COSTA MESA, Calif., Oct. 28 /PRNewswire/ -- Experian®, the leading global information services company, announced today the successful case study of its client, Franklin Mint Federal Credit Union (FMFCU). Known to its members as "The Credit Union of Choice!" for its service and expertise, FMFCU wanted to grow its loan portfolio and make its prospecting process more efficient, which the company accomplished with a single campaign using Experian's Auto In the Market Model(SM). By using this model, the company reduced its overall mail volume by targeting credit-qualified individuals who were in the market for an auto loan and were most likely to respond to its offer. In addition to exceeding its ROI target by almost 200 percent, FMFCU also experienced a 10 percent lift in its overall conversion rate and increased its campaign net profit by 60 percent.
"We wanted to continue growing our loan portfolio and make our prospecting process more efficient while continuing to maintain our overall budget," said Drew Stanley, vice president, market development and strategic planning, Franklin Mint Federal Credit Union. "By targeting more effectively with Experian's tools, data and insight, we were able to keep the cost of our campaigns down, allowing us to shift those excess dollars to other programs."
In the Market Models(SM) is a suite of seven scores by industry that predict the likelihood that a consumer will open a specific product type within 30 to 120 days from the observation point. Product types include auto loans and leases, bankcards, mortgages, home equity, personal finance, retail and student lending.
FMFCU successfully launched two campaigns using Experian's Auto In the Market Model. The first campaign incorporated a standard auto prescreening, which validated that the model targeted members who were both qualified and likely to open a new loan. A subsequent campaign —FMFCU's Wheel Deal — was executed based on the validation analysis and utilized the Auto In the Market Model in the selection process. This campaign ran for two months and promoted auto loans to more than 15,500 prescreened members. The results of the campaigns indicate that the company mailed 10 percent fewer pieces but increased both its account open rate and its one-year net profit.
"Businesses have to work differently and more efficiently in today's economic environment, and to see such successful results from a client is a testament to how they're working smarter while still prioritizing their members' needs," said Andrew Sheehan, senior vice president, Experian Consumer Information Services. "Experian continually strives to create industry models that help companies like Franklin Mint Federal Credit Union continue to meet or even exceed their goals."
To hear Franklin Mint Federal Credit Union's Drew Stanley talk more about the company's successes, an audio podcast is available online. For a copy of Experian's case study on Franklin Mint Federal Credit Union, please contact Kristine Snyder, Experian Public Relations, at email@example.com or 1 714 830 5192.
About Franklin Mint Federal Credit Union (FMFCU)
FMFCU has been providing financial products and services to residents and organizations throughout the Delaware Valley and beyond since 1970. Today, the Credit Union has over 67,000 members, 1,200 plus partnering organizations, 31 branches, ATM access at over 28,000 surcharge-free machines through the national CO-OP ATM network (including 9,000 deposit taking machines) and 24/7 access to member accounts. For more information on FMFCU products and services, call 610-325-5100 or visit www.fmfcu.org.
Experian is the leading global information services company, providing data and analytical tools to clients in more than 90 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2010, was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.
Experian Public Relations
1 714 830 5192