SAN ANTONIO, January 31, 2024: Vericast today debuted Checking Engine, an industry-first, always on, end-to-end checking acquisition solution to help financial institutions (FI) find new customers at a lower cost per acquisition (CPA).
Rooted in data intelligence and grounded in compliance, Vericast’s Checking Engine is designed to improve results while optimizing marketing spend. It is a holistic solution built on the expertise of Vericast with decades of experience in financial institution marketing, privacy, media, and compliance with regulatory matters.
Checking Engine features proprietary Vericast technologies and a five-step approach to acquisition consisting of:
- Market Intelligence Platform (MIP) – Vericast’s MIP is a visualization dashboard that leverages multiple data sources, artificial intelligence, and advanced Vericast identity resolution technology to provide insights in compliance with fair banking laws. MIP provides access to real-time consumer behavior at the household and neighborhood level thanks to more than 140 billon daily data signals across 130 million households. With MIP, financial institutions can zero in on the highest opportunity markets, averaging a 22% lift in campaign response.
- Media Mix Modeling – This tool measures and analyzes the effectiveness of marketing activities. With historical performance and thousands of FI clients to fuel the modeling process, Vericast is qualified to develop a model specifically for checking. Leveraging FI first-party data also allows for the creation of customized client checking models. Media Mix Modeling charts possible outcomes and delivers insights and revenue forecasting with a high degree of accuracy.
- FI Performance Simulator – Data drives projections, and Vericast’s new FI Performance Simulator uses data from MIP and the Media Mix Model to see variable solutions in real-time and build media plans to optimize spend for checking acquisition. Paired with the expertise of the Vericast team, the interactive projections tool lets customers build campaigns based on budget and estimates the projected number of accounts, CPA by geography, top ZIP codes by balance, and total minimums and maximums.
- Multichannel Media Execution – Vericast FI clients can reach more households and reduce CPA with proprietary data and online and offline channels. A blend of direct mail leverages targeted 1:1 postcards, self-mailers, letters, and Vericast’s Dynamic Postcard, an affordable, stand-alone postcard with smart targeting to deliver high impact. Customers can also leverage direct mail inserts to reach a larger area of targeted neighborhoods with brand messages and checking offers. A variety of digital channels are available such as OTT/CTV, display, digital OOH, paid social, paid search, dynamic mobile, contextual and influencer.
- Campaign Analysis & Insights – With Checking Engine, Vericast improves access to data and ensures it is fed back to the model to adjust and improve future campaigns, fueling continuous growth and improved results. Users can better understand performance to build short- and long-term goals. Clients benefit from the latest analysis and insights including in-flight performance metrics via a monthly scorecard and comprehensive, campaign-level analysis delivered by a dedicated team of business analysts. Learnings are applied from media and branch performance analysis, media overlap and more to further improve results.
“Checking acquisition is more challenging than ever, so understanding consumer behavior has never been more important,” said Lisa Nicholas, SVP FI Marketing Products & Strategy at Vericast. “Our data shows that 57% of people are most likely to stay with their current bank – that is, unless they receive a strong offer from another bank. Financial institutions need to understand the best markets and channel mix as well as how they optimize spend and results. To meet this demand, we have created Checking Engine, a comprehensive solution designed to address all these aspects.”Lisa Nicholas, SVP FI Marketing Products & Strategy at Vericast
Vericast is a trusted partner to more than 5,000 financial institutions in the United States and other locations. To learn more about Checking Engine visit www.vericast.com/solutions/financial/.
Vericast is a marketing technology company that provides a data-rich approach to influence consumers and drive meaningful commerce. We power smarter activations for more than 15,000 clients in consumer packaged goods, financial, grocery, restaurant, retail, and more. Our decades of experience, advanced technologies, and broad solutions portfolio help companies reach audiences with precision and scale.