Credit unions already possess very powerful data that has the potential to drive marketing campaigns that send the right message, to the right member, at the right time. But how can you unlock the power of this data? Transactional Data Mining (TDM)!
“TDM is a significant tool used to identify members with a potential need,” shared Doug MacDonald, Synergent’s VP of Marketing Services. “Using it as a data source targets recipients with promotional offerings that benefit both the members with the new product or service, and the credit union in new earnings.”
The Power of Data Mining
TDM analyzes core data or transactional data (such as ACH, bill pay, or cards transactions), and breaks it down to create segmented lists. Depending on the objectives that a credit union has, the segmented lists can be used to target specific members with promotions that likely are most relevant to them while aligning with credit union’s goals. Benefits for credit unions include:
- Reaching the right members, at the right time, with the right message
- Saving time and marketing dollars
- Increasing return on marketing investment
Leveraging Data Effectively
Casco Federal Credit Union, headquartered in Gorham, Maine, leveraged their member data in a campaign that yielded a 117% increase in auto loans over the same period in the prior year! Download the case study to learn more.