Accolades Continue for Auto Lending Campaign

Alexa Bennett

Once in a while, a very special marketing campaign comes along that far exceeds all expectations – and then continues on its trajectory of success. Back in January, we reported that in 2016, Northern CU in Watertown, NY, partnered with Synergent Direct Marketing Services to launch a cost effective ACH data mining campaign. Running three phases of the campaign over two years, their ACH auto loan recapture program brought in over $14 million in new lending during the campaign periods. The campaign received significant attention in a article, and now has received a coveted Marketing Association of Credit Unions Award, which recognizes outstanding marketing achievements within the credit union industry.

Of the recognition and success, Alexa Bennett, Assistant Vice President of Marketing and R&D for Northern CU, shared that receiving the MAC award “was validation for how many members we were able to help and how much money we were able to put in their pockets each month.”

“I think for us it’s not so much about the recognition, but about how many members we were able to help,” continued Bennett. “A lot of people don’t realize they can refinance their auto loan. They think it is cumbersome or they’re locked into it. That was the biggest takeaway our loan officers had.”

Seeking to increase their auto lending portfolio, Northern CU offered members incentives such as cash back, rates as low as 2.95%, the option to apply online, and flexible terms up to 72 months. Synergent assisted Northern CU by providing custom ACH data mining and targeted data extract programming to focus their marketing efforts on their target audience. Synergent Direct Marketing Services also assisted with the postcard production and mailing, utilizing graphics designed in-house at Northern FCU.

“It definitely helped streamline,” explained Bennett. “Previously, when we had this idea, we knew the data existed but we didn’t know how to get to it.”

Because Northern CU also is a user of Symitar’s Episys® Core Processing Platform through Synergent, our in-house data mining team can use core data in generating a targeted marketing list. “It was very rewarding to help Northern CU identify and act upon so many unique marketing opportunities in their member transactional data,” stated Jen Braziel, Synergent Data Mining Specialist.

In the first two years alone, $299,978 of interest income can be tied directly to the postcard and email list used in this ACH data mining campaign. And as an added bonus, Synergent’s subsequent reporting and analysis shows that, in addition to the auto loans, an additional $1.3 million in additional non-auto lending during the second phase of the campaign also could be tied directly to the postcard and email list.

“It’s like an extension of your marketing department,” concluded Bennett, with regards to Synergent Direct Marketing Services. “They are so easy to work with. They are open to ideas…It’s like turning on the faucet!”

Read the full case study and contact Synergent Direct Marketing Services today to learn how your credit union can leverage data effectively in your next campaign!