Picture of Clara Hori Written by Clara Hori
on January 04, 2024

In the dynamic world of financial solutions, Credit Union of Colorado's recent strategy to increase deposits and streamline Certificate of Deposit (CD) sales online stands as a testament to their commitment to innovation and member-focused services. At Prisma, we're proud to have played a pivotal role in this journey, demonstrating our platform's adaptability and problem-solving prowess.

This article details how Credit Union of Colorado was able to increase deposits with the help of Marketing Automation.

The Initiative: A Shift Towards Increasing Deposits

A partner of Prisma since 2019, Credit Union of Colorado has over 80 years of service, 170,000 members, and $2.81 billion in assets. In May 2023, akin to many credit unions, rather than to seek loans as usual, Credit Union of Colorado had to prioritize deposits. To attract new money and retain their existing deposits, they launched a competitive CD offer and sought to introduce an online, self-service model to facilitate member interactions and transactions. This marked a shift from their traditional approach, which involved in-person or over-the-phone interactions, creating friction in the process.

Increasing Deposits

Prisma's Role: Facilitating a Seamless Transition

Leveraging Prisma's integration capabilities, Credit Union of Colorado embarked on a transformative initiative. Their strategy involved multiple components.

1. Digital Engagement

Leveraging Prisma and Tyfone's integration, they've deployed targeted banners on digital banking platforms, drawing attention to the CD offers.

2. Data Handling and Ticket Creation

Leveraging Prisma's ability to integrate with other tools by adding Web Service processes to the campaigns, Credit Union of Colorado integrated Prisma with Zendesk and enabled efficient collection of member data and ticket generation for seamless processing.

3. Backend Automation

The seamless connection between Prisma, Zendesk, and their core Symitar, facilitated automated account creation and transaction processes.

4. Direct Member Communication

Automated notifications confirmed CD setup, enhancing transparency and member satisfaction.

5. Enhanced Limits and Security

ACH transfer limits were increased to $100,000 and robust security measures were implemented to prevent fraud.

Results: A New Benchmark in Member Services

This initiative led to impressive outcomes:

  • Over 10,000 leads were generated.
  • A conversion rate of about 15%, leading to the opening of over 5,500 CDs.
  • A total of $186 million in deposits across three separate campaigns.
  • Most notably, the last wave saw a significant increase in member self-service, indicating a successful shift in member behavior and preference.

Kelly Wagner-Grull, Director of Member Experience, Innovation and Digital Services at Credit Union of Colorado, who played a pivotal role in this project, remarked, “Such high-level integration and transformation opened up a world of possibilities for us, showing if CDs can be this accessible, why not other services? The success of this campaign is a stepping stone for further innovations.”

Reflections and Future Directions

This collaboration reflects our ability at Prisma not just to provide solutions but also to empower institutions like Credit Union of Colorado in their digital transformation journeys. The project's rapid deployment, expert collaboration, and continuous improvement strategies highlight our commitment to delivering efficient and innovative solutions.

As Credit Union of Colorado continues to leverage Prisma for their evolving needs, they set an example for other institutions in harnessing digital tools for enhanced member services.

Conclusion: Prisma - Partnering for Progressive Solutions

Credit Union of Colorado’s venture into digital transformation with Prisma's support underlines our dedication to enabling financial institutions to meet and exceed their digital goals. We invite other organizations to explore the potential of our platform in transforming challenges into opportunities for growth and innovation.


Read other case studies about using Marketing automation for Financial Institutions


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