First USA changes may impact rates

Article Abstract:

Bank One Corp announced that it would increase interest rates by an undisclosed amount and concentrate a larger portion of its marketing budget on customer retention. The firm had offered very low introductory rates through direct mail and other marketing programs to gain new customers only to offend the new customers by requiring additional fees. Some analysts said the changes in Bank One's marketing strategy could encourage other credit card marketers to increase their introductory rates.

Consumer prices, Bank One Corp.

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AmSouth-First American merger puts DM focus on retention

Article Abstract:

AmSouth Bancorporation will take advantage of its database marketing expertise to enhance customer retention while it completes its merger with First American Corp. AmSouth had decided to focus on customer retention because of the merger. Its customer retention direct marketing programs operate at the local level while at the same time conducting systemwide direct mail operations. In every direct mail effort, the company is able to generate a teleconsulting list that identifies customers who are at higher risk of leaving.

AmSouth Bancorp.

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Old Kent converts buyers into investors

Article Abstract:

Old Kent Bank intends to market its online stock purchase offer to its customer through the monthly statement accounts of its depositors. Old Kent thinks that depositors who become investors are likely to increase their loyalty and not turn to other banks for financial services. Aside from the mail inserts, Old Kent is also considering print advertising and in-bank promotions.

Old Kent Bank (Elmhurst, Illinois)

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