EAST LANSING, Mich.–MSU Federal Credit Union increased CD revenue by more than 1,000% through the use of Trellance’s Next Best Product AI, according to the CUSO.
Trellance said the solution is one of the six AI-driven predictive models it offers.
"To test the accuracy of Next Best Product AI from Trellance, MSUFCU launched A/B testing on a group of members selected by Next Best Product predictive model versus a group of members selected using MSUFCU’s traditional selection criteria,” the company explained. “Testing included sending the two groups the same promotional materials, a mailer and an email campaign, as well as in-app promotions, promoting their Certificate of Deposit program.”
Average Balances Soar
According to Trellance, the group selected by Next Best Product AI had an average account balance of $90,000 and opened 160 CDs with a total revenue of $7.4 million. The group selected by MSUFCU had an average account balance of $7,000 and opened a total of 53 CDs with a total revenue of $666,000.
“The instant ROI from this has been amazing,” said MSUFCU Chief Financial Officer Sara Dolan. “I think running the A/B testing really allowed us to see the value of the Trellance product. We’re making plans to include this sort of predictive modeling in our future marketing efforts now.”
Removing Guess Work
Added Trellance Chief Product Officer Paolo Teotino, “We’re proud to have been a part of MSUFCU’s success,” said Trellance’s Chief Product Officer, Paolo Teotino. “We’re looking to take the guess work out of campaigns with our Predictive Analytics Products – and that’s what happened here, we helped MSUFCU get the right product in front of the right people at the right time.”
According to Trellance, MSUFCU plans to continue its partnership with the CUSO and to incorporate Next Best Product AI together with a few other predictive models offered by Trellance into future campaigns, especially those that have an added expense, such as a mail component.
Additional information is available here.
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