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KeyCorp

Company: KeyCorp
Company Description: KeyCorp is one of the nation's largest bank- based financial services companies, with assets of approximately $84 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services throughout the United States and, for certain businesses, internationally.
Nomination Category: Organization Awards Categories
Nomination Sub Category: Best Marketing Organization

Nomination Title: Reshaping Key: Becoming the Trusted Advisor


Tell the story about what this nominated functional organization achieved in 2003 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

Cleveland-based KeyCorp, whose roots date back to 1825, is one of the nation's
largest bank-based financial services companies.  Recently the company
embarked on a corporate-wide mission to deepen relationships with their
customers by becoming their “trusted advisor” for financial solutions.  Key’s
strategy was to design and offer products and services tailored to the unique
needs of their customers throughout each stage of their lives – from opening their
first checking account, to buying a car or home, saving for their children’s
education, and building a nest egg for retirement. 

At the heart of this strategy, was a marketing-driven initiative to look beyond basic
demographics and gain insights into Key customer needs and behavioral drivers. 
Over the course of several months, a sample of 1500 customers were chosen and
in-depth surveys conducted to understand personal risk tolerances, depth of
financial knowledge, preferences for personal interaction, overall financial goals,
comfort with seeking financial advice, use of technology, and other preferences. 
After analyzing this survey data, Key marketers identified seven distinct customer
profiles with common attributes.  For instance, “Family Asset Builders” are
preoccupied with saving for college, are comfortable using technology and tend to
carry credit card balances.  “Young Transactors” prefer to leverage technology and
seek to minimize time and effort in managing finances.  

Once the seven segments were identified, Key marketers mapped the attributes of
each segment to all customers.  Next, with these profiles in mind, Key set to work
on revamping its marketing strategies, customer service approach and product
development.  The design and graphics used in marketing campaigns and
customer communications, the channel used, even the language and message
style were completely recast.  Key.com, the bank’s Internet banking channel was
redesigned to include a variety of tools and calculators to help customers plan for
key life events.  And in Key’s call centers, when a "Young Transactor" calls, she
is directed to an agent specifically trained to service the needs of that customer. 

Still a work in progress, Key’s customer-centric approach appears to be paying off
in terms of customer retention and profitability, improved marketing effectiveness,
and overall performance:

- Customer attrition declined from 13 percent to less than 11 percent
(industry average customer attrition: 17 percent; a 1 percent improvement = $7
million net)
- Profitability improved among customers in highest profitability tiers
while reducing the proportion of customers in lower profitability tiers
- Visits to Key.com increased to 1.5 million a month, an increase of 24
percent over the prior year
- 30 percent of KeyBank’s retail checking account customers now use
Key.com (average penetration for online banking in the U.S.: 20 percent)
- Opening deposit balances for new customers is up 45 percent and
profitability for this group is up 11 percent
- Recently implemented enterprise marketing software enabled Key to
design and execute marketing campaigns in half the time, resulting in a first year
savings of $1.2 million dollars.

Who would have thought that the path to becoming the trusted advisor meant
starting with customer’s needs and working backward?  Key’s marketing group.

List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: List each link on a separate line, begin each link with http://, and enclose each link in square brackets; for example, [http://www.website.com]:

Financial Insights:  Becoming the Trusted Advisor:  Significant Progress at
KeyBank
http://www.financial-insights.com/doc.asp?docID=1380
(KeyCorp's ongoing work to become the customer's "trusted advisor" was detailed
in a case study written by Financial Insights in December 2003.  Only clients of
Financial Insights have online access to this case study.

2002 KeyCorp Annual Report:  Key Focuses on Becoming Clients’ Trusted Advisor
http://media.corporate-ir.net/media_files/nys/key/reports/key_2002ar.pdf

KeyBank Selects Unica® Corporation's Affinium™ to Decrease Campaign Cycle
Time by 60 Percent
http://www.unicacorp.com/news/archive/2002/keybank_02.html

Key Ranked Among Best Banking Companies in InformationWeek 500
Technology Listing
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=KEY&script=416&layout=-6&item_id=453641

Key.com Ranks in Top Two for Small Business Banking Web Sites
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=KEY&script=416&layout=-6&item_id=434825

KeyCorp Ranked Among America’s Top Corporate Giver’s by BusinessWeek
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=KEY&script=416&layout=-6&item_id=474319

KeyCorp Lends Thousands of Helping Hands to Non-Profits Nationwide
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=KEY&script=416&layout=-&item_id=446599

Provide a brief (up to 100 words) biography about the leader(s) of this nominated functional organization:

Patricia Mathe
Senior Vice President/Director of Database Marketing
KeyBank

Trish Mathe is Senior Vice President/Director of Database Marketing, responsible
for the development and application of marketing strategies and technologies to
communicate directly with clients and prospects in a personalized manner.  Trish
has been with KeyBank’s Marketing department since 1997 in roles supporting
Corporate Banking, Database Marketing, Strategic Analytics and Direct
Marketing.   Prior to joining KeyBank, she was a commercial account executive
with BP America in Baltimore, MD. Trish holds a Bachelor of Science degree in
Marketing from Miami University.