BlastPoint Deep Dive Podcast

On-demand webinar_ Increasing checking account
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Tom: [00:00:00] Welcome to Blastpoint Deem Dive, uh, the podcast where we kind of explore this crazy world of data and AI. And you know, what makes this podcast really special is that we're this, uh, this collaboration between humans and AI.

Anna: Yeah, I mean, that's right, Anna, one of your AI co hosts and, and I'm super excited to just dive into this world of data and AI solutions, uh, with you today.

Tom: And I'm Tom, uh, ready to jump in and unpack some really fascinating applications, you know, out there in the real world.

Anna: So today we're taking a deep dive into this fascinating case study from, you know, the credit union world. Um, P1, FCU, you know, they're a credit union that was facing some pretty common challenges and they actually managed to use AI to like totally [00:01:00] transform their whole marketing strategy and boost their revenue.

And what's really kind of wild is they did it way faster than anyone would expect. You see, credit unions, they often struggle with. Engaging indirect members. These are people who may be joined through a car loan, or some other kind of partnership. But they don't really have a strong connection to the credit union itself.

Tom: Right. And that lack of engagement, it can lead to a lot of missed opportunities, and there's a much higher risk of, you know, those members just leaving for a different financial institution.

Anna: Now, P1FCU had a digital marketing specialist, uh, Taylor Moms, and they were initially pretty skeptical about AI.

You know, they thought it would be this insanely complex and time consuming process, uh, you know, requiring a whole team of, you know, data scientists and a ton of resources. But when they started working with Blastpoint, you know, their whole perspective changed.

Tom: Yeah, and that's because Blastpoint's approach is really designed to be Accessible and user friendly for marketers, you know, not just those data wizards.

It integrates seamlessly with, you know, whatever data and systems P1FC you already [00:02:00] had. So they didn't even have to start from scratch.

Anna: And Taylor was just blown away by how quickly they could get everything up and running. They were able to build super targeted marketing campaigns. in less than two weeks, which is something that would have taken forever before.

So one of the most impactful campaigns that they ran was actually focused on converting those indirect members into, you know, fully engaged checking account holders. And this is where things get really, really interesting. Instead of going after the usual low hanging fruit, PUNFCU, use this AI powered propensity modeling to pinpoint the Indirect members who were actually the most likely to open a checking account.

Tom: It's kind of the opposite of what you'd think, right? You'd think they'd go after the people who'd seem easiest to convert, but the AI actually showed them that there was this hidden opportunity in a segment that's usually considered much harder to reach.

Anna: And the AI insights, they didn't stop there either.

They also used this channel preference data, which again is driven by AI, to figure out the absolute most [00:03:00] effective way to reach this specific group of members. And it turned out email was the best way to go. So they could ditch those really expensive direct mail campaigns and, you know, really focus their resources where they'd have the biggest impact.

Tom: This really shows how AI can kind of challenge You know, our assumptions about marketing, like sometimes tactics that seem outdated, you know, like direct mail can actually become incredibly effective when you pair them with that kind of precise targeting that you can only get with AI.

Anna: Exactly. And the results are pretty amazing.

This campaign, it led to a projected revenue increase of like 400, 000, over a hundred new credit cards and 50 new checking accounts and all that within just a few months.

Tom: Pretty remarkable. Yeah. But. Beyond just the numbers, you know what I find really fascinating is that the AI, it gave P1FCU this whole new level of data insight.

I mean, they were suddenly able to see trends and opportunities that they hadn't even considered before.

Anna: Totally. And this whole experience, it really changed the way Taylor thought about financial marketing. [00:04:00] They realized that personalization is everything, you know, moving away from those old, you know, spray and pray methods and, and really engaging members with offers that are relevant to, you know, They're individual needs and preferences, and they also started to understand how critical that 90 day window is after a member opens an account.

That's when credit unions have the best chance to make a really strong first impression and solidify those relationships.

Tom: And AI can be, you know, super crucial in making the most of that window by analyzing data, predicting, you know, what people need and triggering these personalized communications at just the right moment.

Credit unions can really guide new members towards the products and services that best fit, you know, their individual financial journeys.

Anna: Yeah, it's like having a built in financial advisor for every single member.

Tom: That's a great way to put it. But what's really cool is at this level of, you know, sophistication, it's not just for those huge financial institutions anymore.

AI is making. data driven marketing accessible to, you know, organizations [00:05:00] of all sizes.

Anna: That's a really important point here, right? You don't need to be some huge tech giant to use the power of AI. In fact, it might be the key to staying competitive and actually thriving in today's, you know, constantly changing world.

Tom: You know, it's pretty amazing that P1FCU got such great results so quickly. I mean, it really makes you rethink this idea that, you know, implementing AI takes forever and that it's only for those massive companies with tons of resources.

Anna: Yeah, that's so true. I think a lot of people still think of AI as like something out of a sci fi movie.

You know, like it needs years and years of development and a team of geniuses.

Tom: And a lot of, you know, that easy implementation is because of these advances in what we call propensity modeling, which basically means this type of AI. It looks at all kinds of data about people, their demographics, their finances, past interactions, that kind of thing, and uses that info to predict, you know, how likely they are to do something.

Anna: So like with PUNFCU, the model could figure out which indirect members were most likely to open [00:06:00] a checking account, even if they didn't fit the usual profile?

Tom: Exactly. And that's where AI is really powerful. It can see these hidden patterns and insights that humans might miss. Because we just can't process, you know, huge amounts of data as well.

Anna: Okay, so let's break down this propensity modeling a bit more. It sounds pretty complicated.

Tom: Well, it is pretty sophisticated. But the basic idea is actually pretty easy to understand. So, imagine you're trying to predict if someone will like a movie. You might think about things like their age, what genres they like, if they've liked similar movies in the past.

I see.

Tom: Propensity modeling. It's similar, but on a much bigger scale, it looks at thousands, even millions of data points to find the key things that make someone more likely to do something specific, like open a checking account or apply for a loan.

Anna: Ah, okay. That makes sense. So, it's all about finding those hidden connections in the data, but how does P1FCU actually use these predictions?

I don't know.

Tom: Well, that's where the idea of the next best product comes in. So once the AI figures out, say, a group of members who [00:07:00] are really likely to want a credit card, it can send them, you know, personalized marketing messages or offers just for them.

Anna: So instead of just sending everyone the same generic stuff, they're giving people targeted messages that are way more likely.

to, you know, actually work.

Tom: Exactly. It's all about making things more personal and relevant for each member, which leads to them being more engaged. And, you know, like with P1FCU, a big increase in revenue.

Anna: Now, you mentioned that AI is making data driven marketing more, you know, available to everyone, but some credit unions might still be hesitant.

What would you say to those who aren't sure about using these kinds of solutions?

Tom: Well, I'd say that the results are pretty clear. PUNFCU is just one example of how AI is changing financial marketing. You know, those who use these new technologies, they're going to have a real advantage when it comes to getting and keeping members spending their marketing budget wisely and just reaching their goals.

Anna: But it's not just about the numbers, right? There's also a human side to this.

Tom: Totally. At its heart, AI powered marketing is about getting to know your members better [00:08:00] and giving them the things they really need and want. It's about, you know, building strong relationships and trust, which are super important for any financial institution.

Anna: That's a really important point. It's easy to focus on the technology and the data, but we can't forget that we're dealing with real people with real financial needs. AI should be used to, you know, make that human connection even better, not replace it.

Tom: Yeah, well said. And P1FCU seems to get that balance.

You know, they're not just doing whatever the AI says, they're using the insights to make their strategies better and make smarter decisions.

Anna: Right. They're giving their marketing team the power to be more strategic and creative and freeing them up from all those boring manual tasks that used to slow them down.

Tom: And that's key. You know, AI shouldn't be seen as a threat to marketers jobs. It's actually a tool that can help them be more effective and focus on the things that need human creativity.

Anna: It's all about working smarter, not harder, and I think any credit union can get behind that. Now, we've talked a lot about P1FCU's checking account campaign, but I'm curious, did they use [00:09:00] AI in other parts of their business too?

Tom: That's a great question, and yeah, they did. While their checking account campaign was a big success, it was just the beginning of how they were using AI.

Anna: So what else were they doing? Tell me everything.

Tom: Well, for one, they started using AI to make their loan approval process better.

Anna: Oh, that's interesting.

How did that work?

Tom: They were able to make a model that predicted which loan applicants were most likely to pay back their loans on time, based on, you know, a bunch of things like their credit history, their income, their job.

Anna: So it's like that propensity modeling, but for loan applications.

Tom: Exactly. This let them make better lending decisions.

You know, lower their risk and also maybe even give loans to people who traditional methods might have overlooked.

Anna: I see. So it's good for both the credit union and the members, but I imagine using AI for loan approvals has some ethical questions, right? You wouldn't want the model to accidentally discriminate against certain groups of people.

Tom: That's a great point. P1FCU was very careful about that. They worked really closely with Blastpoint to make sure their [00:10:00] model was fair and that it wouldn't. You know, make existing inequalities worse.

Anna: It sounds like they were being responsible. Now, what about other areas? Did they use AI for anything else?

Tom: Yeah, they also started using it for fraud detection. By looking at transaction patterns and finding anything unusual, they were able to catch potential fraud way faster and better.

Anna: That makes sense. Fraud is a huge worry for any financial institution, so using AI to fight it must be really valuable.

Tom: Absolutely. It can really change the game when it comes to protecting the credit union and its members from losing money.

Anna: Wow. So it sounds like P1FCU really embraced AI in everything they do. They went from being skeptical to using it in their marketing lending and even security.

Tom: They did. And they're seeing really impressive results.

But what's even more exciting is that this is just the beginning. You know, they have plans to find even more ways to use AI in the future.

Anna: So, they're on a journey of, you know, constant innovation and improvement, and it all started with being open to new ideas and seeing what AI could do.

Tom: Exactly. [00:11:00] And I think that's a good lesson for any credit union or any business, really.

We often hold ourselves back by sticking to the old ways of doing things, even when there are new tools and technologies out there that can help us reach our goals better.

Anna: It's all about being open to change and trying new things, and sometimes those experiments can lead to amazing discoveries, just like with P1FCU.

You know, it's pretty incredible how P1FCU, like, totally changed their whole outlook on marketing. They went from just, you know, blasting everyone with the same message, to really getting into this personalized, data driven approach, and the results, you can't argue with them.

Tom: I know, it's amazing, and what's really interesting is how this change has impacted their team, like, on a day to day basis.

Mm. Taylor mentioned that before AI, you know, their marketing team was constantly stuck doing these manual data polls and just keeping up with campaigns.

Anna: Yeah, it sounds like they were spending all their time just trying to stay afloat instead of actually coming up with strategies and, you know, being creative.

Tom: Right, and that's where AI has been a game changer. By taking care of all those [00:12:00] boring repetitive tasks, it's freed up their team to think bigger.

Anna: Absolutely. They're not just reacting to things anymore. They can plan ahead, anticipate what their members need, and create campaigns that are really customized for each person.

Tom: So it's not just about doing things faster. It's about giving their team the power to do more. You know, giving them the tools and the insights they need to really excel.

Anna: And that's the exciting part about AI. It's not about replacing people. It's about helping people do more. You know, letting us do things that we couldn't do before.

Tom: It's like having this super smart assistant that does all the hard work so you can focus on the important stuff.

Anna: Yeah.

Tom: Now, you mentioned earlier that P1SU is really just getting started with AI. What are some of the things they're thinking about for the future?

Anna: Well, they're super excited about this new HubSpot integration is going to connect their marketing automation platform with BlastPoint's AI Insights.

Tom: Oh, wow. That sounds interesting. What will that let them do?

Anna: Well, it'll take their automation to a whole new level. Imagine creating these hyper personalized campaigns that start based [00:13:00] on what each member does and what they like, all within a seamless automated system.

Tom: That's powerful. It's like they'll know what their members need before they even do.

Anna: Exactly. And that kind of personalization can really make a difference in building those strong, lasting relationships that are so important in finance.

Tom: So it's not just about getting new members. It's about keeping them happy and giving them something valuable.

Anna: Right. And P1FCU is also really interested in exploring BlastPoint's next best product, modeling even more, which will let them proactively offer members the products and services That actually fit their needs, you know, it's like having a personal financial advisor for every member.

Tom: That's a great way to put it. It's like they're creating a custom roadmap to financial success for each person.

Anna: Exactly. And they're confident that this data driven approach will not only boost their bottom line, but also strengthen those member relationships and build loyalty for the long haul.

Tom: It's a win win for everyone.

And it all comes back to using the power of data and AI. So, as we wrap up this deep [00:14:00] dive, I think it's safe to say that P1FCU's story is a great example of how AI isn't just some far off dream. It's real, it's accessible, and it's changing the world of financial marketing right now.

Anna: Totally. And if P1FCU can do it, just imagine what other credit unions and financial institutions can achieve.

The possibilities are endless.

Tom: And it all starts with being willing to let go of the old ways of doing things and embrace what data and AI can do.

Anna: So if you're listening to this and you're feeling inspired by P1FCU, I encourage you to take that first step, explore the possibilities, ask those what if questions, you never know what amazing things you might find.

Tom: And if you want to learn more about P1FCU's success story, make sure you check out the on demand webinar. We'll put the link in the episode description.

Anna: It's full of even more insights, real world examples, and practical tips that you can use in your own marketing strategies.

Tom: And of course, if you enjoyed this deep dive into data and AI, make sure to subscribe to the Blastpoint Deep Dive podcast for more amazing stories from the cutting edge of technology.

We'll be back soon with another episode [00:15:00] exploring how data and AI are shaping the world around us.

Anna: Until then, keep exploring, keep learning, and keep pushing the boundaries of what's possible. We'll be here to guide you every step of the way.

Tom: Thanks for joining us.