Global Credit Union sees a 40x increase in direct deposits added within the first 72 hours after implementation
MX Technologies, Inc. shared early results of its MX Direct Deposit solution implementation with Global Credit Union. Global is one of the largest credit unions in the U.S. serving more than 750,000 members across the country and around the world.
Just 72 hours after implementing the MX Direct Deposit solution, Global (globalcu.org) rapidly outpaced the number of accounts that have added direct deposit when compared against prior years driving a deposit growth surge of 40x compared to its previous method.
Fintech News: Get Ahead of Fraudsters: Learn About ThreatMark’s Latest Milestone
“At Global, we’re continuously innovating new ways to make financial services more convenient for the members we serve. We know which members will most likely benefit from switching their direct deposit to Global, and this simple Direct Deposit solution from MX allows us to identify and communicate directly with those members. This method is more effective at providing a quick and easy way to move their direct deposit,” said Elizabeth Pavlas, Chief Operating Officer at Global Credit Union. “We are pleased with the early results and look forward to seeing more members utilize this feature moving forward.”
MX’s Direct Deposit solution provides a seamless, embedded application within the credit union’s digital experience to identify deposit attrition, engage customers with personalized offers to encourage direct deposit switching, and drive sustainable revenue growth. By combining intelligent insights from MX with Atomic’s seamless deposit switch capabilities, financial institutions can more easily identify customers who could benefit from an account switch and make it simple for them to take action.
Fintech News: Nelson Chai Named Executive Chair of DailyPay
“This unique deposit switching experience brings together intelligent account and transaction data with an intuitive way to update deposits,” said Jordan Wright, co-founder and CEO of Atomic. “We’re excited to see this solution in action, enabling Global’s members to seamlessly set up new direct deposits and banking relationships.”
By implementing the newly launched MX Direct Deposit solution, Global Credit Union can easily identify members with deposits at accounts outside the credit union and deliver targeted messaging through its digital banking experience. The credit union can then guide these members through a seamless direct deposit switching process with MX’s solution, making it simple for them to set up or switch deposits and move their primary banking relationship.
Fintech News: Get Ahead of Fraudsters: Learn About ThreatMark’s Latest Milestone
“Without the right tools to identify, target, and convert customers, financial institutions like Global Credit Union risk losing valuable deposits and revenue opportunities to competitors,” said Wes Hummel, Chief Product and Technology Officer at MX. “With our Direct Deposit solution, Global Credit Union can leverage real-time data insights, personalize marketing, and deliver a seamless digital experience to not only retain existing members but also grow the business with new deposits and higher member conversion rates.”
Source: Businesswire
To share your insights with the FinTech Newsroom, please write to us at news@intentamplify.com
