Mass mailers, low response rates
With a focus on website product offers and mass mailers, our Client had low single digit conversion rates across these channels on new product offers - and rising sales costs.
Wallet share lagging direct competitors
Automotive loans increased in 2021, but unsecured loans, credit card balances and HELOCs needed to be a greater mix of the total balance sheet.
Data trapped in different systems
Due to acquisitions, our Client had multiple platforms containing member data. This limited their ability to leverage member behavior and insights.
Our Client's primary cross-sell efforts were direct mail, website announcements and content marketing. They generally broadcast the same offers, at the same time across their territory footprint. These efforts resulted in low single digit conversion rates on new product offers targeting existing customers.
The overall challenge was to execute a program that leveraged member insights and behavior contained in the core servicing platforms. Our client did not want to purchase alternative data from the credit bureaus or other sources and add to the overall sales costs. The other challenge was to automate member segmenting, targeting and campaign deployment.
Digital, Member Self-Service
Since Constant had existing integrations with the client's core servicing platforms, our Client opted to first roll-out Constant's Modern Loan Servicing platform. This enabled members to self-serve for many servicing tasks that require a phone call or email which caused delayed response times. Since Constant's platform sits on top of other systems, no conversion of other platforms was required.
Within 90 days from contract signing, the credit union's team set up their first personalized, cross-sell campaign which took twelve minutes to set-up, test and deploy. Banners offering a HELOC appeared in the targeted members' loan servicing experience along with an email or SMS depending on the member's contact preference.
Only members that met the targeting requirements (e.g.,minimum FICO and debt to income, existing mortgage with the credit union, etc.). With hundreds of rules to choose from, our Client was able to create micro-campaigns to improve the probability of conversion.
Within 4 months, our Client implemented Constant's Live Agent offering so their branch and phone agents could see product offers relevant to each member and seamlessly cross-sell in the branch and on calls. This omni-channel capability also enabled in-person and phone agents to offer members the same servicing experience as those who manage their loan through the digital, self-service channel.
This omni-channel consistency greatly helped to standardize policy (and improve compliance) across all channels.