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FINANCIAL SERVICES GIANTS DIVE INTO [TANK]

News, 01 January 1999

OVER FORTY of the UK’s largest financial services providers have linked to form [tank], an initiative by the Bank of Scotland with backing from the DMA and the Institute of Direct Marketing. The alliance was sealed in Edinburgh at an inaugural meeting of forty-nine delegates from financial services companies. Its main objective is the pooling of data and establishment of a code of best practice. Says Sean Larrangton-White, direct marketing manager at BoS and midwife of the [tank] concept: ‘The feedback I have received has been very positive. We have tried to concentrate on developing interactivity between groups of delegates in order to allow for cross-fertilisation of ideas.’ The concept asks members to submit individual data, supplied by Market Move-ments, on direct mail activity for consolidation, which is then returned in aggregated form as a quarterly report. This gives each member-company a yard-stick against which it can measure its performance.