In order to get from Point A to Point B, most of us rely on driving a vehicle. How we drive in the future may be changing, with 75% of Americans cautious about autonomous vehicles, while others are among the 500,000 customers who paid $1,000 deposits for a Tesla Model 3. But what isn’t changing is the need for auto lending, no matter who is behind the wheel and what is fueling the ride.
Finger Lakes Federal Credit Union, headquartered in Geneva, New York, recognized this need and sought to increase their auto lending portfolio. Using the right tools, they were able to achieve an incredible 869% increase in auto lending over the prior year! How did they do it? By sending the right message, to the right members, at the right time, using the right marketing tools!
Reaching Members Through Marketing
Marketing is a science supported by data and analytics. Knowing how to use this data analytics is the key to credit union marketing success. We know that Transactional Data Mining (TDM) is the most effective way to target members while increasing and quantifying your credit union’s return on marketing investment. We also know that multichannel campaigns are the most effective way to communicate with members, and the success of these campaigns can be enhanced through TDM.
“TDM is a significant tool used to identify members with a potential need,” shared Doug MacDonald, Vice President of Synergent Marketing. “Using it as a data source targets recipients with promotional offerings that benefit both the members with the new product or service, and the credit union in new earnings.”
Sending the Offer
Partnering with Synergent means gaining expert insight into data and analytics, helping your credit union develop increasingly effective strategies to support growth. Marketing with a mind for the future, Synergent enabled Finger Lakes to identify members making auto loan payments to other financial institutions. This customized TDM Transactional Data Mining was then developed into a postcard and companion email — all of which resulted in a total of $3,275,014 in newly opened auto loans.
“We were so successful, we had to stop our teller referrals,” stated Bob McFadden, President/CEO of Finger Lakes FCU.
Get the Full Story
Please download the case study to read the full results of this wildly successful campaign. Want to learn how to get started on a similar campaign at your credit union? Contact email@example.com.