Year Two Lab Results: Vertice AI

Executive Summary

While indirect lending can effectively boost loan volumes, many indirect borrowers remain disconnected from the broader credit union membership because they are often unaware of their membership or the range of financial services available to them. However the current operating environment might be more suitable for credit unions to finally bridge that gap, with shifting consumer preferences towards a more personalized experience mixed with the recent advancements in technology, like AI. 

To address the challenge of converting indirect borrowers into long-term, engaged members, testers in the lab* at Filene used Vertice AI's solution to identify and prioritize the most promising indirect members for conversion to help answer the following questions:

• How can credit unions leverage AI to devise effective strategies that facilitate the seamless conversion of indirect members into engaged and active members?
• How does Vertice AI's solution specifically impact the conversion of indirect credit union members, particularly in terms of new deposit product activations and initial balances for targeted products?
• To what extent does using Vertice AI's solution to optimize member-focused marketing campaigns contribute to improving credit unions' indirect membership conversion rates?
• How do needs and interests differ across different member segments?

Credit Union Implications

Vertice AI, or similar products, are worth considering to grow share of wallet and positively impact the credit union's financial performance. These tools not only enhance financial outcomes but have the potential to improve member experience and loyalty. For those of you who have all but given up on trying to engage your indirect members we invite you to download the full report to see the astonishing results from this test and why 93% of the credit union leadership and staff agreed that "Vertice AI fits within their organizational strategy."