How Credit Line Increases Drove $20 Million in Growth in 90 Days

Background:
Providing Opportunities to Increase Member Card Usage

Michigan Schools and Government Credit Union, a $3.8 billion asset credit union with over 150,000 members, had a goal to increase their members’ overall card usage. To achieve this, they partnered with Rise Analytics Marketing Solutions and implemented the Credit Line Increase Program. Over the course of this program, MSGCU and Rise Analytics created a targeted campaign to assess members’ credit and offer line increases to qualified members, while maintaining MSGCU’s familiar branding in communications.

Opportunity:
Providing Members with Access to Increased Credit

The program begins with an assessment of current members in order to determine who qualifies for the program. Qualifications are based on credit union-set strategies as well as exclusions based on general lending guidelines. Once determined, all qualified members are sent to the credit bureau for review. MSGCU was able to review all data and adjust the credit line increases in order to match their needs.

As part of delivering Marketing Solutions, Rise Analytics provides all messaging for the Credit Line Increase Program. MSGCU wanted to ensure their brand messaging was still present and cohesive, so the two worked together to create copy within MSGCU’s letter templates that contained the relevant information while still maintaining MSGCU’s brand story. Once the letters and members were approved, Rise Analytics took care of the mailing.

“I have worked with Rise Analytics on several campaigns in my years as a leader in Lending. I can say that working their team is always a pleasure and they have great turnkey offers that always deliver results. Lastly, the campaigns are always more cost effective than their competitors. I would recommend using Rise Analytics no matter what area your credit union is looking to grow.”        Anthony Artico, Card Services Manager at MSGCU

Results:
Goal Exceeded by 200%

The goal of the Credit Line Increase Program was a lift in balances of $10 million. The result 90 days after the program was implemented was a lift of more than $21 million with 29,483 card holders receiving the credit line increase. This significantly exceeded the expectations of the program.

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About Rise Analytics
Rise Analytics empowers credit unions with cutting-edge analytics, AI and machine learning to turn data into actionable strategies. With deep industry expertise and innovative data solutions, Rise Analytics helps credit unions make smarter decisions, drive meaningful outcomes and achieve long-term success. Their powerful combination of technology and advisory services ensures insight leads to impact. Learn more at RiseAnalytics.com