How the credit union used SavvyMoney’s data and analytics to execute a successful auto loan refinancing campaign.
AT A GLANCE
About Lanier FCU: Georgia-based, $68MM+ in assets
SavvyMoney Partnership: Established September 2021, 29% digital user adoption
Impact: Record high sales month with 85% of new auto loan volume directly attributable to SavvyMoney, $2.8MM funded auto loans in March 2022
OPPORTUNITY
Lanier Federal Credit Union strives to maximize the cost savings and overall financial health of their members while also achieving profitable loan growth. According to Damian McNeese, lending manager at LFCU, there was a clear opportunity to drive growth by improving loan retention and more successfully recapturing paid-out loans. The credit union was increasingly losing members to predatory lenders. Damian was confident the credit union could better protect its members through better financial education and more effective communication about LFCU’s money-saving offers and products.
SOLUTION
Through SavvyMoney Analytics, the LFCU team leveraged credit and share of wallet data to identify actionable growth opportunities. Using SavvyMoney’s digital marketing tools, they executed a highly- targeted campaign to drive auto loan volume in March 2022. Not only did SavvyMoney’s data help to focus the team on imminent opportunities, but the platform allowed LFCU to increase the visibility of money-saving offers, and also increased engagement with offer marketing by enabling LFCU to create highly personalized messaging with quantified interest savings at the member-level.
SavvyMoney also added tremendous value to members with its educational content and interactive financial decisioning tools. Members learned about the importance of maintaining a healthy credit profile and about ways to strengthen their financial well-being.
BENEFITS
- LFCU drove $2.7MM in loan volume – a record month – and SavvyMoney drove 85% of that.
- The team achieved a wildly positive ROI, investing only $1,000 to pay for the SavvyMoney tool and some additional marketing.
“Not only has SavvyMoney helped us drive incremental loan volume, but it’s actually enabled us to enhance the overall digital experience for our members. And, I have to say, that the SavvyMoney team is as valuable as the solution itself!”
– Damian McNeese, Manager, Lending, Lanier Federal Credit Union