How SavvyMoney’s Auto-Enrollment feature helped Knoxville TVA Employees Credit Union gain nearly $7M in Incremental Loan Volume.
AT A GLANCE
About Knoxville TVA Employees CU: 268,000 members, 152,000 digital banking users, $4B in assets
SavvyMoney Partnership: Launched July 2019
Impact: 150% increase in funded loan volume through SavvyMoney’s Offer Engine, 90% product engagement rate, $6.8M in incremental loan volume
OPPORTUNITY
Knoxville TVA Employees Credit Union has experienced exceptional engagement and success with SavvyMoney. As part of their philosophy of people helping people, they wanted to make it even easier for every member to reap the benefits of free credit score visibility, financial education, and personalized offers automatically. In addition, SavvyMoney would empower the credit union with real-time credit insights and digital marketing tools to deepen and grow member relationships.
SOLUTION
The credit union decided to leverage SavvyMoney’s auto-enrollment feature, which, as the name suggests, automatically enrolls all digital banking users onto the SavvyMoney solution. Once enabled, all features and benefits would be made available to members upon logging in to online or mobile banking.
IMPACT
Within 45 days of turning on auto-enrollment, the credit union saw incredible results, ranging from increased engagement to substantial loan growth.
Darren Lee
VP of Consumer Lending, Knoxville TVA Employees Credit Union
“SavvyMoney is always looking out for our best interest and we love that now members are automatically enrolled in the solution and get instant access to their credit scores, financial education tips, and so much more. As an added benefit, we have seen a tremendous amount of loan growth through the SavvyMoney Offer Engine. Thank you for being a financial advocate for our members!”
