THE CLIENT
Founded more than 50 years ago, Members Exchange Credit Union is a not-for-profit financial cooperative that serves members in central and northern Mississippi.
THE CHALLENGE
The credit union wanted a more efficient way to reach new members with information about the wide variety of products and services available to them. It was important to make these members feel welcome right off the bat and make it easy for them to sign up for services.
THE SOLUTION
The whole process began with a welcome email that included a survey link. When members filled out the survey, they not only became trackable leads but also provided the credit union with information about what products they were interested in. That triggered automated emails to each member with relevant information on the exact services they were looking for and kept the credit union top of mind to meet their needs. New members also received reminder emails about other products and services that could be useful to them.
THE RESULTS
In the first 10 months of the program, Members Exchange saw an estimated 1,700 new members and more than $230,000 in profit, with a major increase in loan balances. In addition to what brought them to the credit union, new members opened:
122 new checking accounts
36 new direct deposits
2 new bill pay accounts
84 new auto loans (new and used) – with balances totaling $1,511,179.15
61 new personal loans – with balances totaling $179,150.00
3 new HELOCs – with balances totaling $192,235.00
3 new credit cards – with balances totaling $8,000.00
Total loan amount: $1,890,564.15
Estimated profit: $234,534.38
ROI: 13.9:1
IN THEIR WORDS
“Members Exchange Credit Union has had great results working with image.works on a Marketing Automation and onboarding program. Marketing Automation has been a great resource for our marketing and lending departments [because] we’re constantly communicating with our members, with little to no effort from the credit union. Plus, we have leads coming in from members who want to learn more about our products and services, which gives our PSRs the opportunity to cross-sell. We’ve been running this program for almost a year, and the ROI results really speak volumes to how successful it has been for us.”
– Angela Mitchell, VP Marketing