Objective:
In this article we will be creating a special holiday loan offer for your customers. Using Core iQ, we will create a targeted audience to send the offer to. We will explore the following topics:
- How to find an audience of Core Deposit customers for the Personal Holiday Loan offer
- How to find an audience of Loan customers for the Personal Holiday Loan offer
The holidays are the ideal time for you to offer your customers some additional rewards for their loyalty to your bank or credit union. Whether you are giving them additional cash back on their credit card, or running a promotion encouraging them to sign for their debit card purchases of Christmas gifts, offers around the holidays show high rates of return. One of the great ways that our customers capitalize on the holiday season is through small personal loans to their customers. This provides some much needed funds for gifts and travel, without causing too high of a monthly payment after the holidays are over. Finding the ideal customer for this offer within Core iQ is extremely easy, and we will be guiding you through an example audience to show you just how simple it is.
We will begin by creating two different audiences within Core iQ using two reports, the Core Deposit Customers Without an Active Loan report and the Loan Listing report. Below you will find a breakout of important settings within each report, as well as recommended filters. While your financial institution might require different qualifications, these settings are meant to be a jumping off point for your holiday loan campaign.
Report #1 - Active Core Deposit Customers
First, we want to isolate the customers who have an active Core Deposit account and are in good standing with our financial institution. To achieve this, we will use the Core Deposit Customers Without an Active Loan report, which can be found under Actionable Reports > Core Deposits within Core iQ. 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.
This gets us to a great starting place for our audience, allowing us to further refine our results for our offer by using the additional filters below:
- HAS ACTIVE ACCOUNT IN
- Here, we want to select only the services that matter most when trying to find our ideal personal loan offer recipient. For this example, we will be looking at customers who have an active Money Market, Personal Checking, or Personal Savings account. You can include or exclude additional service groups as you see fit to expand or refine your audience further.
- NUMERIC RANGE
- We will use this field to isolate only the customers who have an account that has not been overdrawn over the past year-to-date. To do this we want to set this field to Overdrafts YTD and then set both boxes to 0. This will remove anyone who has an active Money Market, Savings, or Checking account and has also overdrawn within the last year-to-date.
Once we generate this report, we will have a great audience that we can refine even further. After reviewing our list of customers, we want to click the Convert to Campaign button to begin connecting our audience to our template. Here we need to select our template, sending banker, and initial status (we recommend Pending Approval or Reviewed and Approved). Once we have finalized these settings, we can use the Additional Filters area on the next screen to add a few more criteria for our audience. Below, are a few added filters that you can use to adjust your audience. The first will remove any customer with less than a certain amount in their Core Deposit account (in this case, $400) and then second will allow us to only include customers who have been at our institution for longer than a set period of time.
When you are happy with the size of your audience, queue up your template and Core iQ will handle the rest. If the template was set to Pending Approval, it will need to be reviewed and approved by a Core iQ Admin before it is sent. If you chose Reviewed and Approved, then Core iQ will send the communication automatically at the time and date you set on the Campaign screen.
Report #2 - Loan Listing
Next we want to isolate the customers who have an active Credit Card account and are in good standing with our financial institution. To achieve this, we will use the Loan Listing report, which can be found under Actionable Reports > Loans within Core iQ. We want to segment this audience based on the same factors as the last one. 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.
This gets us to a great starting place for our audience, allowing us to further refine our results using the additional filters below:
- SERVICE GROUPING
- Using this field allows us to specify that we are only looking at customers who have an active Credit Card account. While you can include your mortgage, HELOC, and auto loan customers, we will start small for this example.
- SPECIFIC SERVICE
- Here, we can refine our audience further based on the service groups that we chose. Selecting a service here will allow us to isolate specific loans or credit cards that are offered within our bank or credit union. For this example, we will not be using this field, however you could use it to only offer a personal loan to customers with a priority Credit Card or loan product.
- CURRENT STATUS
- We will use this field to isolate only those with Open and Active credit card accounts at our financial institution. If you chose to include customers with a service such as your mortgage products, you could use this field to remove people that have paid off their loan. Use the Any option to include any customer with a loan from your selected Service Groupings.
- DATE RANGE
- For our example offer, we will be looking only for customers who have been a part of our organization for at least 6 months. The DATE RANGE 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.
- NUMERIC RANGE
- There are a number of great options to use for this field, but for this example we will be using a filter for the Interest Rate of the customer’s credit card. This data comes directly from your core, and is updated nightly along with your other data. This allows you to get an up-to-date understanding of our customers’ current interest rate. A typical holiday personal loan offer has an APR of around 8-9%. So for this field, we will want to find customers with a rate that is higher than that. For this example, we chose to find credit card customers with an Interest Rate of 12% or higher. Your loan APR and chosen Interest Rate may vary, so use what makes the most sense for your financial institution.
- 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.
When you have these filters set to your desired metrics, generate your report and click the Convert to Campaign button. We want to use the same template for this audience that we did for the last one, ensuring that our sending date and time are the same as the one set in our previous report. Most importantly, we also want to make sure that the Customer Receives No More Than Once Within field is set to something other than N/A on that template. Doing this will allow us to merge the two audiences together within our campaign and will remove any accidental duplicates that might have arisen in our reports. Again, we will set our desired sending banker, initial status, and campaign name before clicking the Review Costs and Add Filters button. We can use the next area to further refine this audience using similar filters as the last one, but this audience should be much smaller. Once you are happy with the chosen targeted campaign, queue the communication to be sent by Core iQ.