LA Police Credit Union, a CU with over $1.3B in assets, came to Vericast with a common ask from financial institutions, how to attain more loan business.

As one of the first users of Multi-Loan Pre-Approval (MLPA), the credit union has been using Vericast’s solution for nine years.  Using an always on strategy, campaigns are deployed via direct mail, email, mobile, and within the credit union’s online banking interface.  In the program’s most recent wave:

The credit union also experienced record levels of eligibility and deliverability success. This proves their targeting was spot-on and made the best use of their marketing dollars. LAPFCU saw that:

• Omni-channel offers worked best – the CU used direct mail, email, mobile and online banking to deliver offers
• 40.5% of members received offers via direct mail
• 70% of members received offers via email
• 70% of redemptions occurred via a digital device
• The best response rate was for personal loans, followed by new auto loans
• The average funded amount was nearly $25K

“Our members now take for granted that they can always find, review, and accept their offers within our mobile and online banking platforms. They’re conditioned to check their Loan Engine offers when they need a loan.“
Matt Dalton, Vice President, Marketing and Business Development