Consumer demand for credit in the COVID-19 economy is growing exponentially. Credit issuers are facing a rapidly changing credit landscape, with models that may no longer predict creditworthiness.
Credit issuers need new solutions
Banks are looking for real-time signals of consumer credit quality like employment and propensity to pay.
By assessing real-time signals like occupational risk (industry, position, etc.), online behavior (career site activity, etc.), and geography (e.g visiting a cash-advance business), Zeta can help bank marketers target (or suppress) consumers.
In doing so, Zeta gives financial institutions a fast, reliable, and low-cost way to reach 200 million consumers directly in their inbox through the largest, permission-based email database in the world.
Digital solutions to reach creditworthy audiences
As a result of COVID-19, businesses across the United States are at risk of going bankrupt, and one of those businesses is the United States Postal Service.
That means direct-mail is not only one of the most expensive ways to run a marketing campaign (with an average CPA as high as $1000 dollars), but it’s reliant upon a business that might be insolvent by the end of 2020.
The loss of the postal service would be bad news for bank marketers, which is why NOW is the time to start working on a backup plan. A way to stay in constant contact with prospects and customers no matter what happens to the USPS in these uncertain times.
Email is an incredible way for bank marketers to connect with audiences normally engaged using direct mail. It is fast, efficient, and cost-effective (the average CPA is $250).
3 ways banks can leverage email to satisfy consumer demand for credit in the COVID-19 economy
- Email representment of prescreen, or ITA offer to prescreen direct-mail audience
- Email-only offer to prescreened or pre-approved audiences
- Email-only (or email+direct mail) invitation to apply
The story here isn’t “ditch direct mail.”
It is “use direct mail in conjunction with email to improve results” (as an example of how this could work, you could email your targeted audience before and after a direct-mail piece is sent).
Zeta can help you respond to the market
Remember that Zeta is fully FCRA-compliant and bureau-accredited.
We offer unique, pre-approved digital solutions to leading brands, and our 99.5% deliverability rate is higher than what you’ll get with the postal service.
If you’d like to learn more about how we partner with banks to send FCRA compliant prescreen (and ITA) messages electronically via email, please reach out.