Customer Success Story

FedChoice Federal Credit Union Boosted Credit Card Applications with MeridianLink Engage

FedChoice FCU’s three-month campaign using MeridianLink Engage achieved a 511% total ROI.

Headquarters: Lanham, MD
Branch locations: 6
Members: 25,000
Managed Assets: $436 million

The Challenge

Reversing Stalling Credit Card Applications

FedChoice Federal Credit Union (FedChoice FCU) found new credit card applications from existing members were stalling. To address this, the credit union sought to target members with a proper risk segment profile and present them with personalized, pre-approved credit card offers. 

To accommplish this, FedChoice FCU also needed a more efficient process to identify the right members and get the campaign off the ground without putting too much pressure on internal resources.

Additionally, the credit union wanted to prioritize creating a frictionless experience for member acceptance and internal teams.

Engage allows us to save time in each step of the prescreen process, and we are now launching campaigns 15-20 days quicker than before. PURLs and QR codes were also so well received by our members!

Christine Wright

Creative Services Manager, FedChoice Federal Credit Union

The Solution

MeridianLink Engage

FedChoice Federal Credit Union turned to MeridianLink Engage for its ability to decipher data, segment customer lists, recommend campaign optimizations, and deliver a measurable ROI quickly and accurately.

Why FedChoice Chose MeridianLink Engage

Ability to focus on specific audience segments with advanced targeting logic

Integrations with MeridianLink® One product suite for streamlined operations

Simplified campaign execution with time-saving, accurate automations

The Results

New Credit Cards Opened with Continuing Transactions

Through its integration with Experian, MeridianLink® Engage identified over 4,000 active members who currently did not have credit cards through the credit union who were then segmented into tiers based on their risk profile for more personalized rates and credit limits. 

The campaign offered two ways for members to save: 

  1. Opening a new credit card within the first six weeks of the campaign for a low fixed rate
  2. Using the new card within a specific period to receive a gift card of variable value based on the amount spent. 

Communications offered via MeridianLink® Portal and MeridianLink® Consumer integrations provided a frictionless offer experience to members—QR codes and digital links with a personalized URL (PURL) led members to a pre-filled acceptance form to submit. An abandoned cart email re-marketed to members who viewed the PURL but did not accept the offer.

By the end of the in-market period, the three-month campaign achieved a 511% total ROI, as well as: 

  • 4% target audience engagement via PURL utilization 
  • 2% of total audience qualifying by opening a new credit card for a 209% ROI 
  • 62% of new cards seeing continued transactions 

Over 5% of the target audience also opened an alternative product, including new auto loans and deposit accounts. Members who qualified for the campaign by opening a new credit card did not simply shift their debit spending to the new credit card. Instead, the credit and debit combined spend grew steadily month to month.

Compared to the same timeframe two years prior 376% more credit cards were opened by active members..

Learn how MeridianLink One can help you create streamlined end-to-end originations.

FedChoice Financial Credit Union Could Act Quickly on Growth Opportunities with MeridianLink Engage