Meriwest Credit Union | 877-MERIWEST (877) 637-4937 | Routing Number 321176833

Thursday, January 3, 2013

Leveraging Member Data for Loans

Fully electronic campaign eschews the use of print media 

San Jose, CA - January 3, 2013– Coming out of the current recession, demand for borrowing by members has been increasing, albeit slowly. To increase their share of their member's wallet, Meriwest Credit Union set out to analyze their member's credit usage and look for cost effective ways to gain wallet share without using print or media advertising. Utilizing the latest in analytic technologies and electronic marketing, they were able to identify through their membership those members with car loans, mortgages, and credit cards at other institutions, and who would most likely consider switching to Meriwest. Through a series of focused and tailored email campaigns, electronic messaging and awareness, such as "Shrink your Payment" and "Auto FICO," those members were invited to save money by moving their loans and credit cards to Meriwest Credit Union where they would have better rates, and lower payments on their outstanding balances. Analyzing their membership helped Meriwest grow its loan balances and increase its share of the member's finances. Members decreased the amounts they were paying monthly thus giving them and their families additional liquidity to save and invest.



"The response to the email campaigns was very successful. Since the start of the program in early 2012, Meriwest Credit Union has successfully re-financed $5.3 Million in Auto Loans for those members who took advantage of the offer to move their loans. This is a $3.6 Million increase in direct auto loan production over the same time period last year." said Julie Kirsch, Chief Operating Officer at Meriwest. "The campaigns also targeted members with credit cards and mortgages at other institutions. That campaign resulted in nearly 70 new credit card holders and $9.1 Million in refinanced mortgages for Meriwest Mortgage, the mortgage lending subsidiary of Meriwest Credit Union."

"We used a number of analytical tools to determine the members who would be targeted in the 'Shrink Your Payment' and 'Auto FICO' campaigns." said Tony Cortez, Vice President of Marketing at Meriwest Credit Union. "These campaigns were finely targeted and designed with the expectation of "most likely to consider". Not only did we increase our market share and our loan balances, we created a closer relationship with these members. Because we offered them the opportunity of a better rate and lower payments, to many of our members we are no longer just a credit union; these members see us as a valued financial solutions provider."

About Meriwest Credit Union
Meriwest Credit Union, one of Silicon Valley’s largest and established financial institutions, has been providing proactive, personal, convenient and innovative financial services to over 72,000 businesses and families throughout the San Francisco Bay Area and Tucson, Arizona, since 1961. More information can be found at www.meriwest.com.


Contact:
Meriwest Credit Union
Gregory Meyer
Community Relations Manager
408-365-6328
gmeyer@meriwest.com


Return to www.meriwest.com

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