BECU Marketing Efforts Lead to Tangible Results
BECU is the fourth largest credit union in the United States with more than 1 million members and over $16 billion in assets. BECU is known for offering user experiences that not only foster member loyalty but create raving fans who encourage their friends and family to join the institution.
BECU recognized the rise of artificial intelligence and other machine learning tools and their impact on financial services and customers. To remain innovative and relevant in an increasingly digital world, BECU looked for solutions to incorporate AI into member communications.
“The real driver behind all our outbound communications is relevancy,” said Knollenberg. “We needed powerful marketing tools to help us move the needle and stay relevant with our members — using tools that would integrate with our current technology stack. Relevancy is paramount, data is the fuel, and the platform executes on that data. The challenge is getting all those pieces together.”
BECU’s overall business objectives include increasing every member’s engagement and improving their financial health. BECU needed technology to help drive this multi-pronged objective. (A study by Bain & Company shows that incorporating digital tools to improve the customer’s experience leads to greater loyalty.)
To boost engagement with the best possible relevance for each individual member, BECU needed to build upon high-quality data. Just choosing the right tools was not enough. BECU needed assurances that all marketing data, transactional and analytic, would be properly cleansed, categorized and made relevant to targeted customers. In so doing, BECU hoped to receive a lift on loan applications, track the results, and make real-time adjustments that would further increase that lift over time.
To improve targeting, analytics, and results of its email campaigns, BECU needed both a strong data partner and a sophisticated marketing platform. BECU leveraged its relationship with MX to fulfill the need for intelligent data, and Amplero’s marketing platform, based on Salesforce Marketing Cloud, to orchestrate meaningful, individualized cross-channel experiences.
MX and Amplero’s cloud-based platforms connect easily with each other, helping BECU apply machine learning on a larger scale than ever before and in a low-latency, high-volume environment. Using API connectors, MX accesses transactional and analytic data on behalf of BECU.
By leveraging data from MX’s API, BECU improved the targeting and analytics around its email marketing channel. In so doing, BECU demonstrates how financial institutions can effectively run email campaigns and increase member engagement by sending the right messages at the right times to the right targets.
In phase two, BECU will inject marketing content based on machine learning into the MX (Helios) mobile app, while tracking responses to those marketing messages in real-time.
We’re excited that MX is empowering BECU to communicate pertinent and timely topics, and we expect to continue our success by placing similar marketing content into our MX-powered mobile app — integrated with Amplero’s marketing platform within the Salesforce Marketing Cloud. We’re just getting started!
Brian Knollenberg
Vice President, Digital Marketing & Analytics, BECU
By leveraging data from MX’s API, BECU improved the targeting and analytics around its email marketing channel. In so doing, BECU demonstrates how financial institutions can effectively run email campaigns and increase member engagement by sending the right messages at the right times to the right targets.
In phase two, BECU will inject marketing content based on machine learning into the MX (Helios) mobile app, while tracking responses to those marketing messages in real-time.
Not only are we getting the results we hoped for — such as incremental lift on application volume — but these email campaigns are increasing engagement with our members overall. We’re excited that MX is empowering BECU to communicate pertinent and timely topics, and expect to continue our success[within the] MX- powered mobile app.
Brian Knollenberg
Vice President, Digital Marketing & Analytics, BECU
Matching the right message to the right recipient
Receiving up to 10% lift on loan applications
Near real-time result tracking allows for making adjustments that will further increase lift
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