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Predictive Analytics and Advanced Campaigns

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By Prisma Campaigns
February 28, 2024

Credit unions are always looking for a competitive edge. With the advent of more advanced machine learning and data-gathering techniques, the use of predictive analytics has become an increasingly important tool for credit unions. It helps them chart a course for the future, staying ahead of their competitors and the expectations of their members.

However, predictive analytics may have more applications than many credit unions realize. In this article, we’ll discuss how you can utilize predictive analytics more effectively in marketing, see how their use can supercharge campaigns, and provide a few practical examples of opportunities for integration.

Predictive Analytics in Marketing

Credit unions use predictive analytics to minimize risk, detect fraud, and provide guidance on how to respond to macroeconomic trends. They use the same pattern recognition and forecasting strategy in all these instances to calculate the likelihood of specific outcomes, which then allows the credit union to create automated strategies that respond in specific ways.

Predictive analytics can be leveraged in a similar way to become an incredibly useful marketing tool. By using predictive analytics in conjunction with marketing data, credit unions can bring together seemingly unrelated sets of data points and visualize the potential outcomes, allowing them to stay ahead of the needs of their members.

Disparate data sets like consumers’ age, web activity, and history with specific financial products can give the credit union a rough picture of their future needs. With the right technology, they can then craft marketing campaigns that target potential members before those needs arise. This strategy helps cut down on the amount of competition the credit union experiences in trying to convert its audience and builds trust by suggesting solutions ahead of time.

Building Advanced Campaigns

Building automated campaigns with predictive analytics as a cornerstone allows credit unions to capitalize on the power of their data and find the most efficient routes to success. Through the use of predictive analytics, credit unions can more accurately foresee which financial products they should be marketing, target the audience members that are most likely to convert and choose the channels that are most likely to succeed in reaching them.

Predictive Analytics Dashboard

Predictive analytics can increase the effectiveness of campaigns across the board. Below are some interesting ways in which credit unions can integrate them into marketing efforts.

“Fixer-Upper Financing”

By tracking an audience member’s loan approval status, along with spending at home improvement stores, a credit union could determine that they are in the market for quick-cash loans for time-sensitive home improvement projects. By offering fast approval and access to funds, the credit union could potentially secure a conversion from the convenience factor alone.

“Cash Crisis Alerts”

Accounts that show a declining balance, that are incurring NSF fees, or that have incoming transfers from payday lenders can be flagged as potentially in need. The credit union can then offer small, short-term loans to the audience member at a rate significantly lower than payday lenders, converting the member while also nurturing a relationship by providing relief.

“Checking Optimization”

If a credit union had implemented tiered checking accounts, members could be prompted to switch their tier at no cost if spending and saving habits aligned. This type of campaign is great for boosting trust and satisfaction with the organization because switching account types is frictionless and benefits the member in the long-term.

“Future-Proof Deposit Promotion”

By tracking the deposit habits of high-balance accounts, credit unions can identify members who prefer to use tellers or visit branches to make their deposits. Offering a small reward can help minimize the impact of automation by encouraging people to switch to ATM or mobile deposits before face-to-face deposit transactions are phased out at their location.

Who Can Help Me Build These Campaigns?

Through the use of advanced campaigns, credit unions can act more quickly and precisely, driving value for their organization and the people they serve. Prisma Campaigns has the technology and experience to help your credit union succeed in building marketing efforts that stand the test of time and give your credit union a competitive advantage.

About Prisma Campaigns

Prisma Campaigns is a marketing automation platform specifically designed to help credit unions develop deep and empathic relationships with their members through personalized marketing campaigns. It uses a connected, data-centric approach to communicate with members on all your digital channels - email, SMS, online banking and mobile app. Prisma Campaigns’ open platform integrates with your existing banking technology and is ready to grow and expand with your credit union.

Prisma is trusted by 25 credit unions to enhance their member experience and increase conversion rates.