Transformative Digital Overhaul Propels Community Credit Union to 400% Increase in Digital Deposits
Overview
A $550 million community credit union achieved impressive growth through a series of innovative digital strategies, focusing on full-funnel lead generation, abandoned application recovery, and digital deposit conversions. By optimizing key areas, the credit union realized significant improvements in a short period.
Challenges:
- Low Conversion Rates: Struggled with low digital deposit conversions for their CD campaign.
- Abandoned Applications: Faced high rates of abandoned applications for auto, credit card, personal loans, and mortgages, leading to lost potential revenue.
- Cost-Effective Lead Generation: Needed a cost-effective method to generate leads and close non-interest income (NII) without substantial ad spend.
Solution:
- Full-Funnel Lead Generation: Launched a pilot program for full-funnel lead generation, spending less than $200 on Facebook ads to achieve a high ROI.
- Abandoned Application Recovery: Implemented a system to recover abandoned applications across various loan products.
- Behavioral Economics for CD Campaign: Applied behavioral economics principles to the CD campaign landing page to boost digital deposit conversions.
Results:
- Full-Funnel Lead Generation: Generated more than $10,000 in closed NII within 60 days, spending less than $200 on Facebook ads, resulting in a 4,900% ROI.
- Abandoned Application Recovery: Added an extra 15% in funded loans through an abandoned application system for auto, credit card, personal loans, and mortgages.
- Digital Deposit Conversions: Increased digital deposit conversions for their CD campaign by 400% using behavioral economics on a campaign landing page.
Impact:
- Exponential Growth: Achieved substantial increases in digital deposit conversions, lead generation, and loan funding, showcasing the effectiveness of the applied strategies.
- Cost Efficiency: Demonstrated exceptional returns on investment with minimal ad spend, highlighting the potential of cost-effective digital marketing.
- Enhanced Loan Funding: Successfully recovered and converted abandoned applications, leading to increased loan funding across multiple product lines.
Steps to Success:
- Full-Funnel Lead Generation Program: Launched a pilot program for full-funnel lead generation, achieving a 4,900% ROI with less than $200 in Facebook ad spend, resulting in over $10,000 in closed NII within 60 days.
- Abandoned Application Recovery System: Implemented a system to recover abandoned applications, adding an extra 15% in funded loans for auto, credit card, personal loans, and mortgages.
- Behavioral Economics Application: Applied behavioral economics principles to a CD campaign landing page, resulting in a 400% increase in digital deposit conversions.