May 8, 2023
Credit Union Booked $9.3+ Million in Loans Using Credit Score Solution
By Danielle Bucella
Sharetec’s partnership and integration with SavvyMoney, a fin-tech industry innovator and provider of credit score and other related financial solutions for every online and mobile banking platform, provides comprehensive credit score analysis, full credit reporting, monitoring, and personalized offers -accessible in one dashboard, with no extra fees.
Scott & White Employees Credit Union (SWECU), located in Temple, TX, has seen tremendous success utilizing SavvyMoney’s suite of financial services for their customers. Through a tiered approach, SWECU leveraged many of SavvyMoney’s innovative features and other Sharetec products, such as ACH Explorer, to drive loan applications. The SavvyMoney solution provides users access to money-saving pre-qualified loan offers based on their credit score, simultaneously creating real-time targeted marketing lists for credit unions.
SWECU began by utilizing Enrollment Email Marketing to entice their members to enroll and log into Home Banking to see their credit scores. During implementation, they added a SavvyMoney widget on their homepage and created a full SavvyMoney landing page. Throughout the year, SWECU also used other SavvyMoney reports to set up successful targeted drip campaigns for personal and home loans.
After completing these items, SWECU set up Cross Sell Metrics in Sharetec and added scripting for their tellers to offer SavvyMoney to all their members. When Member Service Reps took the initiative to offer the product, SWECU saw an even higher penetration rate. After just six months, SWECU saw 554 members enrolled –and this number increase to 984 members (36%) enrolled in eighteen months!
SWECU also used SavvyMoney’s “Wallet Share” to capitalize on loan opportunities. With Wallet Share, credit unions can view how many accounts each SavvyMoneyuser has. After six months of implementation, there were 3266 accounts in Wallet Share with just under $50M in balances. SWECU identified a $5.4M opportunity to recapture loans from other financial institutions, which could be substantial if seized.
Overall, SWECU and its members dramatically benefited from Savvy Money and saw impressive results in 12-18 months, which included:
- Booked 393 loans, equaling $9.3+ million in 18 months
- Experienced a 4X ROI in just 12 months
- Helped 79% of enrolled members increase their credit score in just 12 months