EECU

“It was like going from black & white to color!”

CUneXus Improves Loan Production for $2.2 Billion EECU in 90 Days

 

  loans          revenue


 

Highlights

Educational Employees Credit Union (EECU) experiences dramatic results during 90-day pilot.

  • 1,158 Auto, Visa & Overdraft loans generated

  • $24.5 million in total loan requests

  • $4.3 million in incremental loans

  • 3.76% direct response rate

  • 24% increase in ROI over previous year

 


“When we watched the demo of the CUneXus platform we were instantly hooked!  It was like going from black-and-white to color. Our loan pre-approvals have always been through snail mail, but now with cplXpress we can leverage our online banking, email, and mobile channels too.”

Michelle Hernandez, Communications Director, EECU


 

Background

Educational Employees Credit Union (EECU) is located in Fresno, California, and was established in 1934. Assets exceed $2.2 Billion with a membership of nearly 230,000, making EECU the largest financial institution in California’s Central Valley and one of the largest credit unions in the United States.

 

Challenge

EECU’s membership continues to grow but faces increased competition from other lending organizations for the same consumers. Maintaining customer loyalty and efficiently growing their overall loan portfolio have become top priorities.

 

Pilot Launch

Upon being introduced to the CUneXus Comprehensive Pre-Screened Lending Solution, EECU leadership initiates a pilot program for credit union employees only. The response is overwhelmingly positive. A live campaign is then launched to 31,000 credit union members. The program covers its cost in loan revenue within days.

 


“I’ve done a lot of new product deployments over the years and I think the implementation of cplXpress was one of the most pleasurable. The team at CUneXus was so easy to work with and very helpful in guiding us though the project.”

Harmony Frederick, E-Commerce Manager, EECU


 

Solution

CUneXus’ advanced risk assessment and pricing engine uses a combination of data points that includes existing product relationships and credit bureau information to generate highly-personalized sets of pre-screened loan offers for EECU members. Loan products offered in the EECU 90-day pilot include auto, RV, boat, and motorcycle loans as well as non-auto offers such as VISA credit cards and overdraft loans. During the pilot campaign, VISA and overdraft loans generated an additional 607 loans for $4.3 million in new incremental loan volume earned with no additional marketing expense.

 

Omni-Channel Delivery

CUneXus’ integrated marketing automation platform manages these offers over all delivery channels, including direct mail, email, online banking, as well as in the branch and call center—enabling EECU’s sales team to reshape conventional loan application pitches into engaging cross-sell conversations.

 

Results

CUneXus’ multi-product and multi-channel pre-approved lending approach generated a total of 1,158 vehicle, Visa and overdraft loans over the 90-day pilot, increasing EECU’s average revenue per accepted loan offer by over 70% and nearly tripling the overall revenue gained from this campaign as compared to the organization’s traditional auto-only pre-approval campaign from the previous year. EECU realized ROI of more than 363% with a 50% decrease in acquisition cost per loan.

 graphs3

Long-Term

The credit union is running CPL-driven pre-approvals quarterly and working with CUneXus Solutions to implement mobile banking integration and additional online banking features in the Fall (2014). EECU is also considering offering additional loan products via the cplXpress platform.

 


“Our first loan pre-approval campaign using CUneXus was a huge success, and we’re looking forward to brainstorming with them in the future concerning other lending opportunities.”

Michelle Hernandez, Communications Director, EECU


 

 

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