CUNA O&ME and Tech Councils Summary Demo
Finalytics.ai demonstrates AI-enabled website personalization software at the CUNA Technology Conference.
Earlier this year, Finalytics.ai co-founders Craig McLaughlin and Mark Ryan participated in a show and tell session sponsored by CUNA along with other companies that provide technology to credit unions. The message Craig and Mark shared with the audience was simple and straightforward, “To survive in a digital-first age, the segment-of-one experience that consumers expect in the branch must become the rule, not the exception, in an institution’s digital channels.”
Imagine being able to uncover actionable, real-time data that allows a financial institution to target a specific segment of prospective or current online users and present them with content that speak to their specific wants and needs. In the video, Craig and Mark demonstrate how Visions Federal Credit Union used the Finalytics.ai platform in three different ways.
The quantitative and qualitative value of this type of capability for Visions FCU was recently listed by Tom Novak, Chief Digital Officer at the credit union as follows:
- 272% increase in application volume to our online membership application
- 4x increase in loan applications from personalized content vs. non-personalized content
- 3X-4X increase in click-thru rates on all personalized banner ads vs. non-personalized banners (Note: Results are is based on only 11% of visitors receiving personalization, with plans to increase overall personalization penetration in the next few months)
- Click-thru rates for personalization as high as 84%
- Deep insights into sales funnels for online membership and loan applications to improve the funnel and reduce abandonment rates
- Personalized banner ads that helped support deposit gathering activities – i.e., deposit goal of $50 million was exceeded by double to over $100 million from August 2022 to September 2022
As shown in the video, Craig and Mark offered three examples of how a personal touch can be delivered to current and prospective members engaging with a credit union online. By using multiple real time data streams and a powerful machine-learning engine, they also demonstrate how the digital segment of one experience can even surpass the quality – and quantity – of interactions that has been the standard in branches.