Objective:
In this article we will be talking about holiday ‘Skip a Pay’ offers, a popular program offered by banks around Christmas. We will explore the following topics:
- How to create an audience for your ‘Skip a Pay’ offer that includes those that are qualified to take part in the offer
Does your bank or credit union offer a special holiday ‘Skip a Pay’ promotion to customers with personal, home, and/or auto loans? Core iQ makes it easy to create and segment your audience for these sorts of offers. While many of our banks have different qualifications for these sorts of services, we wanted to provide a ‘starting off’ point for building a Skip a Pay audience in Core iQ. This tutorial will walk you through creating a base audience within the platform, giving you a starting place for your specific Skip a Pay offer.
Finding the right customers
We will start by creating our holiday ‘Skip a Pay’ audience using the Loan Listing Report, which can be found under Actionable Reports > Loans within Core iQ. This report will allow us to identify only the customers within our financial institution that have an active loan product. We want to segment this audience based on a few factors, but feel free to edit these filters as you see fit for your particular offer. First, we want to use the Customer Type field to select only our ‘Nonbusiness’ customers. Then we want to remove all employees using the Is Employee field. Finally for this section, we want to remove loans that we don’t directly service using the Include Nonserviced field.
Now that we have excluded these groups of customers who we don’t want within our audience, it’s time to customize our audience based on our offer. Below are some important fields for this report, along with some recommended filters for those fields:
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- SERVICE GROUPING
- Within this field, you will be selecting the services that you want to specifically target with this offer. These service groups are set at a global level within Core iQ during implementation and can be found within the Admin area. For our example offer, we will be sending this ‘Skip a Pay’ offer to our clients who currently have active consumer loans, agricultural loans, consumer mortgages, and HELOCs.
- SPECIFIC SERVICE
- You can use this field to further refine your audience to include only those that have a specific mixture of services within these service groups. This could allow you filter out those that don’t currently have a particular type of home loan, or those that have a particular term on their auto loan. These services, like the service groups, are set within your Admin area and mapped to your core import to Core iQ.
- CURRENT STATUS
- We will use this field to isolate only those with Open and Active loans at our financial institution. We want to remove those who have either paid off their loans or those that have frozen loans which are still accruing interest. Use the Any option to include any customer with an associated loan product.
- DATE RANGE
- For our example offer, we will be looking only for customers who have been a member of our organization for at least 6 months. This field will allow us to tell Core iQ to look for only those whose Original Customer Date is more than 6 months from the current date. Just choose Original Customer Date for this field and set the date in the right-hand box to 6 months prior to today’s date. You can also use this field to key off of metrics such as the Last Payment, which can be set to the current date on the right field and 30 days prior to that on the left field. This will ensure that they are current on their payments for the loan product.
- NUMERIC RANGE
- Not every customer will want to take part in this offer, so we want to limit our communications by looking only at those with a certain minimum monthly payment. This will allow us to exclude customers whose monthly payment is close to the amount we have set for our fee. For this example, we will be looking for those who have at least a $150 monthly payment. To do this, we want to set this field to Regular Payment and then set the left-hand box to 150. You could also use this field to find only those customers with a certain Current Balance range on their loan.
- NUMBER OF TIMES PAST DUE
- We want to only find customers who are in good standing at our financial institution, and this field allows us to exclude those that have been past due on their loan within a particular date range. For our example, we will set this field to 30 to 59 Days and input 0 in both boxes. This will mean that we want to exclude all customers who have ever been past due on their loan for a period of 30 to 59 days. You could easily set this to something less stringent by changing the date range to only look at those who have been 90 or more days late or by allowing for 1 or more instances of being Past Due during that period of 30 to 59 Days.
Once you have all of these fields correctly set, you can generate this report to see the size of your audience. Core iQ makes it easy to further refine this audience by either changing metrics on this report, or by using additional filters on the campaign page. If you feel that your audience is too large, just further restrict your campaign using additional filters on this report. You could increase your Regular Payment in the Numeric Range field, or exclude customers who have auto loans using the Service Grouping field. Once you have your targeted audience, click the Convert to Campaign button to send your offer to that audience.