11 Times More Deposits Gathered with Trellance’s Next Best Product
MSU Federal Credit Union Achieves 11 Times More CD Deposits After Partnering with Trellance
Trellance, a leading technology partner providing innovative analytics, cloud and talent solutions to credit unions, helped MSU Federal Credit Union (MSUFCU) increase CD revenue by over 1000% through the use of Trellance’s Next Best Product AI, one of the 6 AI driven predictive model offered by Trellance.
To test the accuracy of Next Best Product AI from Trellance, MSUFCU launched A/B testing on a group of members selected by Next Best Product predictive model versus a group of members selected using MSUFCU’s traditional selection criteria. Testing included sending the two groups the same promotional materials, a mailer and an email campaign, as well as in-app promotions, promoting their Certificate of Deposit (CD) program.
The group selected by Next Best Product AI had an average account balance of $90K and opened 160 CDs with a total revenue of $7.4M. The group selected by MSUFCU had an average account balance of $7K and opened a total of 53 CDs with a total revenue of $666K.
“The instant ROI from this has been amazing,” said MSUFCU Chief Financial Officer Sara Dolan. “I think running the A/B testing really allowed us to see the value of the Trellance product. We’re making plans to include this sort of predictive modeling in our future marketing efforts now.”
“We’re proud to have been a part of MSUFCU’s success,” said Trellance’s Chief Product Officer, Paolo Teotino. “We’re looking to take the guess work out of campaigns with our Predictive Analytics Products – and that’s what happened here, we helped MSUFCU get the right product in front of the right people at the right time.”
MSUFCU plans to continue their partnership with Trellance and to incorporate Next Best Product AI together with a few other predictive models offered by Trellance into future campaigns, especially those that have an added expense, such as a mail component. To learn more about MSUFCU and Next Best Product AI, read the full case study, available here.