Overview

Credit Union of Texas (CUTX) wanted to ensure members made CUTX their primary financial institution. Knowing direct deposit is a key driver of primary financial institution status, CUTX leveraged the Digital Onboarding engagement platform to increase direct deposit and other service enrollment rates.
‍
Prior to Digital Onboarding, CUTX was sending email blasts using an industry-leading customer relationship management (CRM) platform. The platform wasn’t designed for financial institutions. The most recent group of members to receive a campaign from the old platform adopted services at the following rates within 90 days of account opening:

• Direct Deposit: 8%
  
• eStatements: 43%
• Online Banking: 79%
• SMS Opt-In: 0%

Campaign goals

CUTX wanted their new checking activation campaign with the Digital Onboarding platform to meet or exceed prior adoption metrics.

Campaign tactics

Using the Digital Onboarding engagement platform, CUTX sent members up to seven emails and six text messages encouraging them to enroll in various services.

Each message linked members to their personalized Digital Onboarding microsite. Within each microsite, members were met with instructions on how to sign up for each service.

Campaign results

At the 90-day mark, the results of this campaign met or exceeded the goals set forth by CUTX. With their Digital Onboarding campaign, CUTX members adopted services at the following rates:

• Direct Deposit: 38% (375% lift)
• eStatements: 46% (7% lift)
• Online Banking: 78% (1% decrease)
• SMS Opt-In: 16% (No prior results)

Overview

For two weeks in the fall of 2019 and spring of 2020, Certified Federal Credit Union (FCU) ran integrated, prequalified, credit card cross-sell campaigns to deepen member engagement and grow its credit card portfolio.

Campaign goals

Beat the fall campaign cross-sell conversion rate of 1%

Campaign tactics

For the spring 2020 campaign, the two personalized emails and a SMS message linked to a personalized web page presenting specific credit limit and annual percentage rate (APR) offers to any member who did not act on the fall offer based on the prequalification process. The risk criteria was identical for both campaign lists.

The personalized tactics for the spring campaign communicated prequalified offer details including the maximum line of credit and APR offered to each member.

Campaign results

The main difference between the fall and spring campaigns was the use of personalization capabilities within the Digital Onboarding platform.

Overview

OCCU offers a rate discount of 0.25% to indirect auto loan members who enroll in eStatements and auto-payments. The member – often new to the credit union – commits to both while at the dealership, but if they fail to take action to complete their enrollment, they do not receive the discount and are charged a $250 paper statement fee. The auto-payments are processed automatically for the member at funding. However, OCCU found that the member often does not realize they need to manually enroll in eStatements while at the dealership.

Campaign goals

Better serve indirect auto loan members during onboarding by automating eStatement enrollment, bypassing negative first impressions, and reducing incoming call volume as a by-product.

Campaign tactics

OCCU leveraged Digital Onboarding to trigger emails and text messages that led members to personalized microsites that provided real-time access to the Digital Onboarding Enrollment Widget. The widget allowed members to enroll in eStatements without the extra steps of registering or logging into digital banking.

As a bonus, they could confirm or change their original payment due date. Members received clear, educational explanations of the rate discount benefit and potential fee penalty, and could complete eStatements enrollment within seconds.

Campaign results

As a result of this campaign, 50% more OCCU indirect auto loan members adopted eStatements, and the average time to enroll was reduced by 63%, from 35 to 13 days. But it doesn’t stop there! The results showed an enhanced external member experience and efficiencies for internal teams, as talk time on loan-related calls is, on average, down by more than one minute.

OCCU also reported that 88% of members who engaged with a Digital Onboarding journey were using a mobile device, and the majority chose to interact with text messaging over email. In addition, OCCU realized cost savings since these members don’t have to create digital banking profiles for what is often the single purpose of enrolling in eStatements.

Overview

Deseret First Credit Union (DFCU) noticed that some members were not using their debit cards online as much as the credit union expected. It wanted to incentivize using its debit cards for online purchases.

Campaign goals

Increase total transactions and spend on DFCU debit cards and make them top-of-wallet.

Campaign tactics

Using the Digital Onboarding engagement platform, DFCU sent members five emails and five SMS text messages over 60 days. Each message directed members to a personalized Digital Onboarding microsite that included the innovative Card on File widget. The widget allows members to switch their default payment method at 60+ online shopping or service providers simultaneously in just a few easy steps.

The campaign was designed to remove friction from the card updating process. Each microsite included clear instructions on how to use the widget. To motivate action, DFCU offered an up to $100 incentive to members that updated their default payment method at five or more merchants.

Campaign results

The campaign successfully drove behavioral change and increased spending. 40% of those that engaged with the offer had a sustained increase in DFCU debit card transactions. Spending was up 900% at merchants where users made a switch, and total overall spend from these members was up by 40% compared to their pre-campaign spend.

Overview

Island Federal Credit Union is among the top-performing credit unions in New York State with more than $1.5B in assets. It serves over 52,000 members with affordable banking products and services and continually strives to deliver a best-in-class member experience. The credit union understands that checking accounts are key to winning household relationships, so it has strategically focused on minimizing the attrition rate for its Cash Back checking account holders.

Campaign goals

Reduce the Cash Back checking account holder attrition rate by 10% (comparing 2022-2023 to 2017-2021)

Campaign tactics

Island Federal’s Cash Back checking account has no monthly fee, no minimum balance requirement, and comes with uChoose Rewards® that lets members earn 1 point for every $2 they spend on their debit cards.

The credit union educated its front-line staff and leveraged the Digital Onboarding engagement platform to ensure Cash Back checking account openers understood the value of the rewards program and other account benefits.

Island Federal used the Digital Onboarding platform to automatically deliver up to nine personalized email messages and nine SMS text messages during the 40 days after account opening. Messages linked members to their personalized microsites with self-service tools that made it easy for people to adopt account-related services:

• Secure Personalizations Widget: Helps account holders retrieve their member numbers online, so they can enroll in services
• Direct Deposit Widget: Lets members instantly enroll in direct deposit without logging into their HR portals or contacting Social Security
• Card on File Widget: Makes it easy to make Island Federal’s debit card the default payment method at a variety of merchants simultaneously
• Mobile App Widget: Automatically directs members to Island Federal’s page in the App Store that matches members' mobile device types

Campaign results

After running the new campaigns for over two years, Island Federal reduced its attrition rate for Cash Back checking account holders by 25 percent. The credit union also saw 20 percent more of its membership enrolling in digital banking and 14 percent more enrolling in online banking compared to the prior period.