Banking, investment direct mail volumes stabilize in Q1: Mintel
Direct marketing mail volumes in the banking and investment industries have stabilized, according to Mintel Comperemedia, a direct marketing intelligence firm.
Investment mail for brokerage accounts grew by 70% in Q1 compared to the prior year, while IRA mail increased by 15% year-over-year. Banks mailed about 297 million offers for new checking accounts, savings products, online banking services and debit card offers during Q1.
The increases were driven by more offers for brokerage accounts, changes to the Roth IRA conversion rule and the 2009 IRA contribution deadline of April 15, according to Mintel.
“There isn't a dire need to increase baking direct marketing volume now," said Susan Wolfe, VP of financial services at Mintel, in a statement. “Instead, banks are focusing more on how they market their products. We're seeing more cash incentives and more necessary qualifying activities in order to earn incentives, rewards or bonus interests.”
More than 90% of offers had an incentive during the quarter, an increase from 74% two years prior.