casestudy - Synergent

Onboarding Strategies

C A S E

S T U D Y

THE FIVE W’s OF ONBOARDING

“When adding data mining to any campaign strategy, you increase the relevancy of the message sent. Data mining can significantly increase return on investment due to targeting the members most likely to adopt the product you are promoting.” ~ Jennifer Braziel Data Mining Specialist Synergent Direct Marketing Services

Onboarding is proven to increase member retention and aids in a feeling of credit union connectedness. With growth and member satisfaction as top priorities for credit unions, onboarding is the most valuable way to reach new members and ensure they are informed of credit union offerings while fostering the credit union experience.

WHO receives onboarding communication? • Onboarding is a targeted, 90-120 day campaign WHAT is the value of onboarding? • Improved member retention • Decreased member churn • Increased cross-selling success • Greater product penetration • Members feel more closely connected to the credit union • Proven results for significant ROI WHEN is the best time to communicate through onboarding? • Onboarding begins as soon as a member joins your credit union • The best chance of cross-selling additional products or services to a new members is highest within their first 90 –120 days of membership • Customized, personalized communication with newest members WHERE does onboarding draw from? • Successful onboarding campaigns follow a formula: uniform branding, creativity, and data mining to target the appropriate audience • Analyzing transactional information allows new members to receive personalized communications highlighting only the products of likely relevance to them WHY Synergent? • Turnkey member data mining • Results that report ROI • Simplified “easy” startup • Complete customization • Personalized member solutions • Welcome new members and educate about products and services offered

CASE STUDY: HERITAGE VALLEY FCU Evidentiary Support: First Five Months • 20% year-over-year increase in the shares per member ratio • 50% year-over-year increase in checking accounts opened • 140% increase in online banking members signed up within first four months of membership over same period year prior

LOCATION: York County, PA FIELD OF MEMBERSHIP: Open to those who live, work, worship or attend school in

D AY N E ,

York County, PA or relatives of current members ASSETS: $74,594,265 MEMBERS: 11,705

DAYNE ROWLAND JR 527 LAKE MEADE DR EAST BERLIN, PA 17316

D AY N E

HeritageVally 88212 OnBoarding_Pstc

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PHASE 1 ONBOARDING POSTCARD

Q&A with Tara Kochansky, Marketing Director, Heritage Valley Federal Credit Union Q: Describe the impact of onboarding on checking, loans and home banking. A: While it’s only been a few months since we started the onboarding program with Synergent, we’ve already begun to see some very encouraging results that the program is working. We’ve seen on average a 20% year-over-year increase in our shares per member ratio, 50% increase in checking penetration and a 140% increase in home banking penetration. Q: Why do you feel onboarding has been so successful? A: We all know how busy life can get, so why not help our newest members by reminding them of all the valuable products and services that are available? Onboarding helps us do just that. Q: Direct Marketing Services combined elements of branding, creative design, and data mining into the onboarding campaign. What did you think of the results? A: The combination of branding, creative design and data mining has resulted in being able to deepen the relationships with our new members much more successfully than what we did in prior years without the use of onboarding. It’s taken very little effort on our part because of the automation and great reporting! (continued)

“Onboarding is so successful because honestly, people are busy. When members first open their account they likely don’t take the time to look at all the products and services that are made available to them by being a member. Onboarding is a targeted, personalized reminder of the products and services that could be beneficial to them. The messages are relevant at appropriate times, so they feel as though we’re keeping in touch, but not hammering them with sales pitches either.”

~ Tara Kochansky Marketing Director Heritage Valley FCU

CASE STUDY: HERITAGE VALLEY FCU Q&A with Tara Kochansky (continued) Q: Anything else you’d like to share? “Results are both trackable and measurable, with comprehensive reporting to help you realize and quantify return on investment. The value of retaining a member over

I can never say enough about how much I enjoy working with our Direct Marketing Services Representative and everyone else at Synergent! She is knowledgeable of our industry and the needs of credit unions, produces quality personalized and branded pieces that are unique to our organization, utilizes our data to target members making my marketing budget go farther and is always willing to help in any way she can to make each campaign a success. I wish all my vendors were as easy and great to work with as the Synergent team!

their lifetime cannot be overstated. Onboarding supports new member growth, increasing product and service adoption, driving additional deposit accounts, and creating new loan opportunities per member.”

For more information

JOEL DUNKLEBARGER 47 W WALNUT ST YOE, PA 17313

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PHASE 2 ONBOARDING POSTCARD GERALDO, Valley FCU! for becoming a member of Heritage I would like to personally thank you financial advantages of banking with a large As a member, you’ll experience all the to a local, member-owned, not-forbelonging of benefits the gaining also institution while truly is on your financial needs. profit organization, where our focus need or want; may services and products that you Along with providing all of the financial Our goal is in technology in the banking industry. we deliver them by utilizing the latest convenient as and borrowing money as easy and finances your managing make to simple; possible. at Heritage Valley we also think you’ll appreciate that When it comes to borrowing money, when it comes to things happen to good people. So we understand that sometimes bad story then just realize that there is often more to your lending you the money you need, we experience. what makes borrowing from us a positive your credit score. We believe that is FCU. Valley Heritage of member a chose to become You made a great choice when you you begin once decision great a why you made such We truly believe you will experience products. utilizing our banking services and loan y to serve you each and every day. Thank you for giving us the opportunit Kind Regards,

Tim Ames

President/CEO ~ Heritage Valley FCU

Contact our Direct Marketing Service Representatives CREDIT CARDS

AUTO LOANS

1-800-341-0180 1-800-442-6715 in Maine

MORTGAGES

ONLINE BANKING

CHECKING

MOBILE BANKING

myhvf cu.com you and your money A positive experience for

[email protected]

synergentcorp.com

JOEL


WELCOME

~ Doug MacDonald Vice President Synergent Direct Marketing Services

JOEL,

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Heritage Valley 88212 OnboardingLetter_

ONBOARDING WELCOME LETTER

To start an onboarding strategy at your credit union, email

[email protected]

to schedule a time for a personalized webinar and discovery session.

CaseStudyResults

Heritage Valley FCU’s Mortgage Campaign Brings Home Loans Heritage Valley FCU successfully launched a personalized, targeted direct mail campaign which resulted in an increase of first-time mortgages. Targeted members were sent a personalized postcard with a friendly incentive to contact the credit union’s loan officer for purchasing or refinancing options. The two month campaign resulted in 10 new loans totaling $1,373,844.00 According to Tara Kochansky, Marketing Director at Heritage Valley FCU, they had been offering first-time home loans for years, but needed a boost to make members aware of the offering.

Location: YORK COUNTY, PA FIELD OF MEMBERSHIP: If you live, work, worship, go to school OR ARE RELATED TO A CURRENT MEMBER in York County, Pennsylvania, you are eligible for membership at Heritage Valley Federal Credit Union.

ASSETS: $75M MEMBERS: 12,060

Let Heritage Valley FCU take the worry out of financing your new home.

HERITAGE VALLEY FCU DIRECT MAIL POSTCARD

Call, email, or go online to contact us. Contact Karen Alwine

Buying a home is a big decision.

[email protected] 717.840.4981 ext. 276 Toll Free 866.253.6784

With Heritage Valley’s expertise, you’ll know what to expect throughout the entire process.

Or, simply visit HVFCUmortgage4u.com, where your contact information will be submitted directly to Karen. You’ll receive a reply within the next business day.

As one of the area’s most knowledgeable home lenders, we’re committed to going the extra mile to help home buyers get the financing they need. Schedule an appointment, email or call to see what we can do for you!

Federally Insured by NCUA

Christopher

Presort First Class U.S. Postage

PAID

2400 Pleasant Valley Road York, PA 17402

Farmington, ME Permit No. 30

Picture Yo u r s e l f I n Yo u r Dream Home

A positive experience for you and your money

“Despite countless email campaigns, branch signage, and flyers there was still a lack of awareness amongst our membership for the program,” explained Tara. “Between targeting the right members to the personalized piece, the results far exceeded our expectations in raising awareness by evidence of our unique URL clicks and new business. We doubled our business from the same time the year before. The reporting Synergent helped provide and the results we saw make it an easy decision to do more targeted and personalized mailings with their help.”

Tara Kochansky Marketing Director

Profitable Results “This campaign started with targeting the right members. Heritage Valley FCU worked with Synergent Direct Marketing Services to extract member data that would work the best for this campaign. Credit union members between the ages of 25 and 55 with no first-time home loans with Heritage Valley FCU were sent a personalized postcard with a friendly incentive to contact their credit union’s loan officer for purchasing or refinancing options.”

Heritage Valley FCU

Shannan Heacock

(continued on back)

Senior Marketing Representative Synergent Direct Marketing Services

Campaign Services Included: • Campaign strategy and development • Data review and targeted extract • Creative development • Message development • Proofreading

The Offer A friendly reminder to members Heritage Valley has mortgage options!

➡ Finance first-time home loans

➡ Refinance your current mortgage

• Full color personalized postcards

Target Audience

• List preparation and mailing services

To increase mortgage lending with targeted members to finance or refinance, Heritage Valley FCU targeted members on the following criteria:

• Unique URL • Reporting

➡ Members ages between the ages of 25 and 55

• Postage

➡ Members with no first-time home loans with Heritage Valley FCU

Results Between September and December 2014, Heritage Valley FCU experienced significant increase in mortgages!

➡ 177 clicks through the unique URL tracking www.HVFCUmortgage4u.com on the postcard.

Return on Investment Happy home buyers and extraordinary earnings for Heritage Valley FCU!

Synergent Direct Marketing Services, an endorsed partner of the Pennsylvania Credit Union Association, recently wrapped up a successful mortgage campaign with Heritage Valley Federal Credit Union.

For more information Contact our Direct Marketing Service Representatives

➡ 10 new mortgages totaling $1,373,844.00

➡ $702,344 increase in total mortgage lending over the same period last year

“We gave them a budget number we felt comfortable with and they helped utilize our member data to target those that would be most likely to respond to help make the campaign most effective for the money we had to spend.” –Tara Kochansky

To learn more about Synergent Direct Marketing Services and how they can make your next campaign a success, visit Synergent online at www.synergentcorp.com or in person at Connect 2015 in Hershey, Pennsylvania. While you mingle with exhibitors, be sure to find Synergent on May 14-16, at the Hershey Lodge to hear more about target marketing.

1- 800 -341- 0180 1- 800 - 442- 6715 in Maine [email protected] www.synergentcorp.com

CaseStudyResults

Breaking Records with ACH Target Data Mining Heritage Valley Federal Credit Union and Direct Marketing Services partnered closely leveraging member data to target the right audience for an auto loan campaign. Heritage Valley provided an ACH data file that was used to determine which HVFCU members were making auto loan payments to other financial institutions.

LOCATION: YORK COUNTY, PA

DMS

FIELD OF MEMBERSHIP: IF YOU LIVE, WORK, WORSHIP, GO TO SCHOOL OR ARE RELATED TO A CURRENT MEMBER IN

HVFCU DATA RESULTS

YORK COUNTY, PENNSYLVANIA, YOU ARE ELIGIBLE FOR MEMBERSHIP AT HERITAGE VALLEY FEDERAL CREDIT UNION.

ASSETS: $75M MEMBERS: 12,060 Campaign Services Included:

with rates as low as

for a

Better Rate

0.99%

*

FOR A LIMITED TIME ONLY!

• Campaign strategy and development

Ready. Set.

Visit HVauto4u.com or call 866.340.0201 today to learn more!

Christopher tes with ra s Save today on your next auto purchase or by refinancing as low a

* 0.99%

your current auto loan from another lender with us! Get pre-approved today before you shop!

D TIME ONLY*As!low as rate of 0.99% FOR A LIMITE APR is based on a term

of 24 months for qualified borrowers including a 0.50% APR reduction for automatic payment service. (APR) Annual Percentage Promotional Rates are based on a primary borrower’s creditworthiness with a range of 0.99%-17.99% for an auto purchase or refinance loan submitted and approved by July 31, 2015. Minimum term to receive discounted rate is 12 months with a maximum term of 72 months. All loans subject to credit approval and standard underwriting guidelines apply. Promotion cannot be combined with any other discounts and may not be used to refinance current HVFCU loans or loans financed through an HVFCU Indirect Auto Dealer. Membership eligibility required. Limited time offer and can be withdrawn at any time at the discretion of the Credit Union. Federally Insured by NCUA. Equal Opportunity Lender.

Presort First Class U.S. Postage

PAID

Farmington, ME Permit No. 30

• Data review and targeted extract • Creative development • Message development • Proofreading • Full color personalized postcards • List preparation and mailing services • Unique URL • Reporting • Postage

for a

Better Rate

The Offer HVauto4u.com

HERITAGE VALLEY FCU DIRECT MAIL POSTCARD

➡ Low auto loan rates when refinancing ➡ Rates as low as 0.99% APR ➡ Easy, online application ➡ Offer available for a limited time only

The campaign was successful with 125 new auto loans, totaling $1,775,244. With a goal to obtain 75 new loans during the promotional period, the credit union surpassed their goal by 66%. Results tracked with a unique URL that was included on the postcard to tally online loan applications and click through traffic. The credit union increased auto loan lending by $495,706 over the previous year, the same period.

For more information Contact our Direct Marketing Service Representatives 1-800-341-0180 1-800-442-6715 in Maine [email protected]

www.synergentcorp.com