Visions FCU Powers Growth with Finalytics.ai

Founded in 1966 by IBM employees, Visions Federal Credit Union has grown beyond its roots with over $5 billion in assets. It’s also growing beyond its original footprint in upstate New York, expanding into parts of Pennsylvania and New Jersey. Extractable worked with Visions FCU to define their digital strategy for the next five years, which included a strong emphasis on growth. A key part of achieving that growth is personalization.

CHALLENGE

The fastest growing institutions today are the ones that understand how to use data to deliver a great digital experience. Many credit unions struggle to find the signal in the noise of all the user data and third-party data available to them. They’re known for delivering friendly personal service in other channels, but have struggled to translate that to the web and mobile. Visions’ challenge was to use that data to power dynamic personalization at scale in order to meet their members’ needs. But how does a credit union compete with the big players?

SOLUTION

Recognizing the immense opportunity in financial services, Extractable started up Finalytics.ai to help community financial institutions use AI to create personalized experiences. Using AI, we can deliver the right message to the right user at the right time. It’s a SAS platform that takes days, not months, to set up.

Here are a few examples of how Visions is currently using Finalytics:

1. Geolocation
   When a visitor arrives at the site, we can serve them with personalized messaging based on their geographic location. For example, Visions is using a different tone and voice to appeal to New Jersey residents, and different messaging for college students.
2. Behavioral
   As the user explores the site and learns about Visions, the AI is also learning about them and their interests. For example, if they’ve viewed pages about auto loans, then the next time they visit the homepage they will see marketing content for auto loans.
3. Segments
   Using machine learning, Finalytics can find and define clusters of users and then tell Visions what to do. For example, if a prospect is visiting from a military base’s IP, the AI can swap out the creative to show an image with military personnel.

RESULTS

Finalytics now plays an essential role in Visions achieving its goals for growth. It has seen credit card campaigns with clickthrough rates as high as 80%. Even more impressive, they have seen a 270% increase in total conversions when using personalization.

Beyond growth, Visions always puts its members first. FInalytics helps them achieve this because it can also deliver a better service experience and celebrate important financial milestones. A more personalized experience is a more relevant and humanized experience.