The DigitalMailer Blog

August 11, 2010

E-Central Bundles Up for a Great Loan Promo

Filed under: email marketing,Loans,Marketing,member enrollment,Money,Uncategorized — admin @ 2:40 pm

E-Central Credit Union in Pasadena, California recently used two DigitalMailer products to promote loan refinancing. First, they asked us to create a form using our secure forms server that could manage member information about car loans. The secure form server is the backbone of our Reg E Opt-In packages and is an effective way to manage sensitive information pertaining to your members. E-Central’s form asks members for information about their current auto loan at a different financial institution and gives them information about how much they could be saving by moving their loan to E-Central. It even offers a $5 deposit for that member just for filling out the form!

Next, E-Central created an email marketing campaign that they sent to members and SEGs encouraging them to fill out the form. It included all the links to the online form, links to a PDF copy of the same form (for the folks who want to fill out forms by hand), and links to E-Central’s website. Evan Hitchcock, E-Central’s Marketing and Business Development Manager, includes his name at the bottom of emails going to his SEGs to let them know he’s there for them if they need consultation or have questions.

We love to see our clients use our products in bold, innovative ways. If you have an example of how you’ve used DigitalMailer’s products in conjunction and would like to show it off, send an email to info@digitalmailer.com and tell us about it.

The tools mentioned in this post are available for all DMI clients. Contact your account manager for more info!

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November 4, 2009

Just a Reminder…

Filed under: Collections,Credit Union News,Credit Union Tech,email,Loans — admin @ 6:32 pm

DigitalMailer has found a new way to save credit unions money by cutting out print and postage, reducing man-hours and increasing customer response.

As mentioned in the CU Times article “Northwest FCU Cuts Delinquencies, Costs With E-Mails”, DigitalMailer helped Northwest Federal Credit Union come up with a new way to reach members who were behind on their loan payments.

From the article:

The credit union had over 55% of its member’s e-mails on file and implemented a new policy that required members taking out a loan to provide a valid e-mail address.

The credit union works with DigitalMailer on other digital communication products, so [Cindy Cherry, Northwest’s collection manager] approached the provider with the problem.

“I listened to the problem and thought with that number of e-mail addresses, they could stop or knock out a lot of the accounts before they got to the 15-day mark,” said Ron Daly, president/CEO of DigitalMailer.

“This is technology that bank and credit card companies have used for years, it’s just about getting credit unions to start using it.”

Northwest’s success was self-evident. Of 1,605 collection e-mails sent, 845 members have paid before the 15-day delinquency mark. They were able to find bad e-mail addresses and follow up with members who had missed their notification. Even though the number of delinquencies is still high for Northwest, the process of dealing with them is getting faster, more affordable, and more effective.

DigitalMailer can do the same for you!

Are you dealing with a high volume of delinquencies and limited collection resources? The DigitalMailer Automatic Relationship Builder can give you:

Accurate reporting of e-mail opens, click-throughs and forwards
Easy-to-use template creation system
Easy list management
Fast, reliable delivery

DigitalMailer is offering a new FREE webinar:
Just a Reminder…How to make collections faster, easier, and more affordable

that explains collections email in depth. Visit the webinar page on our website for information and to sign up for the debut webinar on November 16.

To get started with collection e-mails, contact DigitalMailer today at info@digitalmailer.com or at 866.994.4900 ext. 115.

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February 12, 2009

Who’s Holding All the Cards?

Filed under: Credit,Credit Cards,Credit Unions,CU Soapbox,Heartland Systems,Loans — admin @ 2:40 pm

by Ron Daly

There’s been a lot of buzz and hum about credit cards recently. And why not? Credit is a sore subject to some, a point of pride for others, and for folks that never had it? Could go either way, really.

So, let’s highlight some credit card stories of the past few days:

One of the biggest stories: The Heartland Systems break-in. I wrote a piece for the CU Soapbox on the hack about a week ago (click to read), and new horror stories just keep popping up. Wired Magazine has been keeping tabs on the accounts affected (click here to read) and CreditCards.com say the effects have hit financial institutions on all levels and in many states (click to read).
More and more, banks and credit card companies have been driving up the rates (click to read).

Have anything else to share on credit cards? Our comments section is always open.

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October 29, 2008

They’ll Be Runnin’ from Collectors When They Come! The next hill to climb

Filed under: Credit,Credit Union News,Financial Crisis,Financial Scams,Loans,Money,Special Reports — admin @ 4:50 pm

by Ron Daly

Ready for some good news in all this doom-and-gloom? We’ve turned a corner in the financial crisis!

Ready for the bad news? It’s the corner of Wall Street and Main Street.

What does that mean? Not everyone had stocks. Not everyone had thousands/millions/billions tied up in the market. Not everyone has 401k’s and retirement packages.

But doggone if just about everyone has a credit card.

And now, banks and credit card companies are shielding themselves against bankruptcy by calling in the tab, so to speak – massive rate hikes, lowering of credit limits, and seizure of assets.

Would you like to compare your debt against others? Go to this interactive site from the New York Times, “The Debt Trap”. Failing that, at least read about the situation to come here.

Credit Unions, take note: Losses are increasing. Eastern Financial is reporting significant fourth quarter downturn. What will you do to stay afloat? Comment below.

(Editor’s Note – Special Thanks to Jeffry Pilcher of The Financial Brand for bringing these stories to our attention via Twitter!)

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October 16, 2008

On Greed and Fear: How Credit Unions get the most out of the crisis.

Filed under: Credit Union News,Credit Union Tech,Credit Unions,Financial Crisis,Financial News,Great Ideas from CUs Like Yours,Loans,Marketing — admin @ 7:22 pm

by Ron Daly

Came across an article today written by Warren E. Buffett. Buffett knows money, I think that’s safe to say. Read his very good article here.

Anyway, he said something in his op-ed piece that really stuck with me:

“A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful.”

This was one of those things that, on the first read, was smart sounding. But reading it again gave me a clarity I hadn’t expected. It made me think about our industry and how we SHOULD be looking at the opportunity presented.

Now, more than ever, attention is placed on the stability of credit unions versus big banks. In the midst of the big earning days of low-rate loans and bum securities, banks were greedy and CUs were fearful…fearful of loaning and mortgaging irrational sums. Naturally, lending money to people who couldn’t afford to pay it back turned out to be a bad idea.

So now comes the time where CUs are thriving and banks are scrambling to make up the difference. Is this the time to drop marketing? Is this the time to be weak-willed when it comes to drawing members? Quite the contrary.

Now’s when CUs need to:

1) Market Hard
2) Consider their next round of member rewards and incentives
3) Become the “Bull” of finance, not the “Bear”.

You are worthy of attention, CUs – you made the right decisions at the right time and you’re getting praised for that. Now’s your chance to be greedy when the other financial institutions are fearful.

To learn more about how to up-sell and maximize your marketing potential, sign up for our “Do you want fries with that?” webinar.

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October 9, 2008

Special Report – The deep breath before the plunge: What you need to read, what you want to know

Filed under: Credit Unions,Depression,Financial Crisis,Loans,Money,Special Reports — admin @ 6:12 pm

Our regular contributors offer good reads regarding the Financial Meltdown.

from Ron Daly:

“Frankly, there’s no better way to put this than CNN did in this explanatory article (Click Here). It shows causes, thoughts, solutions and suggestions that we as homeowners, workers, families and people with credit need to consider. It’s 9 pages worth of very sharp, very smart information.”

from Greg Crandell

“There are few things right now that concern me more than mortgages…the (Wall Street) Journal just reported one in six homes is “under water” - meaning the mortgage is more than the home is worth now (Click Here).”

from Rob Banker

Read Rob Banker’s thoughts on our industry blog, Click.Connect.Communicate.

from Jimmy Marks

“I think there’s one guy in the world who sums this whole shebang up pretty well…that’s Stanley Bing (Click Here).”

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October 7, 2008

Shoot First, Ask No Questions, Offer Blind Opinion

Filed under: Depression,Financial Crisis,Financial News,Loans,Money,Ron Rants,Special Reports — admin @ 1:13 pm

by Ron Daly

Well, it’s official: the economy stinks.

Not that anyone with half a brain (or considerably less) couldn’t see it coming. But things get really rocky when the Dow starts to plummet and the banks all fail and the government offers a “Sweetened Bail-Out” package…you get the idea.

But then some of my employees were chatting and had heard that, throughout the web, things were looking grim. There was this story from CNN which is terribly depressing – and with the word “depressing” comes the word “depression”.

Yes, depression. As in The Great Depression. As in “Brother, Can You Spare a Dime?” depression. Which 60% of Americans think we’re facing. And that means 60% are overreacting.

You might not agree with me. You might think we’re doomed. But the Wall Street Journal doesn’t think so…which is to say the Nobel Laureate who authored this article doesn’t think so. The LA Times seems to argue that depressions in economics are inevitable, but another “Great Depression” is highly unlikely. People in Congress and in the Media have been yelping about depressions and recessions and bailouts and the plummeting market and that’s got you worried. You should be worried, but you shouldn’t be terrified. You should be ACTING on good information given to you by informed market professionals. Don’t sell everything you own. Don’t give away all your possessions and run off into the desert. Just think carefully and don’t get overwhelmed by people telling you we’re all doomed.

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September 17, 2008

I’ll Gladly Pay You Tuesday: On Microloans

Filed under: Credit,Credit Union News,Credit Unions,Loans — admin @ 7:19 pm

by Ron Daly

I got curious when I saw this story pop up in my blog reader. It has to do with loans. Not car loans, which, like home loans, are defaulting at an alarming rate following the bad tidings from this weekend.

No, these were loans for fuel. I’ll say that again – a loan for fuel.

This winter, the Maine Credit Union League has authorized small loans to people who have to keep warm. The loans, which have a $5,000 cap, are intended to keep people with high heating costs from getting stuck paying for outrageous fuel prices. The CU decides on the loan and, if and when the loan is approved, mail a check directly to the oil company.

This made me think about Microloans – Kiva.org is a good place to learn more – which involve loaning a small amount of money to a small, poor business to get them started/keep them going. The default rate on these loans is usually very small, and the business model leaves a bit to be desired – read this article from the New Yorker. All in all, however, microloans can make a difference in the lives of the “working poor” as they’re often described.

As America has gotten more and more mired down in debt, the concept of more lending is always a little puzzling. Sure, people need things like homes and cars and now, sadly, very expensive fuel for those homes and cars. But what will it take to keep us from all being under the gun?

TIME FOR SOME OPINIONS:

What do you think of small, practical life loans, such as the “fuel loan” above or “micro-credit”?
Do Credit Cards take the place of small personal loans?

Your thoughts would be great.

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Categories

The DigitalMailer Blog

E-Central Bundles Up for a Great Loan Promo

Just a Reminder…

Who’s Holding All the Cards?

They’ll Be Runnin’ from Collectors When They Come! The next hill to climb

On Greed and Fear: How Credit Unions get the most out of the crisis.

Special Report – The deep breath before the plunge: What you need to read, what you want to know

Shoot First, Ask No Questions, Offer Blind Opinion

I’ll Gladly Pay You Tuesday: On Microloans

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