How Marketing Automation Helps Credit Unions Serve Their Members

How Marketing Automation Helps Credit Unions Serve Their Members

How Marketing Automation Helps Credit Unions Serve Their Members

Credit unions are taking advantage of marketing automation platforms, such as Act-On, to adapt, evolve and better serve their members along their financial journeys.

When it comes to building their business, credit unions often have to rely on their quality of customer service to compete with larger financial institutions. who typically have more capital and more market-share. Marketing automation helps credit unions further differentiate their superior customer service by allowing them to leverage behavioral data in real-time to more effectively communicate with their members in a 1:1 manner at scale – helping them to win more business, retain more members, and be more strategic about cross-sell opportunities.

Credit Union (CU) membership continues its record growth. According the Credit Union National Association (CUNA) there were just over 114 million CU members in March of this year, which was a 17 percent increase from 2013’s 97 million members.

A good many of those new members come to their community’s CU seeking a new- or used-auto loan. According to CUNA’s research and policy analysis department, auto loans comprise nearly 35% of credit unions’ loan portfolios.

That is where marketing automation platforms (MAPs) like Act-On can help credit unions serve their membership and their major life decisions, whether that is an auto loan, marriage, children, home ownership, or wealth management advice and services.

Marketing automation can help CUs leverage data they already have about members and member behavior to develop targeted marketing campaigns, cross-sell products and services, and stay engaged with member milestones.

Hundreds of financial services organizations have already turned to Act-On to steward their digital engagement strategy and marketing transformation.

Below are a few articles from industry periodicals, such as Credit Union Times, that review how credit unions are employing marketing automation, and specifically how Act-On credit union customers are seeing success.

Credit Union Times

Screenshot of Credit Union Times article about benefits of using marketing automation such as Act-On Software
Screenshot of Credit Union Journal article about benefits of using marketing automation such as Act-On Software

Credit Union Success Stories with Act-On

Truity Credit Union, an Act-On customer of four-plus years, saw an 80 percent increase in the number of leads generated after implementing Act-On Marketing Automation. Read the full case study here.

“With Act-On, we’ve been able to get a true picture of how successful or not our email marketing efforts are and how we rank with our competitors,” says Roxy Duncan, Sr. eCommerce Interactive Designer for Truity Credit Union. “We can use that intelligence to better segment our database and tailor our messaging to serve our members best.”

The latest credit unions to adopt Act-On’s marketing automation platform include:

  • Keesler Federal Credit Union, founded in 1947 and today the largest federal credit union in Mississippi, with $2.5 billion in assets and more than 200,000 members worldwide.
  • Interior Federal Credit Union, founded in 1935, and serving the employees and contractors of the U.S. Department of the Interior and their families, with more than $178 million in assets.
  • Tower Federal Credit Union, founded in 1953 and today the largest federal credit union in Maryland, with $2.99 billion in assets and 168,900 members worldwide.
  • University of Illinois Community Credit Union, founded in 1932, has more than $328 million in assets and serves more than 45,000 members.
  • SF Fire Credit Union, founded in 1951, has more than $1.2 billion in assets and serves more than 60,000 members.
  • TruStone Financial Credit Union, founded in 1939, has more than $1.3 billion in assets and serves more than 108,000 members in communities in Minnesota and Wisconsin.

Features like website visitor tracking, lead scoring, landing page and web form composer enable credit unions to capitalize on buyer behavior and website traffic to drive and qualify more sales ready leads, while advanced segmentation and automated programs enable them to deliver more personalized customer experiences that contribute to new acquisitions, customer retention, and upsells.

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About

Nathan is a senior content strategist. copywriter, podcaster and video guy at Act-On Software; past director of SearchFest, owner of Content Hack, and co-founder of Trailhead Beer in PDX.