Credit Union Data Analytics: Wallet Share

We only have a couple of posts left – but don’t fret – we have saved some of our best content for the end of our Almost 99 Small Data Hacks for Credit Unions – Guide series. Today, we are covering how to gain wallet share for your credit union from data analytics. Who doesn’t want that?

Credit Union 2.0 – A Guide for Helping Credit Unions Compete in the Digital Age covers in depth both big and small data for credit unions. There are six types of data that your Credit Union should be aware of:

  1. Digital Analytics – Desire
  2. Profitability – Fit
  3. Wallet Share – Depth
  4. Transaction – Triggers
  5. Design Data – Predictive
  6. Execution – IFTT (if this than that)

This is a fun list with lots of innovative ways to trigger marketing campaigns once you have your marketing automation and content marketing in place.

Idea Data Action
Big Deposit Grooming Watch for unusually large deposits ($25k+) Develop a content campaign on key strategies to deal with new money. The strategy should be 5 to 10 blogs long and drive for a Call To Action (CTA) to download the guide. Once you see the deposit, start emailing the member weekly with one blog each week on the topic.
Loan Renewal 24 month Auto Loan Triggers a new content campaign on educational topics such as: maintenance requirements for older cars, when to trade your car in, how to determine your cars trade in value, etc.  Have 5 to 10 blogs targeting the goal of educating the member and renewing the loan!
Address Change When a member changes address Trigger an offer to order new checks
Venmo Usage Watch for the first Venmo usage Trigger a campaign on pros and cons of Venmo. Alternatives to Venmo.  Etc.
PayPal Usage Watch for the first PayPal usage Trigger a campaign on these various topics: pros and cons of PayPal, PayPal security vs. Credit Union Security, and the difference between PayPal and a credit union.
Bitcoin Usage Watch for the first Bitcoin usage Trigger a campaign on pros and cons of Bitcoin.  Educational piece on Bitcoin and how it works.
Low Balance Savings/Checking Low Balance Offer a skip a pay option that month for a fee and donate a portion to a local charity.
Pricing Auto price loans .25 points higher On the third consecutive good payment, send an email thanking the member and auto reduce the payment .25%.  This is a great built in surprise!
Rewards Monitor reward tiers on debit/credit Auto trigger outbound emails when the member hits new rewards tiers and options.
Tax Refunds When a one-time tax refund is deposited Trigger outbound content on key strategies for tax refunds, i.e. the impact of saving your tax refunds, what would your tax refund be worth if you saved it for thirty years at a credit union, etc.
Local Merchants Top usage and dollars locally Look at your members local purchase habits.  Create unique rewards where they already shop at local businesses.

a.       Ford – free car wash

b.       Coffee Shop – free cup of coffee

c.       Flower store – coupon

d.       Dry Cleaner – coupon

e.       Theatre (movie or otherwise) – free popcorn

f.        Kids Gym or activity – coupon for a class or session

g.       Home decoration store – special offer

h.       Home improvement store – coupon

i.         Gas Station – a fill up on us

j.         Grocery store – special offer

 

ATM Set the preference ·       Language

·       No Receipt

·       Last Deposit

·       Last Withdrawal

Credit Card Offer timing Other bank credit card payment date Most members pay their credit cards within the same 3 to 5 day window each month. Time credit card switch and educational content to when payments are due for each member.
Credit Card Purchase Subscription Data Members who aren’t using the credit union’s credit card should be offered an incentive to move recurring payments over.
Joint Member Added Look up wedding registry Send a congratulations gift or item from their registry. Follow-up with credit union guide to budgeting for newlyweds etc. It might also be a time where the couple begins looking for a house.
DMV Charge Watch for a local DMV payment Trigger information on how to change your address or other life stage events.

We are getting down to the end of the “Almost 99 Small Data Credit Union hacks” guide. The next two posts will be on “how to tell a member is leaving” and “how to get more “A” members” so stay tuned!

Want to learn more about how your fellow Credit Union leaders are using data? We invite you to join our Credit Union 2.0 Strategist Group where over one thousand industry leaders comment on new news and trends while sharing and learning from one another.

This is the seventh post in a 9 part series. If you can’t wait for next week and want the full “Almost 99 Credit Union Small Data Hacks Guide” click here!

In case you missed it:

Click here for part one of the data analytics series.

Click here for part two of the data analytics series.

Click here for part three of the data analytics series.

Click here for part four of the data analytics series.

Click here for part five of the data analytics series.

Click here for part six of the data analytics series.