Mitigating Declining Loan Volume By Increasing Deposits
O Bee Credit Union (O Bee) has been serving members in Washington State since 1955, providing checking and savings account services in addition to a range of loan products. Recent economic shifts, however, had caused a dip in the volume of consumer loans—specifically auto loans—that staff were servicing. To recoup this revenue and maintain financial stability, O Bee decided to focus on strategically growing deposits through targeted outreach campaigns and needed a solution to help them do so.
MeridianLink Engage helped O Bee develop a custom, targeted marketing campaign quickly and with minimal lift using data-driven logic and automations to maximize consumer engagement.
A Targeted Deposit Campaign With A 699% ROI
O Bee’s outreach campaign needed to deliver on three goals:
- Encouraging existing members without consumer checking accounts to open one
- Incentivizing those members to perform 15 or more point-of-sale transactions from those accounts during a specified period
- Solidifying these newly deepened relationships with a prompt to initiate direct deposits of $100 or more to those accounts within the campaign period
Members who met those goals received a $200 cashback incentive and, to maximize engagement, members who did not meet the transaction threshold still received a $25 cashback reward to acknowledge their participation.
MeridianLink Engage’s targeting logic assisted staff in creating an outreach segment:
- Member’s whose primary relationships were with active savings, CD or loan accounts
- Those accounts opened more than three months prior
- Members who did not have a consumer checking account
From there, staff used MeridianLink Engage’s campaign automation and customization features to quickly launch a three-month multichannel campaign targeting this member segment.
- A 699% ROI
- 4% of the target audience qualifying and obtaining new consumer products
- 1.5% of the total segment opened a new checking account
At a cost of approximately $3,364, this strategy not only succeeded in growing consumer checking products but also ensured that the credit union kept within the desired budget to achieve this growth.
To learn more about how to Engage can help personalized campaigns and communications, watch the webinar on demand or contact us today.
Driving Growth Through Personalized Campaigns