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Customer Acquisition in Financial Services: Insights and Case Studies

Direct mail usage in the financial services industry is not just surviving, but thriving. According to the 2025 Direct Mail Guide: Financial & Insurance Marketers Edition, 72% of financial services marketers report that direct mail performance has improved over the past year. The data indicates a clear trend: direct mail remains the backbone of customer acquisition marketing in financial services.

Prefer to listen? Check out our podcast The Direct Effect: Customer Acquisition in Financial Services: Insights and Case Studies

Direct Mail for Customer Acquisition in Financial Services

The financial services industry is a crowded market, with its high-profit potential attracting players from established institutions to startups. This intense competition for the same customer base, combined with the similarity in financial products and services offered, makes it challenging for brands to differentiate themselves.

Given the high lifetime value of customers in this sector, financial institutions are willing to invest heavily in dynamic customer acquisition marketing strategies to attract and retain them. For example, a bank might expect customers to remain loyal for years or even decades, making each prospect highly valuable. Yet constant exposure to digital ads, emails, and social media promotions can lead to desensitization.

Here’s the thing: Growth isn’t about being the loudest in the room—it’s about targeting with such accuracy that your message lands in the hands of those who will truly appreciate and respond to what you have to offer. Enter direct mail for customer acquisition, which has earned its stripes as an indispensable tool for brands such as:

  • Credit card issuers
  • Banks and credit unions
  • Mortgage lenders
  • Wealth management firms
  • Personal loan providers
  • Student loan companies
  • Financial advisors and planners
  • Payment processing companies
  • Pension and retirement fund providers
  • Fintech companies
  • Debt consolidation services
  • Business loan providers
  • …and more

With razor-sharp, targeted precision, direct mail skyrockets response rates while lowering customer acquisition costs. We’ve seen this strategy not only meet but exceed financial brands’ goals time and time again. In fact, a third of financial services marketers report CPAs ranging from $100 to $149, and nearly 60% stay below $250. Read our direct mail case studies for even more examples of the power of direct mail for customer acquisition marketing.

women reading letter at desk in front of laptop.

Financial Services Marketing Objectives Breakdown

Successfully connecting with prospects is crucial for any business focused on growth and profitability. This is especially important for customer acquisition in financial services, as many direct mail budgets are devoted to customer acquisition marketing strategies. Unlike sectors that depend on repeat purchases to foster customer loyalty, financial services typically establish long-term relationships once a prospect becomes a customer. As a result, there is less need for frequent remarketing or win-back campaigns.

However, recent economic instability has made consumers more cautious. To make the most of this situation, emphasize the stability and security of your financial products. Use dynamic content that can be adjusted efficiently based on market conditions or individual responses to remain relevant and responsive to shifting consumer attitudes.

For example…

Having exhausted digital growth opportunities, this leading debt-settlement company turned to direct mail lead gen for scalability. FM Direct designed a FactorTest matrix involving four creative concepts, twelve list sources, and optimal mailing frequency testing, resulting in direct mail now contributing over 15% to new business acquisition. The campaign achieved remarkable results, generating 22,000 new customers in a year and a campaign ROI of 39x, with direct mail driving $1 billion in new debt annually.

The Program Execution Debate

Did you know that nearly half of financial service firms handle their direct mail lead gen programs in-house? According to surveyed financial services marketers, the decision not to utilize outside agencies is predominantly influenced by budget constraints. Other notable factors include timeline constraints, integration issues, dissatisfaction with past experiences, and risk-based preferences.

Managing your direct mail program in-house offers direct control and lower short-term costs. Yet, agencies’ expertise and technological prowess can significantly improve campaign performance. While costs are understandably a primary concern, it’s worth noting that 83% of marketers would consider switching agencies for better cost efficiency, enhanced integration, flexible payment terms, improved performance, and strategic guidance—factors that full-service direct marketing agencies excel at.

For example…

This personal loan brand struggled to source direct mail data and print solutions with its in-house efforts. Recognizing the need for improved data targeting and control of their direct mail program, they sought a full-service partner. FM Direct implemented a new data-driven customer acquisition marketing strategy targeting specific segments, resulting in a 35% higher response rate than usual efforts and a conversion rate of 11.4% for prospects with debt of $30,000-$49,999.

Quality Audience Targeting Data Matters

In the financial services industry, direct mail’s appeal is clear, with marketers highlighting its top three strengths: personalization/customization, quality audience and targeting data, and the ability to integrate with digital campaigns.

What sets the channel apart is its foundation in robust offline data that’s available for use during predictive modeling. High-quality direct mail data contains valuable information on purchasing habits, demographics, and behavioral insights from reliable offline sources. Such precision allows you to identify and engage with the most receptive prospects, increasing the likelihood of conversions and improving the customer experience.

Our research also shows that financial services marketers obtain their mailing lists from various sources and most (52.8%) test data sources quarterly. Using a combination of data sources enriches direct mail marketing campaigns, providing a more comprehensive view. By leveraging this diverse data pool, you can develop direct mail strategies that resonate more deeply with your audience, ultimately leading to improved customer acquisition and retention.

For example…

One regional bank faced challenges with geo-focused targeting in its digital marketing efforts, losing potential customers to national aggregators. FM Direct implemented a detailed search and display strategy using radius-based targeting and audience segments to reach prospects in the bank’s market area. This approach tripled digital conversion rates for the bank, resulting in an increased impression share, a 75% year-over-year increase in conversions, and a more than 200% rise in ad conversion actions.

Man emailing on a laptop.

All Signs Point To Integration

Every surveyed financial services marketer agrees: Integration positively impacts campaign performance. Out of all direct response channels that direct mail can integrate with, most financial services marketers (94%) have or plan to integrate with email, followed by paid social (93%).

Aligning landing pages with direct mail designs also drives conversions, with 90% of industry professionals seeing a boost in results from this customer acquisition marketing strategy. This is where innovative methodologies like Surround make a real difference.

Our approach to integrated direct mail and digital empowers you to activate rich customer data sets in digital environments. Your direct mail audience is then reachable across digital channels such as display, native, web video, connected radio, and CTV/OTT. As your campaign progresses and new data sources are tested, you can adjust the marketing mix to target more effectively, scale your efforts, and optimize performance.

For your next customer acquisition campaign, try pairing direct mail with…

  • Social media
  • Paid search/programmatic display
  • Out-of-home (OOH)

For example…

Due to limited data variables, a leading financial services brand faced challenges reaching relevant prospects using its existing digital campaigns. FM Direct employed online prospect mailing models to combine direct mail with pre-roll video advertisements. This integrated strategy resulted in a 23% increase in sales rates, a 12% reduction in cost per acquisition (CPA), and a 36% rise in revenue, demonstrating the effectiveness of aligning video ads and direct mail campaigns.


In a world gone digital, the finance sector is proving that sometimes, the best way to a customer’s heart (and wallet) is through the mailbox. FM Direct helps financial services companies acquire new customers, improve customer retention, and maximize their marketing budget. Contact a FM Direct Marketing Strategist to get started.