Find Key Members and Help Provide the Right Message at the Right Time

If your organization is like most credit unions, then your marketing team likely finds it difficult to identify your key members and prospects, much less figure out how to appropriately meet their needs.  Even with internal analytics that are enhanced with metrics such as demographics, credit-worthiness, and income, many credit unions find it difficult to determine which members are likely to be the most profitable and what products and services to promote.

That was certainly the case for South Carolina Federal Credit Union.  They wanted to transition from a product-based to a needs-based approach for sales and marketing efforts.   They hoped that by having deeper insight on their members, they could enhance their marketing, improve member satisfaction, and boost bottom-line metrics.

South Carolina Federal Credit Union discovered that it could help improve its member profiles with IXI’s asset-based segmentation system, Financial Cohorts.  With Financial Cohorts, South Carolina Federal Credit Union and other credit unions can not only differentiate key member segments based on households’ likely total invested assets, but can also better determine members’ likely financial product needs, financial behaviors, and the type of marketing messages that will resonate – all key elements needed to develop tailored marketing programs.

For many financial institutions, the implementation of Financial Cohorts helps enable marketing teams to offer the right product or service to the right customer at the right time.   As noted by Scott Blue, Vice President of Marketing at South Carolina Federal Credit Union, “The ability to have better knowledge of our members’ financial behaviors and assets allows our team to better understand our members – this is key to needs-based selling tactics.”

On top of that, South Carolina Federal Credit Union was able to achieve an over 100% lift in deposit, investment, and loan balances in part by enhancing its marketing campaigns with insights from Financial Cohorts, an accomplishment likely to be desired by many credit unions.*   View a video or read the complete case study to learn more.

*Disclaimer: Results are based on South Carolina Federal Credit Union’s use of Financial Cohorts.  Individual results will vary based on use cases and other related factors.  Results are not guaranteed.