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“Your data is your data, and you should be utilizing it,” said Christine Wright, VP of Marketing for FedChoice Federal Credit Union (FedChoice).
That statement seems self-evident, but many financial institutions struggle to fully access and analyze their data. Why? The answer typically comes from lagging technology and siloed systems.
Such was the case for FedChoice. Its Marketing Customer Information File (MCIF) did provide the credit union with data to help drive meaningful interactions but with limitations. It was only as impactful as the data it was being fed. If the data was scant, then it was difficult to analyze and apply any findings to impactful member experiences.
This process needed to be improved if the credit union wanted to avoid leaving business on the table. And in the rising-rate environment, there was the added imperative to engage members with variable-rate products. Offering these members fixed-rate options could help them avoid higher payments while deepening share-of-wallet and loyalty.
That’s why they chose to implement the MeridianLink® Share-Of-Wallet module.
Boosting consumers’ shares of wallet enhances lifetime value, lowers acquisition costs, and improves cross-sell rates with personalized marketing.
With the MeridianLink Share-Of-Wallet module, FedChoice can leverage data from its application pipeline and aggregate sources to reveal deeper insights. This, in turn, drives more relevant cross-sell initiatives and more fulfilling experiences. So, once a member visits a branch or applies for a product, that data is processed within the system. From there, it’s used to determine additional offers they’ll receive.
These offers are managed within multichannel campaigns. Within these campaigns, helpful metrics and reports based on effectiveness support optimal results.
Since adopting this module, FedChoice’s cross-sell transactions have grown thanks to the technology’s ability to help staff maximize opportunities. Not only that, but it’s helped the credit union take a proactive approach to member engagement.
From the Share-Of-Wallet dashboard, the credit union ran a few campaigns around personal loans and HELOC. These campaigns successfully shifted many members toward money-saving fixed-rate products. Personal loan campaigns saw a nearly 5% conversion rate, while HELOC campaign conversion rates landed at about 9%.
Watch the full interview to discover how FedChoice Federal Credit Union leveraged MeridianLink’s Share-Of-Wallet module to enhance their member journey and achieve measurable success.
