Fibre Federal Credit Union, with $1.7B in assets and presence in Oregon and Washington, came to Vericast seeking assistance with growing their checking deposit business.
Utilizing industry best practices and benchmarks, Vericast worked with Fibre to create a strategy focused on increasing the number and balances for their “Choice Checking” accounts. Before coming to Vericast, Fibre focused on persuading its existing members to move their checking accounts from other FIs to Fibre, or to upgrade their current Fibre checking account to “Choice Checking.” Working with Vericast enabled the credit union to reach not only existing members but also potential new members.
During their campaign, over 8.5M digital ads were delivered to nearly 62K households within Fibre FCU’s 15 branch markets, in addition to two direct mail drops. The campaign drove 1,147 households to open 1,925 accounts with a total balance of $22.7M. Of these households and accounts, 504 were new households, which opened 982 accounts with a total balance of $4.12M.
“I am amazed by the breadth of services Vericast offers, their personal approach, and their ability to quantify results.” – Heather Snyder, AVP Marketing & Community Development, Fibre Federal Credit Union
Fibre FCU had set a goal of increasing their “Choice Checking” accounts by 6.7% and balances by 9.1% by year-end. Working with Vericast, they surpassed their account goal by 178% and their balances goal by 121%. The ability to reach prospects was instrumental in achieving this success.
