Fox Communities Credit Union Debit Usage_FINAL

DEBIT INSIGHTS
Case Study:
DELIVERING RESULTS
17%
OF TARGET MEMBERS
QUALIFIED FOR
REWARD
AVERAGE
PURCHASE TRANSACTION VOLUME UP
AVERAGE
SPEND PER CARD UP
OVER BASELINE
OVER BASELINE
347%
310%
3 mo.
BREAK-EVEN
ON CAMPAIGN
FACING CHALLENGES
PROVIDING SOLUTIONS
Fox Communities Credit Union was looking for
a way to increase members’ debit card usage
at the point of sale (POS) to drive additional
interchange revenue and further engagement with
the institution. The credit union wanted the ability
to easily determine the appropriate members to
target, as well as the right incentive to encourage
these members to use their cards more often.
Fox used FIS Debit Insights, powered by Saylent, to
enable the institution to segment and analyze its member
base to identify appropriate members while integrating
with the credit union’s debit and credit card processing
system.
CREDIT UNION PROFILE
Fox Communities Credit Union (Fox) is a full
service credit union serving Appleton, Green Bay,
Clintonville, New London, Black Creek and the
Greater Fox Cities in Wisconsin. It employs 300
people, has more than 73,000 members, and has
an asset size of more than $1 billion.
By having Saylent manage the campaign through its
turnkey marketing program and services, the credit union
was able to focus on its regular day-to-day business.
Using Debit Insights, Saylent identified cardholders with
low POS (PIN and signature) transaction volume of one to
seven POS transactions during a baseline month. Working
closely with Fox, Saylent developed an incentive-based
promotion to drive increased debit card usage.
The offer was simple and attractive. Through the credit
union’s “You Choose” campaign, if members used their
targeted Fox debit card 15 times or more in March, they
would receive a reward code for selecting a $10 gift card
to one of 40 national restaurants and retailers, including
Walmart, Kohl’s, Cabela’s and Applebee’s.
Saylent implemented a direct mail print campaign,
fulfilled the incentive for those members who qualified,
and gathered real-time reports for Fox. Supplying
support to the campaign, Fox addressed calls related to
member feedback, misplaced reward letters, and general
questions.
“We’ve seen tremendous increases in member debit card usage, and profitability, due to this
program. With minimal effort, we can reach and incent more members without diverting much
attention away from the marketing department’s already full schedule.”
– Monica Campbell, Financial Analyst, Fox Communities Credit Union
DEBIT INSIGHTS
Case Study:
POWERFUL INSIGHTS.
PROFITABLE OUTCOMES.
Fox Communities Credit Union achieves better service and bigger bottom-line results by relying on
Saylent’s turnkey marketing program run through FIS Debit Insights.
As a result of the campaign, more than 17% of those
targeted qualified for a reward. The campaign not only
increased debit card usage and spend for the qualified
group, but it also positively impacted the overall group.
During the campaign period, the qualified group
conducted more than 25 debit card transactions per
card at the POS, up from just over an average of four
transactions the month prior to the campaign. This
activity was sustained, with an average of 21 debit card
transactions monthly for six months. This represented a
374% increase in debit card usage by the qualified group.
The financial impact to the credit union was significant.
The qualified group spent $944 per card during the
campaign period, after spending just $180 during the
baseline month. Over six months, cards in this group
averaged $737 in purchase spending monthly, a 310%
increase in debit card spend.
The target group as a whole increased its debit card
purchase transaction volume, spend and interchange by
119%, 87% and 115%, respectively, in the six months
post-campaign as well, signifying the broader impact the
campaign had. For example, this group increased its debit
card spend from $175 per card in the month prior to the
campaign to $360 per card during the campaign period.
The group also continued to use its debit cards to make
purchases at the POS, with an average spend over six
months of $352.50 per card per month, a 101% increase
in debit card spend.
From the overall campaign and resulting 115% increase in
interchange sustained over six months, it’s anticipated that
Fox will realize a campaign ROI of 433% in 12 months.
Beyond the numbers, the success of the program will
enable Fox to help keep its debit cards “top of wallet”
with members and further bolster long-term cardholder
engagement and loyalty.