Increase deposits strategically and consistently

Home Analytics in Action Increase deposits strategically and consistently

Strategic new checking product doubles account balances and increases debit card spend by 25%

Increase Deposits Strategically And Consistently

Background

California-based CBC Credit Union, with approximately $500M assets and 30,000 members, wanted to revamp their existing checking product to become more competitive.

Solution

  • A competitive analysis studied the checking products of other credit unions and banks in California.
  • CU Rise tested cost-benefit scenarios around the most successful and innovative checking products in the market to create an ideal product with maximum member appeal.
  • CU Rise analysed members’ transaction behavior and identified which members had the greatest propensity to adopt new checking products.

CU Rise helped the credit union develop a suite of checking products with three tiers– basic, epic, and epic premium. Each product unlocked more benefits for a nominal monthly fee. For $8 a month, the ‘Premium Checking’ product offered the following features:

  • Extended protection on debit card purchases
  • Five-cent rebate on all debit card swipes
  • Higher interest rates than money market dividend rates
  • Money-saving offers on Loan and Share Certificate rates
  • Annual fee reimbursement for the rewards credit card

Approach

Increase Deposits

Results

  • The average balance of premium checking accounts nearly doubled, increasing from $4k to $10.5k
  • Debit card activity linked to these accounts increased by 25%, and overall transactions increased by approximately 18%.
  • The total loan/deposit balance for premium members increased by 12%.
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