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Loan Promotion Case Studies

Loan Promotion Case Studies. Matt McPherson. Case Studies. Information gathered from CU TV, Callahan & Credit Union Times. Northwest Federal CU. Herndon, VA Assets: $2B Members: 104,997 Loan Originations (YTD 3Q): $351M. Northwest Federal CU. Method: eMail Blast about slashing auto rates

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Loan Promotion Case Studies

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  1. Loan Promotion Case Studies Matt McPherson

  2. Case Studies • Information gathered from CU TV, Callahan & Credit Union Times

  3. Northwest Federal CU • Herndon, VA • Assets: $2B • Members: 104,997 • Loan Originations (YTD 3Q): $351M

  4. Northwest Federal CU • Method: eMail Blast about slashing auto rates • 32,000 emails sent • 8,000 were opened • 2,000 click through rate • $1.4M in loans

  5. Visions Federal CU • Endicott, NY • Assets: $2.5B • Members: 127,290 • Loan Originations (YTD 3Q): $411M

  6. Visions Federal CU • Method: Black Friday Loan Sale • 2 day loan sale on Black Friday weekend • Rates published on Thanksgiving Day • 36 month auto loan at 1.99% • 3/3 adjustable rate mortgage with first 36 months at 1.99% • Unsecured 36 month personal loan at 2.99%

  7. Visions Federal CU • Results • 700 applications • $9.6M in new loans • 200 new Members

  8. Service CU • Portsmouth, NH • Assets: $1.73B • Members: 139,628 • Loan Originations (YTD 3Q): $384M

  9. Service CU • Method 1: Black Friday One Day Sale • Doorbusters: 6am-noon • No fee VISA Gift Cards • 1% off Personal Loans • $25 VISA Gift Card for opening a VISA • Results • 55 Personal Loans • 135 VISA Credit Cards

  10. Service CU • Method 2: Cyber Monday • Online Only (Saturday – Monday) • $25 VISA Gift Card for opening a VISA • Results • 12 VISA Credit Cards

  11. Affinity Federal CU • Basking Ridge, NJ • Assets: $1.9B • Members: 136,646 • Loan Originations (YTD 3Q): $313M

  12. Affinity Federal CU • Method: Loan Health Check Program • Using Member data found loans Members held elsewhere • Personally called Members • Help Members find a way to better save • Results • 14% loan growth

  13. Workers CU • Fithburg, MA • Assets: $782M • Members: 66,403 • Loan Originations (YTD 3Q): $140M

  14. Workers CU • Method: Free Credit Report • Any Member that comes into a Branch • BD Officers went to SEG’s • Also, offer to evaluate the report • Results: • Loan Growth of 76%

  15. San Francisco Federal CU • San Francisco, CA • Assets: $674M • Members: 27,857 • Loan Originations (YTD 3Q): $160M

  16. San Francisco Federal CU • Method: Targeted Direct Mail • Target Members with $5,000 or more in outside Auto Loans • Went to 740 people • Only those that would benefit (NetPromoter) • Mailings quoted a specific rate based on Members tier • Results: • 125 responses

  17. Apple Federal CU • Fairfax, VA • Assets: $1.28 • Members: 111,469 • Loan Originations (YTD 3Q): $197M

  18. Apple Federal CU • Method: Realize Your Dream • $10,000 Grand Prize Drawing • Entry for each loan application or submitting your (dream) story online • Comprehensive campaign Oct – Dec • Results: • ROI of 794% • $22M in loans

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