Statement Volume - Banks and Credit Unions 3 (A)
Monthly, banks and credit unions send approximately 43,172 marketing offers through email. Below is an overview of the findings.
- Per month, it is estimated that approximately 43,172 marketing offers are sent through the email. (see calculations below).
- According to Harland Clarke, more than 47% of banking providers send more than 10 email campaigns per month, 18% send 2-3 email campaigns per month, 14% send 6-10 campaigns, 14% send one campaign, and 9% send 4-5 campaigns.
- The number of federally-insured credit unions in 2018 was 5,530.
- In 2018, there were 5,542 FDIC-insured banks in the U.S.
- In 2015, 190 financial institutions sent 8,000 campaigns to 86 million recipients 47% of these recipients sent more than 10 email campaigns per month, 14% sent 6-10 emails, 9% sent 4-5 emails, 16% sent 2-3 emails, and 14% sent one email. The majority of institutions sent at least 6 emails per month.
To determine the average or approximate number of marketing offers banks and credit unions send through the mail on a monthly or annual basis, we first searched for industry reports on marketing strategies banks and credit unions use in media articles, press releases (such BizWire, PRNewswire), and consultancy firms (such as McKinsey). We had hoped that industry reports/articles would provide statistics on marketing offers to support the strategies proposed, however, these sources provided general information on digital marketing strategies banks should use.
Next, we searched for statistics on marketing emails in the banking industry on the websites of industry experts such as The Financial Brand, Harland Clarke, Embrace, Litmus, Center State, and others. From this search, we found industry benchmarks for emails such as click-through rates, open rates, and other metrics that show how successful a marketing campaign was.
Though we did not find the number of marketing offers sent through per mail, we did find information on the number of email marketing campaigns banking providers had per month in 2017. As an email marketing campaign is defined as "a coordinated set of individual email messages that are deployed across a specific period with one specific purpose, such as download a white paper, sign up for a webinar, or make a purchase with a provided coupon" by Campaign Monitor, we thought such information could give an indication of the number of marketing offers banks and credit unions send through. We searched for more recent figures on the website of Harland Clarke (the source of this information) but were unable to find more recent data. We also searched if other sources provided similar information. The websites of industry experts (such as Campaign Monitor, Litmus, Center State, Mintel, The Financial Brand, Return Path, Moveable Ink, and others) were consulted as statistics on email marketing campaigns can often be found on these sites. However, no more recent information could be found. From Harland and Clarke, we found a report from 2016 which provided data from 2015. The statistics for the number of marketing campaigns was quite similar to that of 2017. Therefore, we assumed that it would not differ significantly for 2018 and 2019.
With the information collected, we decided to estimate the number of marketing offers. We assumed that the statistics on the number of email marketing campaigns per month in 2018/2019 would not differ significantly from 2017 and took this as a proxy for the number of marketing offers. Furthermore, we sought the number of banks and credit unions present in the United States. We found that not all email marketing campaigns center around promotional offers. According to a dated source (2012) from Harland Clarke on average 53% (=(66%+55%+51%+41%)/4) of banking provider's email campaigns in a year are promotional. A more recent article shows that this percentage is 54% in general. Armed with this information we estimated the number of marketing offers.
Number of Banks and Credit Unions
Number of banks = 5,542
Number of credit unions = 5,530
Number of Email Campaigns By Banking Providers:
= 0.14 x 11,072 x 8 = 12,400 campaigns
= 0.09 x 11,072 x 5 = 4,982 campaigns
= 0.18 x 11,072 x 3 = 5,979 campaigns
= 0.14 x 11,072 x 1 = 1,550 campaigns
The estimated number of marketing campaigns per month:
= 55,038 + 12,400 + 4,982 + 5,979 + 1,550 = 79,949 campaigns per month
Assuming that the percentage of promotional emails is 54%, the number of email offers each month is approximately
= 0.54 x 79,949 campaigns = 43,172 marketing offers.