Magazine article American Banker

Wachovia Selects Software to Upgrade Marketing

Magazine article American Banker

Wachovia Selects Software to Upgrade Marketing

Article excerpt

Wachovia Corp. has licensed software from Prime Response Inc., a London software developer, with the aim of becoming a more sophisticated marketer.

The Winston-Salem, N.C., banking company will use the software to market traditional branch products like deposits and loans. By tailoring marketing messages to customers in different segments, Wachovia hopes to become "smarter" in the eyes of its customers, said Fred Koehl, senior vice president and manager of marketing information.

Mr. Koehl did not disclose whether the software is expected to reduce marketing overhead or increase business. The company, which plans to complete the installation this summer, said it will also use the software to gauge the effectiveness of marketing campaigns.

Terms of the deal were not disclosed. Mr. Koehl said the investment "stems from our fundamental business strategy in consumer and commercial banking, which revolves around relationship banking."

Wachovia, a $65 billion-asset institution, has $39.9 billion of deposits from 2.5 million households in its three-state domain. "I see the application growing across the company, including the commercial sector, particularly small businesses," Mr. Koehl said. "There are a lot of them."

The software, Prime Vantage, can be used to develop marketing messages by gleaning relevant information from Wachovia's multiple data bases.

The investment reflects an industrywide effort to use technology to mine bank-held customer information and use it to make customer relationships more profitable.

The Gartner Group, a Stamford, Conn., consulting firm, said sales of data base marketing technology amount to about $1. …

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