New Acquisition Strategy Nets Rosedale Much-Sought Demographic and Delivers 6X ROI
Overview
Traditionally serving an older clientele, Rosedale Bank wanted to attract a younger demographic for long-term sustainability. However, it needed a solid strategy that would help position it as “more than just Grandma’s Bank.”
Amy Patterson, AVP & Manager of Product & Marketing, contacted CSI’s Velocity to explore its Invitation Checking® System (ICS) and what it could do for Rosedale. Initially skeptical of the optimistic forecasting, the team ultimately recognized its potential and embraced the partnership.
Approach
In January 2022, after comprehensive training from CSI’s Velocity experts, Rosedale launched the ICS program to drive low-cost deposits, acquire new customers, deepen existing relationships and modernize its image. Through targeted marketing and leveraging social media, account holders were incentivized to refer friends, family and acquaintances with just a few taps, effectively drawing in more Millennial and GenZ consumers.
Results
“ICS exceeded all of our expectations,” Patterson said. The average age of new ICS-acquired account holders dropped to 47—11 years younger than other new, non-referred accounts.
In its first year, ICS accounted for 22% of Rosedale’s new accounts, with a 35% increase in 2023. Notably, most new accounts were in the 18-44 age group, leading to increased cross-selling opportunities.
Conclusion
Rosedale’s partnership with CSI’s Velocity has paid off, literally, with a 6.3-to-1 ROI over the life of the program, to date. Patterson attributes much of their success to Velocity’s ongoing training and responsive support, which keeps the branches engaged and the program top-of-mind.
With ICS, Rosedale didn’t just attract younger account holders — it redefined acquisition by embracing social media and effective digital referral strategies. Now, Rosedale is positioned as a modern, full-service financial institution while proving that even the most traditional banks and credit unions can evolve and
thrive in today’s marketplace.