Case Study: Credit Union Achieves Strong Loan Growth with Synergent Transactional Data Mining

Credit Union grows $4M+ in auto loan balances with Synergent

The credit union Bangor FCU faced the challenge of identifying and targeting members who were making auto loan payments to other financial institutions in order to recapture that lending business. They partnered with Synergent to utilize its Transactional Data Mining (TDM) service to better segment their membership and execute a more effective marketing campaign.

Synergent implemented a two-phased direct mail campaign, using data mining to extract a targeted list of members making payments to other lenders. The solution included creating personalized postcards with a unique offer. This strategy yielded over $4 million in new auto loan balances, a 869% increase in their auto loan portfolio, and a return of $31.44 in first-year interest income for every marketing dollar spent.

Credit Union