DDM - Financial Services

Freedom First Credit Union Grows Deposits - Case Study

Segment your customers and prospects to optimize your marketing campaigns

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Freedom First Credit Union Grows Deposits and Liquidity Segmentation with Measured Wealth Brings in $52 Million in Deposits in Two Months case study Freedom First Credit Union (Freedom First) wanted to quickly improve liquidity by bringing in new deposits. The marketing team had used a variety of channels and prospect lists, but did not have a way to quickly identify and reach prospective households that were likely to qualify for its upcoming deposit promotion. Freedom First leveraged Equifax email list services segmented by household-level total deposit estimates to identify and reach prospective members with significant deposit potential. Launching an aggressive CD and money market campaign via email to high-potential households enabled Freedom First to achieve its goal. The organization gathered $32 million in new member deposits, plus an incremental $19 million from current members and exceeded the prior year's efforts by 1000%. Challenge: Drive Deposit Growth to Fuel Liquidity and Balance Portfolio Freedom First, a community-based financial services provider in southwest Virginia, was experiencing large loan growth and additional liquidity was needed. As an organization that measures its value by how much it "gives back" to its community, Freedom First was issuing loans at a rapid rate and needed to grow deposits to balance its portfolio. Freedom First frequently advertised in the newspaper, as well as via direct mail, but these efforts did not allow for a way to identify and reach specific households with significant potential to bring in new deposits. In addition, the marketing team wanted to leverage email to promote this particular campaign, as it would offer a more cost-effective way to reach their target audience. Steve Hildebrand, Vice President of Marketing at Freedom First, commented, "I could find direct mail prospect lists that seemed to target high quality consumers, but these lists lacked email addresses. And I could find email prospect lists, but they did not have the segmentation criteria I desired. Equifax's prospecting solution had both of the elements I needed: email addresses and the ability to differentiate households by deposit potential." Freedom First Credit Union, servicing over 50,000 members in Virginia and holding more than $500 million in assets CHALLENGE Quickly bring in new deposits to fuel liquidity and balance portfolio SOLUTION Leverage email prospect list segmented by household-level total deposit estimates to target consumers likely to hold significant deposit dollars outside of Freedom First RESULTS Targeted households brought in over $32 million in new CD and money market deposits, meeting the campaign goal; combined with incremental deposits from current members, Freedom First captured $52 million in deposits, exceeding deposit gathering efforts by 1000% for the same time period in the previous year

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