References (Previous case, campaign or existing procedures)
Names of existing procedures to reference .Job and SSIS information if applicable
1. Business Background
Proactive contact strategy to clients with Saving Accounts to open a Credit Card Account.
2. Program Objectives
Contact BOfA clients with a Saving Account to encourage them to open a Credit Card account.
4. Follow-up Metrics :
Clients that have Saving Account but no Credit Card Account with the bank
Description of how and when the campaign should be executed.
– Execute Campaign Monthly: Leads targeted to load the first Monday of the month
and remain open until first Sunday of the month.
Output/Detail fields Section
The following detail fields apply to all outbound campaigns:
– Detail Field 1: DOB
– Detail Field 2: Age of the Saving Account
– Detail Field 3: Saving account balance
Standard Exclusions/ Mandatory Scrubs – All Client Campaigns (Only the ones in Bold)
DSCD Primary account holder is deceased
AML Money Laundering Alert present
NRC HH has a non-resident alien
FRGN HH has a non-US address
HZIP HH has a zip code in a FEMA disaster area
De-dup (when multiple accounts in the HH qualify for the same campaign:HH level
De-dupe (Primary account)
NOPN Account we do not have a phone number
– Include accounts that have more than 1000 in saving – exclude accounts that have
less than or equal to 1000 in saving
– Include clients that are at least 25 years old — exclude clients that are younger than
– If a client already has a Credit Card account, he/she should not be targeted —
include clients who have a saving account but not a credit card account
Here’s a summary of the Business Requirements Document (BRD) you provided:
- CaseID: 5001
- No existing procedures to reference
- Proactive outreach to clients with Saving Accounts to promote Credit Card Account opening.
- Encourage BOfA clients with Saving Accounts to open Credit Card accounts.
- None specified
- Clients with a Saving Account but no Credit Card Account at the bank
- Monthly campaign
- Leads load on the first Monday of the month
- Campaign open until the first Sunday of the month
- Detail Field 1: DOB
- Detail Field 2: Age of the Saving Account
- Detail Field 3: Saving account balance
Standard Exclusions (Mandatory):
- DSCD: Primary account holder is deceased
- AML: Money Laundering Alert present
- NRC: HH has a non-resident alien
- FRGN: HH has a non-US address
- HZIP: HH has a zip code in a FEMA disaster area
- Dedupe (HH Level): De-duplicate accounts at the household level
- Dedupe (Primary account)
- NOPN: Account without a phone number
- Exclude accounts with saving balances less than or equal to $1000
- Exclude clients younger than 25 years old
- Exclude clients who already have a Credit Card account
Proactive Contact Strategies for Converting Saving Account Holders to Credit Card Users
To encourage your BOfA clients with Saving Accounts to open Credit Card accounts, consider these proactive contact strategies:
Segmentation and Personalization:
- Saving Account Balance: Target clients with higher saving balances, indicating creditworthiness and potential spending power. Offer tiered rewards or incentives based on balance size.
- Age and Life Stage: Focus on young professionals and established adults likely for credit card usage. Tailor messaging to resonate with their needs and aspirations.
- Spending Habits: Analyze account activity and spending patterns to identify potential card types. Recommend cards that align with their specific preferences (travel, rewards, cashback).
Channel Mix and Delivery:
- Multi-channel Approach: Combine email, SMS, and in-app notifications for initial outreach. Follow up with personalized phone calls for higher engagement.
- Timely Communication: Reach out during financially relevant periods like tax refunds, bonus season, or upcoming holidays when credit card usage increases.
- Interactive Content: Utilize educational infographics, video testimonials, or interactive quizzes to explain credit card benefits and dispel common myths.
Offer and Messaging:
- Targeted Incentives: Offer attractive welcome bonuses, introductory interest rates, or cashback schemes tailored to each segment. Highlight loyalty programs and exclusive benefits.
- Focus on Value: Emphasize the advantages of responsible credit card usage, like building credit history, earning rewards, and enjoying purchase protection.
- Reduce Friction: Streamline the application process to ensure a quick and easy sign-up experience. Offer digital pre-qualification options and transparent terms.
- Partnership Opportunities: Collaborate with relevant brands or businesses to offer co-branded cards with exclusive benefits like discounts or loyalty points.
- Leverage Social Proof: Utilize customer testimonials and success stories to showcase the advantages of using BOfA credit cards.
- Data-Driven Optimization: Continuously monitor campaign performance and analyze customer feedback to refine your strategies and personalize offers for better results.
Remember: Building trust and demonstrating the value proposition of your credit cards is crucial for successful conversion. Focus on personalized communication, transparent information, and attractive offers to win over your Saving Account holders and turn them into loyal Credit Card customers.
By implementing these proactive contact strategies, you can effectively engage your BOfA Saving Account holders and encourage them to open Credit Card accounts, boosting your customer base and increasing revenue.
The following steps are recommended for the implementation of the Proactive Contact strategy campaign:
- Identify the target audience – Clients that have a Saving Account but no Credit Card Account with the bank.
- Determine the lead list criteria – Clients who have a saving account balance greater than 1000 and are at least 25 years old.
- Run the de-duping process to eliminate duplicate leads within the same household.
- Conduct the monthly campaign – Leads will be targeted to load on the first Monday of the month and remain open until the first Sunday of the month.
- Execute the campaign using the designated communication channels such as phone calls, emails, or text messages.
- Collect and analyze the follow-up metrics to assess the effectiveness of the campaign.
- Based on the results, adjust the campaign strategy if necessary to improve performance.
This BRD outlines the requirements and steps necessary for the implementation of the Proactive Contact strategy campaign to encourage clients with a Saving Account to open a Credit Card Account. The campaign will be executed monthly, targeting leads on the first Monday of the month and will be based on the detail fields of DOB, Age of the Saving Account, and Saving Account Balance. The exclusions rules and custom exclusions will also be applied to ensure that the right audience is being targeted.
A BRD is a document that outlines the requirements, objectives, and specifications for a project or campaign. In this case, the BRD outlines the requirements and steps for the Proactive Contact strategy campaign. The purpose of this campaign is to encourage clients with a Saving Account to open a Credit Card Account. The objectives of the campaign are to increase the number of credit card accounts and improve the bank’s revenue and customer engagement.
The BRD identifies the target audience for the campaign, which includes clients who have a Saving Account but no Credit Card Account with the bank. The execution requirements specify how and when the campaign should be executed. The campaign will be executed monthly, and the leads will be targeted to load on the first Monday of the month and remain open until the first Sunday of the month. The designated communication channels for the campaign include phone calls, emails, or text messages.
The output/detail fields section specifies the detail fields that apply to all outbound campaigns. These detail fields include DOB, Age of the Saving Account, and Saving Account Balance. Exclusion rules and custom exclusions are also specified to ensure that the right audience is being targeted.
Finally, the implementation steps are outlined in the BRD, which include identifying the target audience, determining the lead list criteria, running the de-duping process, conducting the monthly campaign, executing the campaign using the designated communication channels, collecting and analyzing follow-up metrics, and adjusting the campaign strategy if necessary to improve performance.
Overall, the BRD provides a detailed roadmap for the Proactive Contact strategy campaign and ensures that all requirements and objectives are met. It serves as a guide for the project team to follow during the implementation of the campaign.