When GreenState Credit Union (GreenState) launched SavvyMoney through Q2, members immediately bought in and realized the value of this platform. In the first eight months, GreenState saw more than 33,000 enrollments. “We kept waiting for (enrollments) to plateau, but they just kept on growing,” said GreenState’s Vice President of Digital Transformations Scott Schmidt.
Today, members are raving about SavvyMoney’s modern and simplified interface that shows their score while also letting them view more detailed data, such as a comprehensive credit score analysis and pre-selected personalized offers the member may qualify for based on their current financial profile. “We’re seeing approximately 2,000 new enrollments every month,” Schmidt said, adding that members especially like receiving a notification when their credit score changes or someone pulls their report. “Before, our members didn’t understand their credit score or how it impacted them. This puts that (data) into the members’ hands. Q2 is the helpful partner enabling us to compete with Chase or Bank of America without having to spend that kind of money,” added Schmidt.
Digital-first Strategy Builds Better Customer Engagements – adding almost $1M of new business
With a greater understanding of the significance of a good credit score and ways to improve it, more than 20% of GreenState’s digital banking (and growing) customers regularly use Q2’s and SavvyMoney’s solutions. They see customized offers for loans and/or credit cards based on their individual credit profiles – increasing the likelihood they’ll use these offers and take advantage of the terms. “We now have more personalization, which is what people are looking for. We’re able to get the right offer, through the right channel, to the right member, at the right time,” said Schmidt.
Adding almost $1 million of new business is a nice first-year return on investment. And this was achieved by focusing only on home equity loans and credit card offers. Soon, GreenState will incorporate auto loans to their value offering, which will also contribute new revenue to their business.
This is a win-win-win scenario, as GreenState’s customers are happy, their Net Promoter Score (NPS) continues to increase, and their employees are elated to offer members extra value-added services. "Our branch team is introducing SavvyMoney anytime members initiate new loans,” said Schmidt.
SavvyMoney is part of Q2’s dashboard, so when GreenState members use their digital banking app, they can view their credit score and full report daily, at no charge. Once they register, and each time they log in, an updated credit score appears, coupled with timely alerts if there’s any change to their score. This feature allows members to track and closely monitor key factors that influence their scores.
“We love seeing when our members get better rates,” added Schmidt. “SavvyMoney is also facilitating more in-branch loans, but those loans are not reflected in the new $1 million business added by SavvyMoney. That figure is based purely on our digital transactions.”
It's More than Just About Having a Great User Experience and Increased Profitability - with Q2 and SavvyMoney, GreenState, is Now More Agile and Efficient
“Q2 and SavvyMoney have enabled us to be much more efficient. As the stewards of our members’ money, we need to be responsive, lean, and efficient, so we can offer the best terms to our clients. This allows us to do a lot more with a lot less,” Schmidt said.
“Before, we generated a mail file for each Marketing campaign to promote our credit products within Online Banking," Schmidt explained. "Now, we’re able to set up our preferences and let the technology do the work for us. We simply input the type of profile and targets. It’s not a one-time data pull. The Interface does all the administrative work, so documentation and decisioning efficiently occur on the back end,” he continued. “We now have a dynamic, robust member database and can advise in real-time how our members can improve their overall financial wellness.”
De-mystifying the “Black Box” of Credit Scores for Members
“To encourage those who have not yet enrolled, we’ve featured SavvyMoney on their online banking dashboard. A banner shows how they can access their free credit score, while also providing a SavvyMoney link for them to connect. Once the members sign up, their score credit score and other features appear every time they log in,” added Schmidt. “Overall, Q2 is a better system that helps us maintain a digital-first mindset and strategy, helping us provide new value-added fintech services like SavvyMoney to our members,” Schmidt said. “With Q2 as our partner, we’re now able to offer so much more to our members,” he continued. “We can explore new fintech partners, integrate them to Q2, and get them into our system seamlessly. Q2 lets us leverage outside firms to get things done much faster instead of going through a typical slower standardized process. Q2 provides flexibility for us to get our roadmap implemented much faster while allowing us the freedom to work with outside developers on a case-by-case basis.”
Furthermore, integrating and launching these new services has been painless. Schmidt noted, “the integration and rollout have been easy, seamless, and smooth. When Q2 delivers the product, it is error-free and ready to use,” he said. “I know it’s going to work, our members will love their experience, and our employees will stand behind it, which has not always been the case with other tech providers.”