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Wright-Patt Credit Union has consistently prioritized its members’ financial well-being. While already utilizing SavvyMoney’s core features, the credit union sought to elevate its partnership to fully align with its strategic commitment to empowering members and fostering stronger relationships. The credit union leveraged SavvyMoney to deepen member engagement and significantly drive loan growth, solidifying its role as a trusted financial partner.
AT A GLANCE
OPPORTUNITY
Several years after launching SavvyMoney, Wright-Patt CU identified an opportunity to deepen its engagement with the platform. While SavvyMoney was being utilized for financial wellness, leadership realized they weren’t taking full advantage of its capabilities to support the organization’s holistic goals, which are rooted in a “member-first” approach and a commitment to being a true financial partner. Their objective was twofold: first, to significantly increase overall adoption of SavvyMoney, and second, to use the rich insights available in Analytics to drive loan volume and enhance members’ financial well-being. They needed a strategic approach to move beyond just credit score access and integrate SavvyMoney more deeply into their lending and marketing initiatives.
SOLUTION
To achieve their enhanced objectives, the credit union embarked on a comprehensive “re-launch” strategy for SavvyMoney, with a dedicated group of stakeholders from both SavvyMoney and the credit union, meeting weekly to develop a multi- pronged plan.
IMPACT
- Loan Growth: Loan applications and funded loans influenced by SavvyMoney both grew significantly, with funded dollars influenced increasing over 6%, reaching $12 million.
- Improved Approval and Funded Rates: After the re-launch, applications approved through SavvyMoney had a nearly 49% approval rate, 5% higher than other channels. The funded rate for these loans was nearly 70%.
- Member Financial Health: Members actively using SavvyMoney showed an impressive average 20-point improvement in their credit score, demonstrating the platform’s direct impact on financial wellness.
- Effective Marketing: Monthly email campaigns for credit cards, personal loans, and auto loans consistently showed strong engagement, with average open rates exceeding 42%. The credit union utilized these insights to create personalized and impactful messaging for members based on their unique situation.
Wright-Patt Credit Union’s success highlights the importance of strategically integrating a powerful financial wellness tool like SavvyMoney. Embracing this holistic approach has not only deepened member relationships but also significantly advanced its lending objectives, solidifying its position as a trusted financial partner committed to its members’ success.