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Low Interest Visa Net Success

The recent launch of BankDirect's Low Interest Visa proved a phenomenal success - says the bank - not only because of the offer but also because of the unique manner in which customers could take advantage of it online.

"BankDirect boasts an innovative integrated customer relationship management (CRM) programme - Onyx - which is designed to make internet transactions as simple and convenient as possible," says General Manager James Mitchell.

"While this technology is most often used to help manage customer relationships, in this case it meant we could take a new product to the market and invite immediate interest," he says.

BankDirect's Low Interest Visa was in effect, direct-marketed online - the first step to successful online closed-loop direct marketing.

"We notified customers through email and invited them to apply through our website. By simply entering their personal details the approval process was quick and easy - and this made our fulfilment process equally as fast. Quite a contrast to traditional direct marketing techniques."

"While the offer was extremely attractive, the ease of applying also deserves much of the credit for increased customer response rates," he says.

Since its launch in 1997, BankDirect has been committed to innovation in Internet banking - in particular tailoring its CRM system - Onyx - to met the ongoing demands of the online world.

"Our Internet banking experience gives us a huge advantage. It means we have a proven track record and will always provide leadership in technology and product innovation. Having no branches means we can focus 100% on our Internet and phone operation," says James.

"This latest launch is testament to the fact that we are striking a chord with those looking for a better way to bank," he adds.

Prepared on behalf of BankDirect by Drum

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