Credit Union Reclaims 9,200 Abandoned Applications in 90 Days

Overview

A $1.4 billion credit union on the East Coast successfully navigated a period of significant change and transformation, including two mergers and the creation of a new brand identity. Leveraging insights gained from the Digital Growth University, the marketing team of five implemented a Digital Growth Engine to drive substantial growth in auto loans and credit cards within just 90 days.

Challenges:

• Undergoing two mergers and creating a new brand identity
  
  
• Needed to enhance digital marketing capabilities and recover abandoned applications

Solution:

• Digital Growth University: Marketing team gained new perspectives and strategic insights.
  
  
• Digital Growth Engine: Applied knowledge to build a robust Digital Growth Engine for both auto loans and credit cards.
  
  
• Ongoing Coaching: Ensured accountability and continuous improvement through strategic workshops and ongoing coaching.

Results:

• Auto Loans: Recaptured over 4,300 abandoned applications, with 58% of conversions being new contacts, and generated 272 more inbound inquiries from potential applicants.
  
  
• Credit Cards: Recaptured over 4,900 abandoned applications, with 39% of conversions being new contacts.

Impact:

• Significant recovery of abandoned applications for both auto loans and credit cards.
  
  
• Enhanced ability to attract and convert new contacts.
  
  
• Strengthened the credit union’s digital marketing capabilities during a transformative period.

Steps to Success:

1. Education and Insight: Marketing team gained new perspectives and strategies through the Digital Growth University.
   
   
2. Digital Growth Engine Development: Built a Digital Growth Engine in 90 days, focusing on auto loans and credit cards.
   
   
3. Accountability and Improvement: Maintained accountability and continuous improvement through ongoing coaching and strategic workshops.