How Advia Credit Union doubled auto loan conversions

Advia Credit Union’s mission is to provide financial advantages to its members with quick and easy solutions that serve life’s evolving needs. From mortgage refinancing to debt consolidation to auto loans, Advia provides crucial products and services to its members.

As an innovative credit union, Advia recognized that they could engage their members better if they leveraged the full power of their data to expand their members’ portfolios. So the Advia team started using Faraday to predict which members were most likely to complete an auto loan application.

Using member predictions to engage likely borrowers

With Faraday, Advia was able to better understand its members’ needs and more intelligently segment both their email and direct mail audiences. Faraday scored each credit union member’s propensity to complete an application for an auto loan product, based on members’ previous actions regarding these applications. The resulting lookalike audience for the auto loan campaign consisted of the top percentile of the scored members. Advia then used email and direct mail to promote auto loans to the best-fit members.

Exceeding campaign benchmarks in less than a month

The success of Advia’s auto loan campaign performance was measured by the audiences’ response rate, which was defined by the number of completed auto loan applications. Before working with Faraday, the credit union’s benchmark for success was a 1.19% response rate. Little did they know, there would be much more to gain with Faraday’s audiences. After just 30 days of running their auto loan campaign with Faraday audiences, Advia saw a response rate of 2.41%, yielding $1.1MM in new auto loans. After 90 days, the response rate grew to 5.18%, resulting in a grand total of $2.7MM in auto loans.