A $517M financial institution sought to boost their personal loans with a special offer to their account holders around the holidays. This financial institution leverage Core iQ to send a personal loan holiday email as part of their campaign ultimately generating over $2.75 million in new loans.
The financial institution promoted payments as low as $95/month when borrowing for $5,000 for 5 years. Their offer included rates as low as 4.99% APR for a maximum of 60 months for those that took advantage of the offer before December 31st. They ran this special holiday offer from November 12th – December 31st.
Leveraging Core iQ, this financial institution leveraged their data to create a custom audience of over 18,000 of their account holders to promote this holiday offer, including:
- No delinquent loans
- No repeat NSF
- No fees owed to the financial institution or charge offs
- No bankruptcy
- No credit/debit card or indirect denials
- No checking account closed
To kick off their campaign, this financial institution used Core iQ to send their account holders a holiday themed personal loan promotional email.
In total, this financial institution was able to generate 377 new personal loans as part of their entire 6-week holiday promotional campaign resulting in $2,753,747 in loan origination.
The email sent from Core iQ to begin their campaign accounted for more than 58% of the overall loans. The financial institution sent out this email to 18,129 of their account holders and 17,273 of those emails were delivered. This email opened by 44% of the audience with 7,650 opens and saw a conversion rate of 1.2%.The email campaign alone converted 222 new personal loans generating $1,469,351 in loan origination.
Want to see how Core iQ can boost your personal loan promotions at your financial institution?
Contact us today to get the conversation started!
The post How One Financial Institution Doubled their Holiday Loans with One Email in Core iQ appeared first on Onovative.