Alabama Credit Union’s Story
Serving more than 100,000 members, Alabama Credit Union (ACU) has a mission to provide leading digital and in-branch services for Alabamians who are looking for a different kind of banking experience. Its focus on innovation and digital differentiation has allowed the institution to grow its member base and branch locations over the years. ACU is located in Tuscaloosa, Alabama, and currently has more than 300 employees across its headquarters and 17 branch locations.
ACU Members Seek Financial Health Information
Like most credit unions and banks in the U.S., ACU reported a spike in digital adoption when the Covid-19 pandemic hit in early 2020. During the period when branches were closed, ACU members turned to the institution’s online and mobile solutions as well as its call center for support. The biggest challenge for the credit union coming out of the pandemic was in ensuring that in-branch staff and phone support staff were able to help members with their digital banking needs.
One key area where members look to ACU for support is in understanding and improving overall financial health, specifically their credit score. Dropping interest rates and a boom in the housing market increased interest in property investments for many Americans, putting pressure on many to take a deeper look at their credit score. In an effort to increase financial security while also improving the digital experience for members, ACU partnered with Apiture to launch My Credit Score.
“We wanted to be able to provide more value to our members by showing them that we can help them improve their financial lives. It was something our members had been asking for help and advice on, so we were happy to be able to offer them a solution in house to give us a channel to answer their questions. Having access to the marketing data and targeting has just been an added benefit.”
-Kelley Porter, VP of Member Experience
Seeking a Client Development Request to Solve A Problem
The team at ACU noticed an uptick in questions from members about their credit score. The credit union wanted to provide an easier and more transparent solution to increase financial health practices for members as well as stay competitive against larger financial institutions and credit card companies that were beginning to offer credit score services.
In 2020, ACU approached Apiture to help deliver on this goal by integrating with SavvyMoney, a credit score provider. SavvyMoney’s solution includes an easy-to-understand credit score tracker for consumers. At the same time, it gives banks and credit unions the analytics and marketing tools they need to better serve their customers and members.
After understanding the scope of the project and the benefit that a credit score solution would provide to not only ACU, but all of Apiture’s clients, the Apiture Client Development team got to work to ensure a seamless integration to the Apiture Digital Banking Platform. Within six months, the My Credit Score solution was integrated within Apiture’s digital platform and was live for ACU.
“The custom development for this project was one of the most effortless project we’ve worked in. It was very low maintenance from the FI side, which was amazing.”
– Dustin Kizer, Digital Services Director
A Popular Solution for Members
ACU launched My Credit Score in 2020, with a goal to reach at least 25% of its members. The quick adoption amongst ACU members resulted in a number of benefits for the institution. Foremost, the credit union was able to give its members a deeper understanding of their credit score. Members have reported that by following the steps recommended by My Credit Score to improve their score, they have seen an increase month over month.
“We’ve had members call into our support team, not to troubleshoot, but to rave about the functionality. They love the forecasting tool — they’re watching it in the app and making financial decisions to hit their credit goals. I’ve already spoken with two separate members who reported that by following the advice provided by the My Credit Score app, they’ve successfully increased their score.”
– Dustin Kizer, Digital Services Director
ACU was also able to develop a better understanding of its members’ financial background through the data provided with My Credit Score. Recently, the credit union saw an offer circulated from one of the larger credit card providers and was considering whether to recreate a similar offer for its members. Within minutes, the team was able to discover that many of its members already had open lines of credit with that same credit card company, allowing them to determine the best course of action to target those members for a similar offer.
“One of the most beneficial features of the My Credit Score solution is that you can see which offers members have clicked on and are interested in. That allows us to target offers — for example, a home loan advertisement to customers who have looked at home loans and are approved to borrow a certain amount. Having that level of functionality is huge — it’s every marketer’s dream.”-Kelley Porter, VP of Member Experience
About Alabama Credit Union
Alabama Credit Union is located in Tuscaloosa, Alabama and currently has over 300 employees across their headquarters and seventeen branch locations.