DDM - Financial Services

Credit Union Best Practice - Drive Deposit Growth

Segment your customers and prospects to optimize your marketing campaigns

Issue link: https://resources.datadrivenmarketing.equifax.com/i/1111318

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How to Leverage Measured Wealth to Enhance Targeting and Drive Deposit Growth Best Practice for Credit Union Marketers Credit unions often strive to grow deposits from existing members, yet may not have an efficient way of identifying the best candidates for promotions. Credit unions that are part of the IXI Network can leverage household-level total deposit estimates to identify members with significant untapped deposit-growth potential to target for savings campaigns. A sample analysis showed a credit union had over $14 billion in deposits being held by current members at other financial institutions and can expect to bring in more than $70 million in new deposits from a savings campaign. Challenge: Enhance Member Segmentation to Drive Deposit Growth Credit unions often test ways to grow deposits from current members. For example, credit unions may rely on branches to drive the success of deposit marketing campaigns by incenting branch representatives to contact members via direct phone calls and other interactions. However, branch representatives may not know which members are the best candidates to target for these efforts. Credit union marketers can benefit from exploring more effective and efficient ways to identify members that are likely to be a good match for deposit-growth campaigns and communicating with them via additional channels. Solution: Leverage Total Deposit Estimates to Target Members for Savings Campaign Credit unions can work with Equifax to conduct an analysis of the deposit- growth potential of their member-base. By understanding the amount of deposits held by current members at other firms, credit union marketers can recognize the size of the opportunity and set goals to capture a portion of those deposits. IXI Network Member – Credit Union CHALLENGE Credit unions may struggle to identify the best members to engage for campaigns focused on bringing in incremental deposit dollars. SOLUTION Once part of the IXI ™ Network, credit unions can leverage household-level total deposit estimates to segment and engage members likely to hold significant deposit dollars at other financial institutions. RESULTS Sample analysis revealed $14 billion in untapped deposits; campaign can expect to bring in $70 million in incremental deposits. The sample analysis revealed that there was over $14 billion in deposits being held by current members at other financial firms.

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