Case Study
Credit Union Uses Prescreen Data to Rev Up Auto Loan Portfolio
Financial Institutions: Data-Driven Marketing, Market Your Business
A large 50-branch credit union wanted new leads to grow its auto lending portfolio with both existing and new members.
The Challenge
A large 50-branch credit union, which works with military clients and their families stationed all over the world, sought new leads to grow its auto lending portfolio with both existing and new members. They were looking for a data partner that could help them find consumers that were already in the market to buy or refinance a vehicle.
The Solution
Deluxe proposed a comprehensive quarterly batch auto loan campaign using our tri-bureau data to identify consumers who both met the credit union’s unique underwriting requirements and were highly likely to convert on a new or refinanced auto loan.
On top of this, Deluxe used the consumer’s current auto loan information (such as current interest rate, monthly payment amount, and remaining balance) to build out custom creatives. Thus allowing the credit union to present consumers with the actual cost savings they could realize based on their current risk and loan situation.
To reach people most efficiently, Deluxe proposed a multichannel marketing campaign that paired direct mail with email to prove out the value of such campaigns for driving new auto loans.
In the end, the client selected Deluxe for a variety of reasons. First, they had a prior working experience with Deluxe and knew their team could deliver on the plan they presented. Second, they wanted to get access to the tri-bureau credit data from Deluxe. Lastly, they needed to tap into the decades of industry and data science experience that they could only get from Deluxe.
The Results
The program became one of the more successful marketing programs running at the bank and ran for 5 years in a row.
Based on the success of this particular program, the customer partnered with Deluxe on additional marketing programs, including credit and business triggers, as well as deposit and checking acquisition.
Over five years and 12 campaigns, Deluxe helped this credit union:
- Drive 30-percent decrease in cost per loan
- Fund 5,380 auto loans