarter of 2002 and the fourth quarter of 2001.
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