Transactional Data Mining Gets Results

Merrimack Valley CU Recaptures Auto Loans with Synergent’s TDM Data Strategy

Using Synergent’s targeted ACH data mining strategy to maximize the return on their auto lending recapture campaign, Merrimack Valley CU experienced great success in increasing their auto loan portfolio by 44% over the prior year by! The “Love Your Loan” campaign has been so successful, it is featured in CU Magazine and received a 2017 CUNA Diamond Award.  

The key to this campaign was targeting members who already had auto loans and encouraging them to refinance at Merrimack Valley CU. This bypassed new car purchases and eliminated the need to rely on consumer buying trends. To determine the recipients of the enticing offer, which included incentives such as no payments and no interest for three months and rates as low as 1.99%, the Synergent team used Transactional Data Mining (TDM) to analyze data such as ACH, checks, bill pay, and cards information. The result was a total of 525 new auto loans totaling $8,279,617 in new lending during the four-month campaign period.

“TDM targeting opens a significant new door for credit unions – another tool and data source to identify members with a potential need, serving them with promotional offerings that potentially benefit both the members with new products and services and the credit union in new earnings,” shared Doug MacDonald, Vice President of Synergent Direct Marketing Services. “The benefits of credit unions leveraging transactional data to better serve members through data are clear – the power of data to place the right message, to the right member, at the right time has never been more powerful in creating surgical marketing and quantifying return on marketing investments.”

To learn more about how to get started on offering a similar campaign at your credit union, contact today!