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Finance sector wastes £1000's

Finance sector wastes £1000's

Millennium, provider of the UK’s leading deceased suppression file, has revealed that, on average, over £1200 is wasted, through inadvertent targeting of the deceased, every time a financial services direct mail campaign is run.

The financial sector alone currently spends over £522.9m per year on direct mail – contributing to the four billion items that are distributed every year in the UK. Of this total figure, a staggering 60 million items are addressed to the dead – one of the most common complaints received by the Information Commissioner.

With around 1,500 deaths every day in the UK, equating to nearly 575,000 people per year, it makes sound financial and environmental sense to regularly screen consumer databases to identify and remove deceased individuals. Moreover, companies continually sending communications to deceased individuals risk alienating existing and potential customers. Friends and family may perceive the mailing as insensitive, which in turn can cause irreversible brand damage to the company concerned.

Regular screening can also help to prevent deceased identity fraud. This is one of the UK’s fastest growing crimes with a direct impact on profitability, especially within the financial sector.

Karen Webster, Product Director, Mortascreen comments:

“In today’s economic climate it is imperative that the financial sector invests in regular database maintenance and management. Given the number of deaths every year, it simply does not make business sense to continue to mail deceased individuals.

The cost of using a deceased suppression file to clean data is very small compared with overall spend on print and postage. It improves targeting, wastes less paper and can have a considerable impact on return on investment figures.”

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Notes to editors:
Millennium holds exclusive rights to market Mortascreen which is based around a database of over 7 million individuals with up to 50,000 new records being added each month.

Mortascreen is licensed for direct mail suppression purposes and has around 800 users including British Gas, The AA, Norwich Union, Capital One, Prudential and Saga.

For further information
Please contact:
Mark Barber, Christina Aylmer-Pearse or Louisa Osmond at Eulogy!
0207 927 9999
mark@eulogy.co.uk, christina@eulogy.co.uk, louisa@eulogy.co.uk,

 

AJR
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