Financial Services Case Studies and Success Stories with Vericast
CASE STUDY Unitus Community CU
Unitus Community CU needed to help more members during a digital banking conversion. Call volume and handling time were expected to increase a lot. They chose Vericast for Customer Change Management ...to support their members. Vericast provided the support Unitus needed for as long as they needed it. Unitus was surprised and delighted by how smooth the digital conversion was.
A regional financial institution wanted to get new households and grow deposits. They focused on the mass affluent segment. They did not have data from past campaigns to help future ones. They used p...recision targeting advertising. This led to lower household acquisition costs and better results.
Vericast instant issuance lets a Midwest financial institution give debit and credit cards to customers in minutes at the branch. This solution helps improve the customer experience. It also boosts c...ard activation and increases cardholder usage. The case highlights the benefits of fast card delivery for banks and credit unions.
Unitus Community CU used Vericast's Customer Change Management during a digital banking conversion. The credit union needed to support members as call volume and handling time increased. Vericast pro...vided the support Unitus needed for as long as required. Unitus was surprised and delighted by the smooth digital conversion. The solution helped deliver strong service to members during a critical time.
Vericast's Multi-Loan Pre-Approval solution helped a credit union grow loan volume by 29% over the previous year. The credit union had a small marketing team and struggled to market multiple loan pro...ducts at once. The automated solution allowed them to promote all consumer lending products together. The marketing specialist said the solution was worth it. The campaign was efficient and cost-effective.
Banking Case Studies and Success Stories with Vericast
CASE STUDY LA Police Federal Credit Union
LA Police Federal Credit Union wanted to get more loan business. They used Vericast’s Multi-Loan Pre-Approval solution for nine years. They ran campaigns using direct mail, email, mobile, and online ...banking. In the latest campaign, they saw an 806% ROMI and $6.2 million in funded loans. The funding rate was 77% and the cost per funded loan was $124. Most members got offers by email or direct mail, and most redemptions happened on digital devices.
A large, regional bank wanted to find new customers. They used in-the-market consumer data and attributes to help with this. They worked with Vericast for their marketing. The bank reached a $76 cost... per acquisition. This helped them get over 1,100 new accounts. The results were strong and clear.
San Francisco Fire Credit Union needed to move 45,000 online banking members to a new platform. They faced a 300% spike in call volume during this change. Vericast’s Contact Center Solution team help...ed manage the calls. They took 13,156 calls, with 74% about conversion help. 88% of calls were handled by Vericast, and only 12% went to the credit union’s team. The average call took 7 minutes, and the answer rate was 93%.
Kirtland Credit Union wanted to increase loan applications. They worked with Vericast to run a Multi-Loan Pre-Approval program. The campaign used direct mail, email, landing pages, mobile, and online... banking. The program ran for two months and included many loan products. Kirtland CU saw a 242% ROMI, a 63% funding rate, and a $146 cost per booked loan.
Affinity Federal Credit Union had a high loan-to-deposit ratio and needed to grow new checking relationships and deposit balances. They worked with Vericast and used a three-channel marketing strateg...y with digital display, direct mail, and shared mail. The campaign ran from May to November 2023. It led to 4,585 new accounts and $66 million in new balances. The cost per direct account opened was $185, much lower than the industry benchmark.
San Mateo Credit Union needed to move its online banking users to a new digital platform. Vericast's digital conversion specialists helped with this process. In just four weeks, 65 percent of online ...banking users switched to the new platform. The credit union achieved a record-high Net Promoter Score during this digital banking conversion.
All In Credit Union wanted to grow their deposit balances. They used Vericast's Checking Engine to reach current and new members. The campaign used data, analytics, and both print and digital ads. Th...ey opened 1,112 new accounts and gained $1.17 million in new checking balances. The cost per account was $144. The credit union plans to expand the program in 2025.
Affinity Federal Credit Union had a high loan-to-deposit ratio and needed to grow new checking relationships and deposit balances. They worked with Vericast to use a Market Intelligence Platform and ...ran a campaign from May to November 2023. The campaign used digital display, direct mail, and shared mail to reach new and existing members. They opened 4,585 new accounts and gained $66 million in new balances. The cost per direct account opened was $185, much lower than the industry benchmark.
Vericast helped Affinity Federal Credit Union improve loan marketing. The credit union wanted to grow and engage more members. Ryan Marosy, head of marketing, led the effort. Vericast's solutions hel...ped Affinity double its loan originations. The credit union is member-owned and community-focused.
A bank with 99 locations wanted to grow its loan business. Vericast used its Shopper Alert trigger-based preapproval program to help. The bank sent loan offers to 13% of its account holders and reach...ed new prospects. In one month, the bank gained $32 million in new loan balances. The bank saw a 553% ROMI for existing customers and 808% ROMI for new customers. Funding rates were 51% for existing customers and 54% for new customers.
LA Police Federal Credit Union wanted to get more loan business. They used Vericast’s Multi-Loan Pre-Approval solution for nine years. They ran campaigns using direct mail, email, mobile, and online ...banking. In the latest campaign, they saw an 806% ROMI and $6.2 million in funded loans. The funding rate was 77% and the cost per funded loan was $124. Most members used digital devices to redeem offers.
A 19-branch bank wanted to get more checking account customers and increase account value. They used Vericast’s Deposit & Household Acquisition solution. This solution used data to find the best peop...le to target. The bank sent custom direct mail to these people. The campaign brought in $86 million in total balances. The bank saw a 340% return on marketing investment.
Other Industry Case Studies and Success Stories with Vericast
CASE STUDY A large American company
A large American company wanted to save money on warehousing and shipping for deposit bags and tickets. Vericast gave them a full treasury management solution. The solution included new ways to store..., bundle, and deliver items. The company saved two million dollars in total. They cut warehouse costs by almost a quarter of a million dollars. They also made deliveries more efficient and lowered shipping fees by almost half.
Bank Achieves 553% ROMI With Trigger-Based Loan Preapproval Offers
A bank improved its loan business using Vericast's trigger-based preapproval program, achieving $32M in new loan balances and 553% ROMI by targeting existing and new customers for mortgages and home ...equity lines of credit.
