LOS ANGELES-Mobile banking got a big boost this year at Farmers Insurance Group FCU, thanks to a unique loyalty program that invited members to go online and claim more than $1 million in annual rewards.
The new program lifted mobile signups by 800% and e-statements by 300% since it was introduced at the start of October, said Chief Marketing Officer Beth Rodgers, VP of marketing. "This program is going very well for our credit union. A full analysis won't be done until January when we look back to see how many more accounts were opened. But based on what we are experiencing, I expect we will see some very good overall results."
A goal is to cross-sell and deepen relationships. The Membership Bonus Program is a new approach to the yearly giveback (Credit Union Journal, Oct. 8). The $620-million Farmers has set up a page on its website where members log in and claim a membership bonus based on relationships. Once members log in, the application recognizes the individual, knows the products and services each member has and does not have, reveals the award, and then lets members know how much more money they can get back if they take more relationships.
Members get their initial payback deposited into their share account within seven to 10 days of logging into the redemption page, and then are paid Jan. 31 for any other services taken.
