loan promotion case studies
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Loan Promotion Case Studies. Matt McPherson. Case Studies. Information gathered from CU TV, Callahan & Credit Union Times. Northwest Federal CU. Herndon, VA Assets: $2B Members: 104,997 Loan Originations (YTD 3Q): $351M. Northwest Federal CU. Method: eMail Blast about slashing auto rates - PowerPoint PPT PresentationTRANSCRIPT
Loan Promotion Case Studies
Matt McPherson
Case StudiesCase Studies
• Information gathered from CU TV, Callahan & Credit Union Times
Northwest Federal CUNorthwest Federal CU
• Herndon, VA
• Assets: $2B
• Members: 104,997
• Loan Originations (YTD 3Q): $351M
Northwest Federal CUNorthwest Federal CU
• Method: eMail Blast about slashing auto rates
• 32,000 emails sent
• 8,000 were opened
• 2,000 click through rate
• $1.4M in loans
Visions Federal CUVisions Federal CU
• Endicott, NY
• Assets: $2.5B
• Members: 127,290
• Loan Originations (YTD 3Q): $411M
Visions Federal CUVisions Federal CU
• Method: Black Friday Loan Sale– 2 day loan sale on Black Friday weekend– Rates published on Thanksgiving Day– 36 month auto loan at 1.99%– 3/3 adjustable rate mortgage with first 36
months at 1.99%– Unsecured 36 month personal loan at
2.99%
Visions Federal CUVisions Federal CU
• Results– 700 applications– $9.6M in new loans– 200 new Members
Service CUService CU
• Portsmouth, NH
• Assets: $1.73B
• Members: 139,628
• Loan Originations (YTD 3Q): $384M
Service CUService CU
• Method 1: Black Friday One Day Sale– Doorbusters: 6am-noon
• No fee VISA Gift Cards• 1% off Personal Loans• $25 VISA Gift Card for opening a VISA
– Results• 55 Personal Loans• 135 VISA Credit Cards
Service CUService CU
• Method 2: Cyber Monday– Online Only (Saturday – Monday)
• $25 VISA Gift Card for opening a VISA
• Results– 12 VISA Credit Cards
Affinity Federal CUAffinity Federal CU
• Basking Ridge, NJ
• Assets: $1.9B
• Members: 136,646
• Loan Originations (YTD 3Q): $313M
Affinity Federal CUAffinity Federal CU
• Method: Loan Health Check Program– Using Member data found loans Members
held elsewhere– Personally called Members– Help Members find a way to better save
• Results– 14% loan growth
Workers CUWorkers CU
• Fithburg, MA
• Assets: $782M
• Members: 66,403
• Loan Originations (YTD 3Q): $140M
Workers CUWorkers CU
• Method: Free Credit Report – Any Member that comes into a Branch– BD Officers went to SEG’s– Also, offer to evaluate the report
• Results:– Loan Growth of 76%
San Francisco Federal CUSan Francisco Federal CU
• San Francisco, CA
• Assets: $674M
• Members: 27,857
• Loan Originations (YTD 3Q): $160M
San Francisco Federal CUSan Francisco Federal CU
• Method: Targeted Direct Mail– Target Members with $5,000 or more in
outside Auto Loans– Went to 740 people
• Only those that would benefit (NetPromoter)
– Mailings quoted a specific rate based on Members tier
– Results: • 125 responses
Apple Federal CUApple Federal CU
• Fairfax, VA
• Assets: $1.28
• Members: 111,469
• Loan Originations (YTD 3Q): $197M
Apple Federal CUApple Federal CU
• Method: Realize Your Dream– $10,000 Grand Prize Drawing– Entry for each loan application or
submitting your (dream) story online– Comprehensive campaign Oct – Dec
• Results:– ROI of 794%– $22M in loans