Credit Union Member Acquisitions Success
Find out what credit union professionals have to say about Experian's role in helping them find and acquire new members.
Member acquisition: Target and acquire new members using data analytics.
How do you find the best new members while mitigating risk?
Carrie Shumway, Arizona Federal Credit Union
Our biggest business challenge right now that we’re facing is loan production.
Jim Block, Baxter Credit Union
Growing our business in a safe, responsible manner.
Finding those qualified members that we need to target and make appropriate offers to.
Making sure we’re not taking on any adverse selection as we’re continuing to grow our membership.
Carl Rohr, Sound Credit Union
We’ve just been really impressed with the level of expertise that we’re able to garner from the analysts.
The products help us target those, both the members and non-members, that potentially have a need for a product or a service.
How do you identify the right prospects?
We’ve engaged in a prescreen process multiple times with Experian.
I’d say prior to Experian, we had higher losses on the prescreens than we have since we implemented them with Experian. It’s just a bit more sophisticated development of criteria.
We use a daily triggers file for auto triggers and mortgage triggers.
One of the things we’ve been able to do is utilize the TAPS (Total Annual Plastic Spend) product and the Income Insight product to help identify which members are going to be the most interested in specific credit card types. That’s helped us improve our response rates of our credit card offer campaigns.
We recently did a HELOC prescreen for the first time. We were the first one in our market to do that. It was really successful. We’ve generated record volumes of home equity lines of credit as a result of that.
Acquisition strategies: Identify creditworthy prospects, Develop targeted offers, Achieve quality growth
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Total Annual Plastic Spend
Target high spending members with customized offers and rewards with an estimate of their total annual credit card spend.