KALSEE Credit Union approached Xtend with a unique request during the middle of the COVID-19 pandemic: asking to help them improve their loan attrition rate. Xtend Data Analytics took up the challenge and put together a customized “Losing the Love” initiative to reach out to members with aging, recently paid off, and low balance auto loans.
Losing the Love is a program that typically focuses on improving member retention and engagement with ten topics that focus on self-service usage, sub-account closure rates, card usage, and more. Xtend uses data from the core processing platform to reach out to disengaged members through HTML emails and surveys, allowing credit unions to recapture the love of their members before they are gone.
Both Xtend Data Analytics and KALSEE Credit Union are excited to see the results of this customized strategy. “We came to Xtend knowing that we needed to be more proactive in utilizing our data to build and save relationships with our members,” said Carrie Boisonault of KALSEE. “Our immediate need was in slowing loan runoff. After identifying three key indicators of a lost or at-risk loan relationship, I worked with Sarah Ashby of the Xtend Data Analytics team to customize the Losing the Love model to meet our needs. She has been fantastic to work with, helping us dial in the data and create a communication plan for connecting with targeted members. As we get ready to launch, I’m excited to see how this data-driven, work-smarter program performs!”
Both products are currently available on the Xtend website.
About Xtend, Inc.
Xtend, Inc. is a 100% credit union-owned CUSO formed in 2002 with headquarters in Grand Rapids, Michigan. Xtend provides a wide array of managerial, operational, marketing, technical planning and consulting services for credit unions of all sizes. In short, Xtend is an aggregation point for shared resources that allows credit unions to deliver products and services more cost-effectively. Their strategic offerings include bookkeeping services, member contact services, back-office mortgage services, partnered liquidity opportunities, shared branching, and payment processing services. Xtend provides services for over 250 credit unions representing more than 1.2 million members and $13B in assets. The CUSO is currently owned by 81 credit union industry partners. For more information, visit www.xtendcu.com.
