CFECU Case study
TRENDS DEC. 2020 - DEC. 2021 |
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|---|---|
Growth in Assets
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+10.11% |
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Share Growth
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+11.39% |
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Social Media Audience Growth
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+53.40% |
PRODUCTS AND SERVICES
Chattanooga Federal Employees Credit Union knew from the beginning that a true partnership would be more than just a website. CFECU has truly embraced the need for continued communication to its members and works closely with the COMMANDOs to continually expand marketing products and update strategies accordingly. Their website, physical marketing materials, and social media all create a cohesive digital presence and experience with their digital branch.
Website
CYBERCOMMANDER
Logo Creation
CARCOMMANDER
Digital Forms
CHATCOMMANDER
Debit Card Design
Member Onboarding Emails
SEM
Core Conversion
NEW MEMBER ONBOARDING EMAIL CAMPAIGN
CFECU does not exist without their members' continued support. With this in mind, and knowing the onboarding process is when new members are most open to cross-selling, finding a way to nurture new members was a 2020 goal for CFECU. A customized email automation tree with personal videos from their CEO was built to introduce members to the culture, services, and products of their credit union. CFECU has taken the extra step to welcome new members while showing them how they can help.
DIGITAL BRANCH SERVICES
The importance of an amazing online experience was highlighted in 2020. As branch closures and contactless everything was the new normal, CFECU’s website was open 24/7 and was able to serve their membership constantly and effectively.
CHATCOMMANDER
Live, real-time assistance on a website has quickly become the leading digital contact method for users, with 46% of site visitors preferring it to other methods of support. It is also a valuable tool to supplement busy staff or during times of branch closures.
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After-hours Issues Resolved
|
122 |
|---|---|
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Chats Managed
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Over 11,00 |
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Greetings Displayed
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37,000 |
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Positive Chat Rating
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Over 140 |
DIGITAL FORMS
The ability to conduct business from home or on mobile devices is something that has come to the forefront of 2020 but will definitely be an ongoing trend. For CFECU, limiting in-person transactions was seamless with integrated forms.
January - December 2021 Form Conversion Rates |
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|---|---|
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Change of Address
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26.11% |
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Outgoing Wire Transfers
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18.27% |
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Skip-A-Payment
|
27.30% |
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Loan Applications
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17.44% |
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Membership Application
|
2.56% |
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Industry Average Form Submissions Rate
|
3-5% |
CARCOMMANDER
92% of auto purchasers research online, and according to online data, 42% say they want to handle financing online. Keeping CFECU’s members' information secure and efficiently connecting them to the credit union’s financing options is another key element of their 24/7 online digital branch, allowing members to shop for cars safely on a trusted website and even being able to purchase through fully-remote car selling services.
Year to date, the CARCOMMANDER page on CFECU’s site was the third most visited page.
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Car Buying Service on CFECU
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2,994 unique users |
|---|---|
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Competitor with 4x Asset Size
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No Car Shopping or Loan Page in their Top 8 Viewed Pages |
SEARCH ENGINE MARKETING
3.5 billion searches are performed on Google every day. Optimizing a budget for paid ads is a crucial strategy for CFECU to put themselves in front of potential members. Monitoring and making adjustments mean more clicks at a lower cost. Lower cost-per-click (CPC) means ROI—and more eyes on CFECU. According to Google Ads benchmarks, the average CPC for the finance and insurance industry is $3.44.
HIGHLIGHTS
While 2020 has been a challenging year, CFECU has decisively moved in a direction that could grow their credit union. The credit union is one of the oldest, continuously running credit unions in the region and has significantly outperformed their competition during 2020.
In fact, CFECU has seen increased Share Growth and Assets Growth every quarter from March 2018 through September 2020.
THE RESULT
As the metrics and numbers speak for themselves, the true result is the attitude for growth the team at CFECU has embraced. Taking on the continued challenges of these times, they are ready to take them head-on as they look to a website design refresh and continue to embody what OMNICOMMANDER looks for in a partner.
