Inside Marketing: Personalized application abandonment process streamlines growth
Automated email campaigns allow credit unions to actively engage prospective members when it matters most.
Marketing automation has proved to be a revolutionary technology for the financial services industry. The ability to understand, score and engage with members based on their behavior on the organization’s website and online banking, as well as their interactions with the brand via email and social media, sets those credit unions using marketing automation apart from the 69 percent of the competition who are not leveraging this technology.
There are various types of sequence and segmented nurturing programs for multi-layered marketing campaigns that can help members and prospects navigate through the sales funnel toward lead conversion. For instance, $3.1 billion Tower Federal Credit Union, Laurel, Maryland, saw a two- to three-times increase in open and conversion rates for emails aimed at leads for loan products after implementing the Act-On marketing automation solution, prompting a sharp rise in loan applications.
These loan applications stand out for financial institutions as a form of measurable growth—the more loan applications, the more members and accounts (and potentially more loyalty from existing customers).
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