Catalyzing Engagement and Growth

Like all credit unions, MSUFCU faces the challenge of nurturing meaningful relationships with members in an era when in-branch visits have declined, made more difficult as a significant portion of its members are students and many of them relocate each year after graduation.

“We have made great strides using technology to make it faster and easier for our members to transact business with us digitally, but those faster interactions came at the cost of engagement and enduring humanized connections in-branch experiences have created for decades.”

Those challenges led MSUFCU’s Ben Maxim to exagens’ behavioral banking solutions with its focus on building and maintaining relationships and a bond of community, digitally.

The decision to implement Behavioral Banking proved to be a winner, with its launch characterized as one of the most successful MSUFCU has experienced, with the quickest adoption rate and most enthusiastic initial feedback including:

36% average engagement across all insights with some as high as 46%

In the very first month, a member responded to enthuse that the insight regarding their Amazon Prime membership resulted in them canceling it and saving money

Providing new benefits to members and growing the credit union often gets stymied by the realities of legacy technology, messy data, security, and privacy protection.

Those concerns were another factor in Maxim’s and MSUFCU’s selection of exagens - its ease of implementation and no requirement for personally identifiable information (PII).

29% engagement with tips reminding members of their credit card benefits and 17% on auto-related opportunities.

Commenting on the success, Maxim noted: “This is just the beginning of the potential that behavioral banking unlocks, and already it has become the key pillar of our digital experience strategy for the future.”