Reward-based checking products are currently a hot trend designed to boost deposits. But, if not informed by analytics, a product launch carries a different risk – not producing the desired results.
CU Rise Analytics’ client CBC Federal Credit Union is a California-based CU with approximately $450 million in assets. It used data analytics to its advantage to launch a checking product that became truly epic. Here’s what they did.
First, an in-depth analysis was carried out of checking products of other banks and credit unions. A collection of successful reward-based and innovative checking products and product bundles were tested to build out cost-benefit scenarios in order to select the ideal product with maximum member appeal.