Case Study: Financial Services Company Saves $224,000.00

Large well-known financial services company specializing in mutual fund management and brokerage for financial professionals and individual investors.

The Problem:
Duplicate mailings / communications to the fund holders were costing the client an estimated $224,000 per year. These duplicates were primarily the result of non-standardized fielding of name data. Particularly common were multiple names in the same field, Trust account numbers instead of names, etc.

The Challenge:
To consolidate all records at the individual and household level, identify relationships, and create one comprehensive file to insure only one mailing went to each account holder.

The Solution:
We standardized the name fields (there were six of them) and parsed the fields to isolate individuals into their own records. Primary address hygiene was performed to improve deliverability and matching. Comparing dual account holders (i.e. JTWROST) to individuals and factoring in their account numbers; we consolidated the records to the point that if – for example – a particular person had 5 different accounts spread across 3 mutual funds, they would only receive 3 mailings, one for each represented fund.

The Results:
By achieving a high level of data standardization, we were able to consolidate the mail files to their smallest possible size yet retain 100% coverage across the client base. The client realized substantial savings in their printing, mailing and postage costs due to eliminating multiple pieces going to the same person. In addition, our client’s brand improved as their customers no longer received the redundant mail.