Mercer County NJ Teachers FCU, Hamilton, NJ, recently netted more than $13,000 in non-interest income from a recent mortgage email marketing campaign. The total cost? Just $200. A small investment can mean a BIG return.
Margins are getting tighter, non-interest and fee income is statistically dropping in the U.S., and financial institutions are feeling it in their bottom lines. Some statistics show a 32% drop in fee income for smaller financial institutions since 2008. This is for various reasons—regulatory restrictions, fintech competition, the COVID-19 pandemic, and other factors. However, as your members’ trusted financial partner, you can position your credit union to garner more business and generate important non-interest income.
Email marketing is a win-win.
For example, many of you offer mortgage programs for your members. These promotions are not only beneficial for your members during the COVID-19 crisis but an excellent source of Non-Interest Fee income.
Adam Romero, the CEO of Mercer County NJ Teachers FCU, shares his credit union’s success from a simple yet powerful mortgage email: “Need Budget Relief?” The goal was to encourage members to visit the credit union’s website to learn about their mortgage options and set an appointment with a mortgage specialist.
MCNJTFCU’s initiative netted a tremendous result:
Emails sent: 1,977
Emails opened: 545
Website clicks: 24
In 90 days, the credit union earned $13,912 in non-interest income from the promotion, as a percentage of the amount financed.
Ready to get started?
Email marketing gives you a fresh opportunity to present your message and brand to your members—affordably! Contact us at 800-243-0171 for help with your next Non-Interest Fee-generating promotion. We’ll craft a message exactly right for you, have our art department showcase your brand so you can gain similar outstanding results.
And remember, members always benefit when they take advantage of your affordable services!