Sara Dolan, Chief Financial Officer at MSU Federal Credit Union, stopped by the Studio Lounge, share how Trellance has helped MSUFCU increase CD revenue by over 1000% through the use of Trellance’s Next Best Product AI, one of the six AI driven predictive model offered by Trellance.
To test the accuracy of Next Best Product AI from Trellance, Sara explained how 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. 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 (CD) program.
Sara added the group selected by Next Best Product AI had an average account balance of $90K and opened 160 CDs with a total revenue of $7.4M. The group selected by MSUFCU had an average account balance of $7K and opened a total of 53 CDs with a total revenue of $666K.
“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.”
Check it out and let us know your thoughts. And be sure to watch more of our Trellance Annual Conference interviews on the video archive page.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.