Evansville Teachers Federal Credit Union (ETFCU) has always believed in a “people helping people” philosophy. As such, they’ve invested in digital money management (DMM) for years with the intent of improving their members’ financial well-being and maintaining user loyalty in the process.
In 2016, ETFCU learned that their digital money management product would be migrated to the MX platform. Since they’d seen good results with their prior DMM product, ETFCU was excited for the migration and the additional functionality they would gain with the new Money Management solution powered by MX.
They ended up being the first client to make this particular migration, and the results were impressive. Within two months, ETFCU saw a five-fold increase in total aggregated accounts and reached a 41% adoption rate with 21% of total Money Management users aggregating their accounts.
ETFCU was also able to put their money management product to better use by integrating it directly into the mobile experience (something they were unable to do until they integrated with MX). This opened up Money Management features to a range of mobile-first members and increased the appeal of the mobile experience at ETFCU, improving the likelihood that these users will stay loyal to the credit union.
In addition, ETFCU integrated the MX Insight & Target platform along with Discovered Accounts, resulting in a dramatic return on investment. For example, they used the fresh data gathered from Money Management to re-run a credit card campaign and brought in six times more balances transferred and three times more new credit cards than they had brought in previously — all because they were able to create hyper-personalized offers that got real results.
“It’s a testament to the information that we’re able to get out of Insight & Target,” Meaghan Elpers, VP of Operations said, “and it’s so very important to the service, to use that data to help our members, save them money, and move them toward our products and services.”
Finally, the migration to MX exceeded expectations. “We were preparing for an uptick in call volume and complaints after we made the switch,” Elpers said, “but the implementation was seamless.” She added, “We didn’t really see an increase in call volume, which is a testament to the usability of this financial tool.”
“We’re very happy with the MX experience,” Elpers said. “We want to live our philosophy of ‘people helping people,’ and MX and NCR’s Digital Insight solution allows us to do that. We can offer products and services to our members that save them money. We can compete with the big banks now that we have the data to gain insights into our members’ financial picture and really help them. Money Management and Insight & Target has allowed us to do that.”
“It’s a testament to the information that we’re able to get out of Insight & Target. And it’s so very important to the service, to use that data to help our members, save them money, and move them toward our products and services.” - Meagan Elpers, VP of Operations