New Pre-Approval Auto Loan Campaign and Targeted Remarketing Strategy Results in New Record-Breaking Month-End Numbers for Credit Union
Dublin, CA April 3, 2023 – SavvyMoney, the leading provider of innovative credit score solutions, and Credit Union of Southern California (CU SoCal), a mission-driven organization focused on improving the lives of its members, announced near record-breaking numbers when implementing SavvyMoney’s new pre-approval marketing solution, which offers a streamlined, highly-personalized user experience specifically designed to maximize engagement and conversion.
CU SoCal first used the newly implemented solution to run a pre-approval auto loan campaign which had an astounding impact on the credit union’s auto loan volume. This is despite launching the campaign in the midst of an industry-wide automobile shortage and a rising rate environment, which caused auto loans to dip for most financial institutions.
Results from the campaign, which ran from August 23 to October 16, 2022, saw a 74% increase in application volume from digital channels, a 53% increase in total funded loans from digital channels (representing $2.4MM of incremental auto loan volume), and a nearly 50% offer click-to-application completion rate (as opposed to a normal 20% rate).
The increased digital presence encouraged more members to apply online, which not only improved the overall member experience but also led to more efficient marketing and lending processes for the credit union. In addition to creating visibility and accessibility within the digital banking platform, SavvyMoney’s solution offered a robust email marketing platform, and made campaign planning and management easier for the CU SoCal team. Instead of scrubbing member lists and re-building rate tables, they simply loaded their targeted member list onto the platform.
From there, the data was leveraged to execute a highly effective prescreen marketing campaign that offered a short, frictionless three-step loan application process that led to the greatly improved conversion rates.
CU SoCal’s focus was two-fold: to ensure members were aware of the money-saving offers available to them, and to make it simple for members to take advantage of these offers. In that aspect, the partnership with SavvyMoney was a huge success.
Aaron Burnham, VP Digital Strategy & Strategic Initiatives for CU SoCal, emphasized, “We highly value our partnership with SavvyMoney. Their platform has taken our loan pre-approval process to the next level. Members love how fast and easy it is to submit their loan applications, and our Marketing team loves how simple it is to create and launch automated campaigns. With SavvyMoney, we are confident that our loan pre-approval experience is on par with even the biggest banks or latest fintech solutions without spending big bank dollars.”
SavvyMoney, which serves over 1,000 banks and credit unions across the country, is excited to share this new solution with more of their financial institution partners in the upcoming months. This solution works with three of the biggest loan origination systems, MeridianLink, Temenos, and Origence (CU Direct), with more to come in the future.
“SavvyMoney’s mission is to provide our financial institution partners with robust, innovative solutions that not only help drive growth, but provide their customers with an unparalleled digital experience,” said JB Orecchia, President and CEO of SavvyMoney. “I am so excited to see the results of the CU SoCal campaign, how it helped their members save money, and how it upheld the credit union’s reputation of delivering exceptional products and services. We can’t wait to see how this solution will continue to make a real difference in the years ahead.”
A leading provider of credit score solutions, SavvyMoney serves over 1,000 banks and credit unions across the country. Combining real-time data with digital personalization tools, SavvyMoney’s solutions integrate seamlessly with over 40 online banking platforms. SavvyMoney’s innovative technology is backed by hands-on service and a commitment to helping financial institutions strengthen and deepen their customer relationships. To learn more about SavvyMoney, visit www.savvymoney.com.
About Credit Union of Southern California
Founded in 1954 as Whittier Area Schools Federal Credit Union, CU SoCal is a credit union open to those who live, work, worship, or attend school in Los Angeles, Orange, Riverside and San Bernardino counties. CU SoCal has a superior five-star financial rating from BauerFinancial, holds more than $2.7 billion in assets, and serves approximately 145,000 Members. For more information, visit CUSoCal.org.
Chris Fraenza, SVP, Sales & Partnerships