“ I was immediately interested because exagens approach is grounded in a deep understanding of how people think and make decisions , and how to keep them connected , and energize them to make better financial decisions .’’
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 .
“ I was immediately interested because exagens approach is grounded in a deep understanding of how people think and make decisions , and how to keep them connected , and energize them to make better financial decisions .’’
BENJAMIN MAXIM
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 ).
“ Exagens has been a true partner and had thoughtfully built not just a great product , but also invested a lot in their process , with a tiered implementation to get up and running quickly . It has all been built to work with the realities we deal with on the ground , delivering results without excessive time and effort on the part of the credit union .’’
BENJAMIN MAXIM
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
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 .”