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Case Studies

A Northwest Credit Union | WA | Assets: $2B

Marketing Data Platform • Digital Communications • Conversational Analytics • Strategic Consulting
Marketing

A Northwest Credit Union Increased Loan Balances by 34% Through Their Member Perks Program

How Marquis’ Marketing Data Platform helped a northwest credit union grow loan balances and create stickier relationships.

_______________________

32%

enrollment in Member Perks program

34%

higher loan balances from enrolled program members

3.16

unique products per household 

Campaign Overview

Challenge

The credit union was determined to increase the use of additional products and services through enrollment, adoption, and engagement in the Member Perks program.

Strategy

The CU partnered with Marquis to obtain crucial insights from their member data, which they used to proactively send personalized, multi-channel campaigns encouraging members to enroll or utilize benefits.

A Northwest Credit Union

  • Asset Size: $2B
  • Headquarters: Washington
  • Marquis Solutions: Marketing Data Platform, Digital Communications, Conversational Analytics
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I've seen how Marquis’ solutions can drive member engagement and loyalty. Our Member Perks program has been a game-changer, providing tangible benefits to our members and strengthening their connection with us. This partnership has been crucial in enhancing our engagement strategies and achieving impressive results.’’

Vice President of Marketing

Here’s How They Did It

Objective

Like many credit unions and community banks, the CU faced the challenge of enhancing member engagement and loyalty in a competitive market.

Like many credit unions and community banks, the CU faced the challenge of enhancing member engagement and loyalty in a competitive market. They aimed to create a program that would offer tangible benefits to members, encouraging them to use multiple products and services. The objective was to establish deep, profitable relationships with their members throughout the lifetime of their financial journey. 

Goals included: 

  • Increasing the number of products per member 
  • Boosting loan balances 
  • Enhancing overall member engagement

Strategy

In 2017, the CU launched its Member Perks program.

The marketing team knew they needed to offer compelling incentives to motivate members and help the credit union achieve its growth goals. Key Member Perks benefits include:

  • Rate bumps on CDs
  • Discounts on auto loans
  • Savings on home equity or mortgage loans

To qualify for the Member Perks program, members needed to have a combination of key services and products, such as:

  • Checking account with debit card
  • Easy saver account
  • E-statement enrollment

The CU partnered with Marquis to drive enrollment, adoption, and engagement in the Member Perks program and other products and services.

Implementation

With Marquis’ Marketing Data Platform (MDP) and Conversational Analytics, the CU could easily reveal members who did not yet have qualifying products and services.

Once identified, they used Marquis’ digital communication and direct mail solutions to trigger automated, personalized communications encouraging activation and enrollment among those members.

Promotion of the Member Perks program began during onboarding to drive account activation and member loyalty from the start. Once enrolled, the credit union continued leveraging Marquis to drive program and product engagement. MDP provided a comprehensive view of all member data, allowing the CU to see which perks and products members used. Based on utilization, personalized, multi-channel campaigns via email and/or direct mailers were triggered to increase engagement and promote additional products.

The Member Perks program became a cornerstone of the CU's marketing strategy. With Marquis’ help, ongoing promotion of the program was integrated into various multi-channel campaigns. Even when not running major campaigns, the marketing team could reach out and provide tangible benefits to members.

Results

The Member Perks program has yielded impressive results for the credit union:

  • Member Perks Membership: 32% of all members enrolled
  • Benefits Utilized: 8,500 members have utilized Member Perk benefits
  • Additional Products:  On average, members with Member Perks have one more product than unenrolled members
  • Loan Balances: 34% higher loan balances among Member Perks members

Response Rates with Marquis:

  • Indirect & Direct Onboarding Programs: Over 17% response rate
  • New Product Campaigns: Over 22% response rate
  • Unique Products per Household: Increased to 3.16
  • Active Debit Card Usage: 60% of members
  • Online Banking Engagement: 70% of members logging in monthly

These results highlight the effectiveness of the Member Perks program in driving member engagement and increasing the utilization and adoption of the CU's products and services.

Benefits

By partnering with Marquis, the credit union's marketing team experienced several key benefits:

  • Better Decision-Making: Data-driven insights enabled better strategic decisions and adjustments to optimize the Member Perks program and campaigns.
  • Increased Member Engagement: Personalized and consistent communication across multiple channels improved enrollment and product adoption.
  • Operational Efficiency: Automated and triggered campaigns allow the CU’s team to work more efficiently and strategically. 

Key Takeaways

The credit union's partnership with Marquis has demonstrated how a well-implemented engagement strategy can drive substantial growth and loyalty.

The Member Perks program not only provided tangible benefits to members but also strengthened the relationship between our CU and its members, leading to a significant increase in their share of wallet. It’s a win-win.

I firmly believe that our Member Perks program has been instrumental in fostering deeper connections with our members. With Marquis' support, we've successfully cultivated trust and loyalty, driving meaningful results for our credit union."

- VP Marketing & Communications