Maximizing data at Provident Credit Union

first_imgAt $2.4 billion Provident Credit Union, Redwood Shores, Calif., “We strive to incorporate data analysis into everything we do and every decision we make,” says CUES member John Haggarty, VP/marketing for $2.4 billion Provident Credit Union, Redwood Shores, Calif. It’s so engrained in the CU’s culture, that employees get mugs that read “Without data, you are just another person with an opinion.”Two examples of how the credit union used data to make improvements follow.Super Reward Checking: Data precipitates a fundamental change in product designSuper Reward Checking is a flagship product targeted to a broad range of members and used as a tool to become their primary financial institution. Its main feature is a high rate of return on balances if members meet certain transaction criteria. Previously, the requirement for the higher rate was 10 monthly debit transactions from the account.“After surveying our Super Reward Checking members and segmenting based on spending and behavioral patterns, we discovered a loophole in product design: [Some] members were performing incremental transactions to earn the high rate paid on their balances. We decided a change in product design was required,” explains CUES member John Haggarty, VP/marketing for the CU. “The product wasn’t meeting our goal of increasing monthly spend total (with this segment) or solidifying the PFI relationship.” 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img

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