23 October 2017
visit www.response.ncr.com

Lebanon Federal CU rolls out Sedona CRM technology

24 November 2008  |  2043 views  |  0 Source: Sedona Corporation

Sedona Corporation (OTC Bulletin Board: SDNA), a leading provider of Customer and Member Relationship Management (CRM/MRM) solutions for the financial services market, today announced that despite current economic conditions, Lebanon Federal Credit Union has utilized Sedona's MRM technology Intarsia and CU ink's Marketing Services to achieve a strong ROI that has contributed to solid and consistent earnings.

CU ink is a SEDONA business partner and a leading provider of marketing, statement processing, and printing solutions to credit unions.

Since implementing the program, Lebanon FCU has seen better retention of their most profitable members, and better, more targeted acquisition of profitable new accounts. The Credit Union reviews their monthly campaign tracking report which details all active campaigns as well as maintaining an ongoing ROI calculation for individual campaigns and the Intarsia MRM investment overall. In the most recent nine month period, Lebanon has made over 10,000 touch points with members via direct mail resulting in 802 responses, 564 new deposit accounts, and 231 new loan accounts. Total deposit dollars exceeded $4.2 million, and total loan dollars exceeded $4.5 million.

Lebanon FCU committed to a formal marketing program to reach the following desired business objectives: 1) new member acquisition, 2) cross sell focus, 3) improved member retention, 4) increased loan volume, and 5) successful launch of their newest branch location. To support these objectives, the Credit Union purchased SEDONA's Intarsia Member Relationship Management technology.

At the same time, the Credit Union realized they lacked the internal resources to successfully implement the technology. The Credit Union decided to outsource with CU ink's Marketing Services, which provided a cost effective solution and an immediate ROI.

Lebanon FCU got a thorough understanding of the database, total number of members, households, accounts, and balances at the product level to verify back to the core system. CU ink performed a thorough data analysis to determine marketing strategies that would provide an immediate return on investment. Key factors included service combinations, member age ranges, single service households, geographic penetration, and profitability trends. Next, CU ink and Lebanon FCU formulated a plan of action to take full advantage of the Intarsia system including various marketing campaigns, product promotions, and a branch opening.

At the start of a campaign, materials are uploaded into Intarsia; lists of members are "tagged" within Intarsia so that credit union employees can see active campaigns and materials that members receive. While a campaign is underway, tracking is in place to automatically monitor responses and dollars generated. At the conclusion, the Credit Union evaluates results and overall ROI.

SEDONA President and CEO Scott Edelman added, "While the current economic conditions are problematic for some financial institutions, it also represents opportunities for others to increase their members, deposits, and their loan portfolios. SEDONA's Intarsia, and CU ink Marketing Services, can assist those institutions that seek to retain, attract, and acquire profitable members and accounts."

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.niceactimize.comvisit www.innotribe.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
19399 views comments | 28 tweets | 42 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15185 views comments | 23 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10985 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9035 views comments | 14 tweets | 28 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job