In a competitive financial landscape, deposit growth is essential for stability, especially for credit unions where it often aligns with membership growth. CD Valet has proven effective in driving both, as this case study highlights the remarkable success of a financial institution in attracting deposits and new members through a targeted campaign.
Key Takeaways
A two-week promotion using CD Valet yielded 310 leads, with an average CD size of $106,000, totaling $3.185 million in deposits. The campaign’s marketing cost was only 34 basis points and new member acquisition surged during this period, showcasing the dual benefits of deposit growth and membership expansion.
Higher-than-Average CD Size
An average CD size of $106,000 demonstrates the institution’s ability to attract high-value depositors with an attractive rate and the benefits of federal deposit insurance.
New Member Acquisition
Importantly, the promotion also led to significant new member acquisition, which is critical for credit unions. The success in converting depositors into members speaks to the long-term value CD Valet offers, helping institutions establish lasting relationships with new customers.
Lead Link Solution
CD Valet’s Lead Link Solution — driving CD customer leads at scale by directing them to open a CD on a financial institution’s website through digital account opening or by collecting information through a customized contact form — played a crucial role in this success by streamlining the conversion process. This tool helped turn initial interest into concrete outcomes, reinforcing CD Valet’s ability to drive meaningful results in both deposits and memberships.
Why Partner with CD Valet
CD Valet is a powerful resource for institutions looking to grow deposits and membership through a single, efficient campaign. By promoting an attractive APY and utilizing CD Valet’s digital marketplace, this institution achieved impressive results.
If your financial institution is ready to enhance its deposit strategy, contact Jamie Fairbanks at jfairbanks@cdvalet.com to learn more about CD Valet’s tailored solutions.