Banks: big money in data warehouses

Article Abstract:

First Union Corp. and Fleet Financial Group announced recently that they are nearing completion of their improved data warehouse. The banks are aiming to boost the efficiency of their target marketing, estimating that their new data warehouses will generate an additional $100 million annually to both their bottom lines. Fleet's data warehouse maintains information for 36 months on the bank's over 6 million retail and small business customers. The Boston, MA-based bank intends to add another 7 million customers coming from recent acquisitions by the end of 1998 as well as data on larger firms in 1999. First Union's data warehouse maintains data on its 16 million customers for 24 months. The Charlotte, NC-based firm is planning to add the commercial side of the business.

Commercial Banks, Commercial Banking, New Electronic Marketing, First Union Corp., Quick and Reilly Inc.

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Burger King tests smart card, loyalty program

Article Abstract:

Burger King Corp. of Miami, FL, is testing a loyalty program underwhich customers at four Long Island, NY, restaurants can earn loyalty points toward free food by using a smart card from Mondex USA. The smart card is an electronic cash system that uses a credit-card-like piece of plastic with a microcomputer chip embedded in it. Customers can order their meal and pay using their Burger King/Mondex cards, which are loaded with $10 to $20. Customers receive one loyalty point for every dollar spent, with ten points earning them a free breakfast with value meal. The chain is testing the program for six months and will assess the results before deciding further action.

Food Services and Drinking Places, Campaign Launched, Eating Places, Burger King Corp., Restaurants

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