How an innovative credit union saw a 1.7X lift in completed auto loan applications using predictive analytics.
From mortgage refinancing to debt consolidation to auto loans,
Advia Credit Union provides crucial products and services to its members.
As an innovative credit union, Advia recognized that they could engage their members
better if they leveraged the full power of their data to expand their members’ portfolios.
They enlisted Faraday to build predictive models to identify which members were most
likely to apply for a variety of their products and services.
When they deployed audiences for auto loan campaigns, they found particularly quick success
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Advia leverages either email or direct mail to promote relevant products and services
to its members, emailing those with email addresses and sending mailers to those without.
Faraday’s Maximized Customer Value (MCV) solution allowed Advia to better understand
its members’ needs and more intelligently segment both their online and offline audiences.
Faraday scored each credit union member’s propensity to complete an application
for an auto loan product, based on members’ previous actions regarding these applications.
The resulting lookalike audience for the auto loan campaign consisted
of the top percentile of the scored members.
The success of Advia’s campaign was measured by the response rate of the target audience, which was defined by the number of completed applications for a product or service.
Before working with Faraday, Advia’s benchmark for auto loan campaigns was a 1.9% response rate.
With the audiences Faraday generated, Advia saw a response rate of 2.41%, yielding $1.1MM in auto loans — after only 30 days of running the campaign.
After 90 days, the response rate grew to 5.18%, resulting in a grand total of $2.7MM in new auto loans.