They are a modern member-driven financial co-operative owned by their members and are driven by a passionate and genuine desire to enrich their members’ lives.
Synergy Credit Union provides members with the resources to manage their money and financial affairs, by offering current accounts, loans, money management and personal savings.
Synergy was looking to increase car loan transactions within their Common Bond in an efficient, cost-effective manner. Using their research from a report created on Holmes, they identified an opportunity to increase car loans issued within high-potential segments revealed through analysis.
There was a challenge to market Synergy’s full potential with high mailing costs and the teams uncertainty of what demographics were already currently taking out car loans.
Synergy needed to find the right solution so they could effectively increase their car loan transactions in an efficient manner without needing a significantly large budget.
Integrating Holmes allows users to confidently identify what’s working, uncover new opportunities, and make smarter, faster, evidence-based decisions.
Holmes collaborated with Pat Morrissey, the Marketing Officer at Synergy Credit Union, to develop a report that analyses the current performance of their car loans within their Common Bond. This led to the identification of areas and specific demographics that were exhibiting low performance. A targeted mailing campaign was subsequently developed using the Holmes campaign builder, aimed specifically at those demographics and regions.
From beginning to end, the insights acquired helped Synergy streamline their campaigns, reduce wasted efforts, and enhance their marketing ROI. The intuitive platform facilitated easy adjustments to strategies, catering effectively to the needs of their members.
The campaign ran from January to March and at the end of it, the value of first time loans increased by €165000. Additionally, their loan value went from €720,000 to €1,446,555. That is an incredible increase of over 100%.
Furthermore, throughout the campaign, 30-34 year olds experienced the largest increase in value by loans which resulted in them performing the best by the end of the campaign. At the beginning of the campaign, there were no current first time loans in the 30-34 year old age bracket, while at the end of the campaign there was €75,000 issued in first time loans.
Holmes has demonstrated its value, proving to be exceptionally effective in assisting credit unions to boost their membership and loan transactions through targeted marketing strategies.
