How SavvyMoney was able to help CoVantage Credit Union see $21M+ in new funded home equity loans.
AT A GLANCE
About CoVantage Credit Union: 89,237 Digital Banking Users, $3.7B in Assets
SavvyMoney Partnership: Launched in 2020 on the Fiserv Platform
Impact: $21M+ in new funded home equity loans
OPPORTUNITY
CoVantage Credit Union partnered with SavvyMoney to enhance their financial wellness offerings and leverage data-driven insights to boost home equity loan growth. By utilizing SavvyMoney’s advanced analytics, the credit union successfully targeted and personalized its home equity loan offers, resulting in substantial engagement and impressive loan growth.
SOLUTION
CoVantage employed SavvyMoney’s analytics to identify members with substantial home equity and favorable credit profiles. This data-driven approach allowed the credit union to create targeted email campaigns, delivering personalized and relevant home equity loan offers.
The email campaign was strategically crafted to maximize member engagement. With 8,813 emails sent, the campaign achieved a unique open rate of 48% and a unique click rate of 1.8%, demonstrating strong member interest and interaction.
IMPACT
Through the SavvyMoney-powered campaign, CoVantage funded 376 home equity loans, totaling over $21 million. This outcome surpassed their initial goal and showcased the potential of personalized financial product offers. By unlocking the power of SavvyMoney analytics, the credit union delivered personalized and relevant offers that significantly drove member engagement and loan growth. SavvyMoney empowers financial institutions to connect with their members meaningfully, driving engagement and business growth through tailored financial solutions.
“By harnessing the power of SavvyMoney analytics and credit score, we were able to transform our members’ data into insights, ensuring that the right message reaches the right person at the right time, significantly elevating the odds of not just meeting, but surpassing our home equity campaign objectives.”
-Melissa Wilhelm, Digital Marketing Manager
By unlocking the power of SavvyMoney analytics, you can deliver personalized and relevant offers that drive engagement and significant loan growth.