By Kevin Flanagan, Director of Marketing, Micronotes
This week, I wrote a submission for a speaking opportunity at an upcoming industry conference. The objective was to tell the story of a client who achieved significant growth in 2018 by using the Micronotes artificial intelligence machine learning solution.
Fortunately, we have many clients—banks and credit unions—that have great stories to tell about how they have improved their engagement with digital banking users thanks to Micronotes. I focused on one credit union client with a long track record of success using Micronotes.
This credit union, based in the northeastern United States, has been a client for more than five years. In that time, they have fully leveraged the capabilities of artificial intelligence machine learning and they—and their members—are reaping the benefits.
Rather than describe what the credit union accomplished last year, I’m going to let the numbers tell the story.
In 2018, this credit union:
Ran more than 50 campaigns, almost half of which were informative—including several about security. These campaigns, not designed to increase deposits or sell new products to members, helped build a stronger community by demonstrating that the credit union is focused on members’ best interests.
Completed almost 47,000 member interviews, more than 900 per week.
Made 8,500 offers from just 34 product/service campaigns.
Those 8,500 offers generated more than 2,200 leads—a 27% success rate. Let’s see an online banner add come close to that!
Booked 140 sales, a conversion rate of more than 6%.
One campaign—aimed at members identified by Micronotes as being suitable candidates for a higher-yield investment account—generated $1.2 million in CD deposits in just a few weeks.
Those numbers tell a pretty good tale, don’t they?
Why not see what Micronotes AI machine learning can do for your financial institution. Request a demo and find out for yourself.