How to Automate your CD Maturity Date & Renewal Notices

Objective:

In this article we will be talking about how to create an automated schedule around the maturation or renewal of your CD products. We will explore the following topics:

• What data needs to be sent to Core iQ in order to achieve this scheduled outcome
• How to create a maturity/renewal schedule that works for all CD term lengths

Whether you are looking to add onto a CD Onboarding schedule in Core iQ, or you are wanting to build a specific schedule for the time leading up to CD maturity, Core iQ can help. By automating the notices and disclosures that are required during the lifecycle of your CD products, Core iQ can save you a lot of headache. In this article we will be discussing how you can start automating these electronic/print pieces and how you can ensure that your data feeds are correctly configured to trigger these items. It's important to remember that new data feeds can be added to your instance of Core iQ as long as you are able to produce the files from your core or another external source. We are always here to assist you in adding these new feeds, and if you have something in mind then please reach out to your Customer Success Representative.

What data feeds do I need in order to make this CD Maturity & Renewal schedule work?

If you are interested in beginning to automate your CD Renewal and/or Maturity Notices, it’s important to make sure you have the correct data feeds coming into Core iQ. For both of our trigger events, you will need to review your import file containing data on your CD accounts. An easy way to ensure that you have accurate data coming in for both your Maturity Date and Renewal Date fields is to check the Timed Deposit Account Listing report. This Core iQ report allows you to pull a list of all your active CD or IRA accounts, and will display the mapped fields that we have for you. If you look at the output of this report and notice that there are consistent Maturity or Renewal dates missing, then please reach out to us and we can investigate. Both of these fields are typically mapped in during our implementations process, but sometimes files can change and we can lose access to data. If you think you are sending us this data, please don’t hesitate to check with us about why you aren’t seeing it within this report.

What trigger events can I use to send CD Maturity & Renewal communications?

The trigger events for this schedule are fairly self explanatory: Maturity Date and Renewal Date. Depending on whether you utilize automatic renewals at your financial institution, you will want to use one or both of these items. Both events will work in tandem with either current or brand new schedules, but we recommend included these trigger events on any CD Onboarding schedules that you might have within Core iQ.

The Maturity Date trigger event will allow you to send a communication either before or after the date of maturity set in your core import. This trigger event is perfect for recapturing CD accounts prior to their set maturity date, and will work for CDs of any term. You can also send communications to customers for a period after their date of maturity, giving you a chance to cross-sell CD products to current customers who may have just closed their last CD account.

The Renewal Date trigger event is perfect for those that need to send required communications to customers prior to the renewal of their CD account. If your financial institution takes advantage of automatically renewing CDs, then you can easily create automated communications using this trigger. You can set up templates to send leading up to the date of renewal, and then confirmation items after the CD has been renewed. These sorts of automated campaigns can help you save hours of work in pulling lists and queueing communications.