Loan Promotion Case Studies

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