Consumer Finance Co. Increases Booked Loans by 100% While Cutting Acquisition Costs

The Challenge

A consumer finance organization wanted a live check program that could acquire qualified new loan customers while better managing risk and potential for upsell. The program sought to increase loan rate and reduce the cost per acquisition over the previous direct mail-only credit prescreen campaign.

Results

We helped the consumer finance organization:

Booked loan rate

Improvement in booked loan rate over prior prescreen strategy

$18

Acquisition cost per booked loan

82%

Reduction in cost per booked loan

The Solution

We developed a new prescreen data audience strategy, created a live check program, and delivered a connected campaign experience that combined a direct mail package with personalized follow-up emails. We then tracked performance over time to manage risk and adjust prospect credit criteria to continually optimize program performance.

What did we do

We started by understanding and defining the key desired business outcomes:

Increase booked loan rate
Lower acquisition costs per loan
More effectively target both former loan customers and new prospects

How did we do it

We effectively managed risk and maximized upsell potential using the following essential steps:

Developed new prescreen data audience strategy focused on credit targeting parameters.
Defined state-specific disclosures and personalized live checks with bank check MICR codes.
Created connected and brand-aligned messaging.
Sent prospects a highly personalized direct mail package with branch information and legal loan agreement details, along with follow-up emails.
Tracked campaign performance to manage risk and optimally adjust prospect credit criteria over time.

Services provided

Strategy

Audience
Channel
Messaging

Data & Analytics

Enrichment
Processing
Modeling
Analytics
Measurement & Reporting

Creative

Print
Editorial

Omnichannel

Direct Mail
Email