Affinity Federal Credit Union, a $4 billion financial institution with a multi-state branch network in the Northeast, faced challenges with a high loan-to-deposit ratio. With pressure on margins and non-interest income, they needed to identify high-opportunity markets to allocate their budget effectively and grow new checking relationships and deposit balances.

They witnessed:

To address these challenges, Affinity FCU partnered with Vericast, leveraging our Market Intelligence Platform to target both prospect and member households for checking, savings, and CDs. The campaign, spanning from May to November 2023, included a mix of digital display, direct mail, and shared mail strategies.

Digital Display: Consumers showing signs of purchase intent were served 8-12 digital offers, maximizing reach and engagement.
Direct Mail: Multiple mail drops were deployed to households surrounding branch network neighborhoods, ensuring targeted and personalized communication.
Shared Mail: Mass mail campaigns were leveraged in key market footprints, reaching a broad audience while maintaining cost efficiency.

The campaign led to the opening of 2,860 direct accounts, totaling $47.3 million in balances. Additionally, 1,725 indirect accounts were opened, adding $18.7 million in balances. Vericast’s data-driven strategy resulted in a cost of $185 per direct account opened, well below the industry benchmark of $450, and a spend of $11 to generate $1,000 of direct balances, outperforming the benchmark of under $100 per $1,000.

“Partnering with Vericast was an obvious choice for us to identify a solution. With their data-driven tools and strategies, we identified households in our branch footprint to grow brand awareness, attract new members, and increase deposits. This partnership proved invaluable when we needed new thinking and strategies.”

– Shannon Skopak, Assistant Vice President, Marketing