By Devon Kinkead

The financial services sector faces constant pressure to adapt, innovate, and keep customers engaged. But how do you not only attract new customers but also ensure they stay loyal in an increasingly competitive landscape?

During our recent Gain and Retain webinar, we unpacked actionable insights to tackle this challenge, weaving technology, personalization, and strategy into a framework for success. Let’s break it down.

Deposits Are More Elusive Than Ever

Financial institutions are grappling with two critical issues: attracting new customers and keeping the ones they already have. In today’s environment, consumer expectations for personalized services are high, yet loyalty remains fragile. Bank data reveals that more than 50% of large deposits are withdrawn within 90 days without proactive engagement​.

How can banks and credit unions close the gap between their services and what customers need during pivotal life moments?

Partnering for Smarter Solutions

Micronotes has stepped up with innovative tools designed to address these challenges head-on. By leveraging vast data sets, predictive analytics, and hyper-personalized outreach, Micronotes helps financial institutions anticipate customer needs and deliver tailored solutions right when they matter most.

For example, Micronotes’ Accountholder Retention solution uses machine learning to identify at-risk customers and initiate automated, meaningful conversations within mobile banking apps​. Similarly, Prescreen Acquire deploys hyper-personalized prescreen campaigns to connect with creditworthy prospects and accountholders using geotargeting and 230MM consumer credit records, updated weekly​. Exceptional Deposits identifies unusually large deposits and immediately reaches out to depositors through the digital banking channels to offer help during major life events.

Engage at Scale with Personalization

1. Understand Your Customers’ Moments That Matter
   Life events like buying a home, consolidating debt, or receiving a windfall are critical opportunities to build trust. Micronotes identifies these moments through its Exceptional Deposits program, which flags large deposits and automatically connects accountholders with relevant services​.
2. Turn Data into Actionable Insights
   By analyzing millions of data points, Micronotes’ tools predict accountholder behaviors and needs, enabling financial institutions to act proactively, not reactively. Whether it’s cross-selling products, retaining an accountholder ready to leave, or acquiring new creditworthy accountholders, the results are transformative.
3. Scale Conversations Without Losing the Personal Touch
   Traditional marketing may start one conversation at a time. Micronotes’ Cross-Sell achieves 26x the click-through rate of banner ads by engaging accountholders in interactive dialogues tailored to their specific situations​.

Real Results, Real Growth

Micronotes customers are already reaping the rewards of Micronotes’ gain and retain approach, from acquiring new accountholders at a profit, to expanding wallet share, to retaining depositors and their deposits. It’s a powerful combination.

Step Into the Future of Banking

2025 is the year to stop losing opportunities to competitors with outdated systems and thinking. Let Micronotes help you gain new customers and retain the ones who already trust you.

By Devon Kinkead

Deposits aren’t just numbers on a balance sheet—they’re the pulse of banks and credit unions, fueling lending, investment, and operational stability. Yet, deposit retention often takes a back seat to acquiring new customers. With mounting challenges like economic volatility, customer mobility, and rising competition, the ability to retain deposits has become a make-or-break factor for financial institutions.

The High Stakes of Deposit Retention

When a depositor leaves, the ripple effects go beyond just liquidity:

1. Liquidity Stress: A sudden outflow of large deposits can leave financial institutions scrambling to meet obligations, increasing reliance on expensive external funding sources.
2. Erosion of Trust: Large deposits are often tied to significant life events—retirements, home purchases, inheritances. Losing these customers signals a deeper disconnect in building trust during crucial life moments.
3. Regulatory Strain: Attrition can weaken compliance with capital and liquidity requirements, placing the institution at risk of penalties or operational challenges.

In fact, we’ve seen up to 50% of large deposits exit within 90 days without proactive intervention—a sobering statistic for community banks and credit unions with limited resources.

The Micronotes Advantage: Turning Risk Into Retention

Imagine having the ability to detect when an exceptional deposit is made and stepping in to help. That’s where Micronotes’ Cross-Sell Exceptional Deposits capability excels. The solution empowers financial institutions to:

• Identify Large (At-Risk) Deposits: Micronotes flags statistically anomalous deposits—those that often signal life events.
• Engage With Precision: The platform automated tailored conversations with large depositors, offering personalized solutions like retirement planning, mortgage services, or wealth management, addressing their needs head-on.
• Seamlessly Integrate: Compatible with major digital banking systems, Micronotes ensures effortless implementation without disrupting your operations.

This technology transforms a looming risk into a growth opportunity, helping banks and credit unions retain valuable deposits while deepening customer relationships.

A Story of Success: Real Customer Insights, Real Impact

Micronotes’ Cross-Sell Exceptional Deposits isn’t just theory—it’s already making a tangible difference for financial institutions. Here are real-world examples of how the platform helped retain deposits while strengthening customer relationships:

1. Preempting Fund Transfers to Competitors: A customer shared, “I was planning on investing into a money market with Wells Fargo at 5.4%.” With Micronotes, the bank proactively engaged the customer, offering competitive investment products that met their needs, preventing the outflow of funds.
2. Providing Access to Expertise: Another customer expressed, “I’d like to speak with an investment advisor.”Recognizing the opportunity, the institution connected the depositor with financial advisors, resulting in tailored solutions that solidified the relationship.
3. Encouraging Long-Term Commitments: When a customer stated, “I’d like to open a CD,” the bank was able to respond immediately through Micronotes, streamlining the process and securing funds for the long term.
4. Addressing Immediate Needs Thoughtfully: A depositor noted, “[I’m planning on using the funds for] vacation and dental expenses.” By engaging with empathy and offering personalized budgeting and savings advice, the institution reinforced its role as a trusted financial partner.

These interactions showcase how Micronotes empowers banks and credit unions to anticipate customer needs and respond with precision, ensuring deposits remain within the institution while deepening trust and loyalty.

Actionable Strategies for Deposit Retention

While Micronotes provides a technological edge, the broader strategy to retain deposits requires a mix of tools, culture, and customer focus:

1. Personalize at Scale: Use data to understand depositor behavior and offer tailored products. Customers value institutions that recognize their unique needs.
2. Strengthen Relationships: Build trust through regular communication, transparency, and financial advice that aligns with customer goals.
3. Focus on Digital Excellence: Ensure your online platforms are seamless and intuitive. Digital convenience is no longer optional—it’s a cornerstone of retention.
4. Incentivize Loyalty: Offer benefits like higher interest rates for long-term deposits or discounts on loans to loyal customers.

Looking Ahead: A Future Built on Retention

As banking evolves, one truth remains constant: deposits are the cornerstone of success. For banks and credit unions, retaining deposits is not just a financial imperative—it’s a testament to the strength of customer relationships and trust.

Micronotes’ Cross-Sell Exceptional Deposits capability offers the perfect blend of technology and strategy to help financial institutions not only navigate the challenges of deposit retention but thrive in them. By addressing the root causes of deposit attrition, namely inaction, and engaging accountholders at critical moments in their lives, banks and credit unions can ensure stability, grow their base, and fortify their future.

Your deposits—and your depositors—deserve exceptional care. Let’s make that happen.

By Devon Kinkead

Personal loans and HELOCs (Home Equity Line of Credit) play unique roles in consolidating debt to lower borrowing costs. Through an analysis of recent data on Direct and Indirect Sales across different financially personalized firm offers of credit, an interesting pattern emerges: personal loan consolidation offers overwhelmingly result in direct loans, whereas HELOC offers often lead to indirect loans. This blog will explore the reasons behind this trend, provide insight into offer strategy, and explain what it means for financial institutions.

Direct vs. Indirect Sales: Definition

Let’s first define terms:

• Direct Sales: These occur when a loan matches the type of loan offered to the credit-qualified consumer. For example, if a consumer is offered a personal loan and they accept and secure that exact loan, it counts as a direct sale.
• Indirect Sales: These happen when the loan does not match the original offer made to the consumer, despite them being credit-qualified for the initial offer. In this case, the consumer is offered one loan type but ultimately secures a different loan product, leading to an indirect sale.

Figure 1 – Septermber 2024 Micronotes sales attribution data, relationship between offer name and direct vs. indirect loan booked ($)

The Comparison: Personal Loans vs. HELOCs

In the dataset analyzed, personal loan consolidation offers, such as PCL (Personal Consolidation Loan), almost exclusively result in Direct Sales. Out of 402 total personal loan consolidations, nearly all are direct except 14, or 3%.

Conversely, HELOC offers, such as HELOC Consolidation and HELOC Traditional, show a different pattern. For example, in the HELOC Traditional offer, there are 11 direct sales but 22 indirect sales, meaning more consumers who received HELOC offers ended up securing a different loan product.

Why Do Personal Loan Consolidation Offers Result in Direct Loans?

1. Simplicity and Familiarity: Personal loans are straightforward financial products. Consumers understand that a personal loan is a fixed amount with a predictable interest rate and repayment schedule. Since the offer clearly aligns with their needs, credit-qualified consumers typically accept it without exploring alternatives, leading to a direct sale.
2. Tailored to Immediate Needs: Personal loan consolidation offers are highly targeted, focusing on consumers looking to consolidate multiple debts or pay off high-interest credit card debt. Because the product directly addresses the consumer’s immediate financial concerns, they are more likely to accept the offer as-is.
3. Urgency of Debt Consolidation: Consumers seeking personal loan consolidation are often under pressure to resolve their debt quickly. A personal loan provides a direct, efficient solution to consolidate debt and lower borrowing costs, which aligns well with their need for quick relief leading to a direct sale.

Why Do HELOC Offers Often Result in Indirect Loans?

1. Complexity of Home Equity Products: HELOCs are more complicated than personal loans. These products involve leveraging home equity, often with variable interest rates, which introduces more risk and complexity. As a result, consumers may start by considering a HELOC but then explore different financial options, leading to an indirect sale.
2. Consumer Preferences for Simpler Products: Although all consumers in this dataset were pre-qualified for the HELOC offers they received, many still opted for a different loan product. This may occur because other products, like a home equity loan or cash-out refinance, may feel like a safer or simpler choice. Ultimately, even though they were credit-qualified for the HELOC, consumers often choose a product that better aligns with their financial comfort level.
3. Loan Switching: After reviewing the terms and complexities of a HELOC, some consumers may realize that a different product, such as a fixed-rate home equity loan, might better meet their needs, particularly if they prefer a predictable payment structure. This switch from the original offer results in an indirect sale.

Implications for Offer Strategy

Given these observations, financial institutions can refine their strategies for both personal loan and HELOC offers to increase the likelihood of direct sales, an measure of product offer fit, and better serve their customers, members, and prospects.

For Personal Loan Consolidation Offers:

• Maintain Simplicity and Targeting: The success of personal loan consolidation offers in achieving direct sales lies in their simplicity and precise targeting. Financial institutions should continue to focus on clear, easy-to-understand offers that address specific consumer needs like debt consolidation to lower borrowing costs.
• Streamline the Application Process: Ensuring a seamless, user-friendly application process can help maintain the high rate of direct conversions. Offering tools like instant approval for prescreened offers could further increase consumer confidence in accepting the offer directly.

For HELOC Offers:

• Provide Upfront Education: Since HELOCs are more complex, providing consumers with clear, easy-to-understand information about the product’s benefits and potential risks can increase the number of direct sales. Educating consumers on when a HELOC is the right choice can yield more direct conversions.
• Offer Alternative Home Equity Products: Given that many consumers who are offered a HELOC end up with a different product, lenders can benefit from bundling HELOC offers with other home equity options, such as a home equity loan or cash-out refinance. By presenting these alternatives upfront, institutions can meet consumer needs without driving them to intermediaries.

Personalization of Offers: As the data shows, consumers often opt for a loan type that fits their immediate needs and financial comfort. Financial institutions should use advanced data analytics to personalize offers, ensuring that each product offered resonates with the specific financial situation of the consumer. This strategy improves conversion rates for both direct and indirect sales.

Figure 2 – Example of financial personalization in a firm offer of credit.

Conclusion: Different Products, Different Sales Journeys

The contrast between personal loan consolidation and HELOC offers reveals the differing levels of consumer understanding and comfort with these financial products. Personal loan consolidation offers are simple, targeted, and address immediate needs, resulting in a comparatively high rate of direct sales. In contrast, HELOCs, with their complexity and reliance on home equity, often lead consumers to explore other options, driving up indirect sales.

For consumers, the key takeaway is to carefully assess the offers they receive, ensuring that the product they choose fits their long-term financial goals. For lenders, understanding these trends can help optimize their offer strategies. By refining how they present HELOC and personal loan products, financial institutions can increase both direct and indirect sales while better serving their customers, members, and prospects.

Ultimately, a more tailored, flexible, and educational approach to prescreen marketing will lead to greater consumer satisfaction and more effective loan conversions.

By Devon Kinkead

At The Farmers Bank, staying connected with customers in meaningful ways has always been a priority. However, like many community banks, they faced challenges in reaching out efficiently and effectively. Kim Compton, Chief Strategy Officer at The Farmers Bank, reflects on the journey of transforming their marketing strategy, and how partnering with Micronotes has been pivotal in their growth.

Finding the Right Fit

“When we first started, we were a small community bank, and most of our marketing was done through word of mouth,” Kim shared. “As we grew, we realized we needed a more structured approach to connect with our customers.” She pointed out that their previous systems lacked the flexibility they needed for more targeted marketing.

Micronotes stepped in at a crucial time. “We wanted a way to connect with people in a different way, and Micronotes offered that through their technology and data-driven approach. It was a game-changer for us because we hadn’t done targeted marketing before.”

A Data-Driven Approach to Targeted Marketing

One of the challenges The Farmers Bank faced was understanding and utilizing their customer data effectively. Kim explained, “We had all this data, but we weren’t comfortable segmenting it or figuring out what could drive behaviors. With Micronotes, we were able to take multiple steps forward, leveraging our own data to inform targeted marketing efforts.”

Through Micronotes’ cross-sell capabilities, the bank was able to engage customers directly. “The first few months of reporting were eye-opening. Even when someone simply responded to a survey, we knew we were making a connection. It gave us the confidence that we were moving in the right direction.”

Personalization and Customer Engagement

One notable success came from a campaign designed to engage customers with exceptional deposits. Kim recalled how Micronotes enabled The Farmers Bank to capture valuable customer insights: “We had a customer with a significant deposit who shared that they planned to live off the money while relocating to a new state. That kind of personalized feedback was something we couldn’t have gathered before.”

The bank was able to use this data to improve outreach efforts and strengthen relationships with customers. “It’s this kind of connection and understanding that allows us to keep our customer service personal while scaling our marketing efforts.”

A Path to Continued Growth

Today, The Farmers Bank is running several campaigns, but Kim sees room for even more growth. “Before today, I hadn’t even thought about running 25 campaigns,” she admitted. “But with Micronotes, I’m excited about the potential we have to scale up and reach more customers.”

Looking ahead, the bank plans to expand its efforts, particularly in areas like small business banking. “We know small businesses have specific needs, and with the right tools, we can better understand and serve them. Micronotes has been instrumental in helping us identify these opportunities and act on them.”

The Power of Partnership

Reflecting on her experience with Micronotes, Kim emphasized the importance of partnership. “The team at Micronotes really listens to us. I can throw out crazy ideas, and they find a way to make them work. It’s that attention to what we need and their flexibility that makes them such a valuable partner.”

For The Farmers Bank, the future is bright. With Micronotes by their side, they are well-positioned to continue growing, connecting with customers, and providing personalized, data-driven banking experiences.

By Devon Kinkead

Effective communication with customers is vital for any financial institution, where trust and timely information are key. FNB Community Bank faced a unique challenge: despite knowing that their customers regularly logged into online banking, FNB staff struggled to engage with customers effectively within that space. They needed needed a solution that would allow them to connect with customers where they already were, without adding unnecessary friction to their experience. What follows is a recap of an interview with Julie (Croak) Waddle, Vice President Marketing at FNB Community Bank.

The Challenge: Finding a Seamless Communication Channel

Before discovering Micronotes, we weren’t fully aware of the gap in our customer communication strategy. As Julie explained, “We were having a problem with communicating with some of our customers, and we knew that they were already logging into online banking, so we were looking for some type of solution where we could communicate with them within the area they already were.”

It wasn’t until the team attended a user meeting and heard about Micronotes that they realized the potential of this innovative technology. Julie recalls, “We thought that sounded interesting and cutting edge. And so we were willing to take the risk and be ahead of the curve when it came to this technology.”

The Micronotes Difference: Personalized and Effective Engagement

Micronotes quickly became the perfect solution for FNB Community Bank’s needs. Julie highlighted its unique value, stating, “Micronotes was the perfect solution for communicating with our customers as well as recommending products and services that could benefit them.”

Realizing the Impact: Immediate Results and Valuable Feedback

The moment FNB Community Bank realized Micronotes was working came soon after implementation. Julie shared their experience: “After working with our hands-on customer service reps from Micronotes, we were able to set up our NPS interview, and shortly after, we were receiving tons of feedback from customers. Some of them were complaints that we were happy to solve, and some were compliments that we were excited to share with our account reps.”

The immediate feedback provided valuable insights that helped improve customer satisfaction and engagement.

Life After Micronotes: A New Era of Customer Communication

Today, Micronotes is an integral part of FNB Community Bank’s communication strategy. Julie noted, “We love having Micronotes because it helps us communicate with our customers, and we can tell them about things going on at the bank, whether we have community events, we have a new financial literacy blog, or new specials. As a bank, we are here to make their life better financially as well as in the community.”

In summary, Micronotes has not just solved communication challenges for FNB Community Bank; it has transformed how they interact with their customers. By delivering the right conversation to the right person at the right time, Micronotes has made a tangible difference in their business, enhancing customer relationships and driving engagement.

The entire interview may be found here.

By Devon Kinkead

In a recent interview with Alicia Wade, former President & COO of Valliance Bank and current EVP/COO of Sovereign Bank, we explored her experience with Micronotes and how it has significantly improved their approach to customer engagement. Below is a summary of that conversation, with direct quotes from Alicia highlighting the key benefits she and her team have experienced.

The Initial Challenge

Alicia didn’t frame her situation as a “problem” but rather as a communication barrier. Valliance Bank was struggling to engage with customers who no longer visited branches regularly. With the majority of their customers now opting for digital banking services, the bank needed a new way to connect.

Alicia explained, “Micronotes allows us to talk to customers that aren’t coming into branches, which now is a majority of our customers.” The challenge was clear: How do you start meaningful conversations with customers who you rarely see in person?

The Frustration of Finding a Solution

Before discovering Micronotes, Valliance Bank grappled with how to reach customers who were not physically present at the branch. Alicia and her team knew that their customers were unlikely to respond to phone calls, and contacting every customer daily was impossible. Alicia described her frustration: “We’re trying to think, how am I gonna reach these individuals? They’re not coming in, they’re not gonna wanna answer our phone calls.”

This highlighted the need for a solution that could engage customers in the digital spaces they now occupied.

Why Micronotes Stood Out

When asked what set Micronotes apart from other solutions, Alicia emphasized two main factors: seamless integration and ease of use. “First and foremost, it was that the relationship with our core provider was already established, and we didn’t have to introduce them,” she noted.

The ease of use was another critical factor. As Alicia shared, “We can train new individuals on how to use it, and they’re using it that day. It’s not cumbersome, it’s not difficult, and it’s not overbearing to the customers on their end either.” The combination of integration, simplicity, and customer-friendliness made Micronotes an ideal solution for Valliance Bank’s needs.

The Moment of Realization

Alicia clearly remembered the moment she knew Micronotes was the right solution: “When we are getting those reports—your tracking mechanisms and your data analytics—and we’re getting those reports of number of clicks, number of conversions… month one.” The data showed that customers were not only engaging with the tool but doing so at a level that drove meaningful results. This immediate impact validated Valliance Bank’s decision to adopt Micronotes.

Life After Micronotes

Since implementing Micronotes, Valliance Bank’s communication challenges have been largely resolved. They are now in regular contact with their customers, learning more about their needs and sparking valuable conversations. Alicia mentioned that her focus has shifted to exploring what else Micronotes can do for them: “What else can we learn about our customers that we don’t know about yet?”

The success with Micronotes has opened new possibilities for Valliance Bank, prompting them to consider how they can leverage the platform to uncover additional insights and address other challenges.

Conclusion

Alicia Wade’s experience with Micronotes at Valliance Bank illustrates the transformative power of effective digital engagement tools. By breaking down communication barriers and enabling consistent, meaningful interactions, Micronotes has helped Valliance Bank not only solve its initial challenge but also position itself for future growth and deeper customer relationships.

If your organization is facing similar challenges, consider how Micronotes could help you meet your customers where they are and engage them in ways that matter most.

The entire interview can be seen here

By Devon Kinkead

In a recent interview with Ally Houghton and Karen Bendetti from The Savings Bank, we delved into the challenges they faced in reaching their online customers and how Micronotes helped solve the problem. The conversation shed light on the difficulties financial institutions face when trying to connect with digitally-only customers and the transformative impact that targeted engagement can have.

Identifying the Problem

The primary challenge for the bank was reaching customers who had opened their accounts online but weren’t necessarily utilizing the bank’s full suite of online services. “The main problem we were having was reaching our online customers and our customers that would open their accounts through online, not necessarily coming to the branches and using all of our online service products.” remarked Ally. This difficulty was compounded by the struggle to connect with the right demographics, leading to frustration within the organization.

The Turning Point with Micronotes

Micronotes made a significant difference for the team by allowing them to drill down and target specific groups and demographics. Ally highlighted that, “the big difference about Micronotes is we could really drill down and target certain groups and demographics and target audiences that we wanted to for each individual product or question that we had for them.” Additionally, the Net Promoter Score (NPS) component provided valuable insights into customer loyalty, remarked Karen, giving the bank a clearer picture of the level of satisfaction of the customer base.

Seeing the Results

The moment of realization that Micronotes was working came when the bank first saw the analytics. They could see customer comments and identify which products and services resonated most with different customer segments. Ally explained, “When we first saw the analytics and… the customers’ comments, we could see what questions and products they were actually really identifying with… we could even drill down further to target them on those products.” This level of insight allowed the bank to better understand their customers’ needs and tailor their offerings accordingly.

The New Normal

With Micronotes in place, the bank has found it much easier to identify and understand their customers. “It’s a lot easier to identify customers and to understand our customers as far as what they’re looking for, what problems they may have, whether their problems are being solved, how they feel about the bank as their primary bank, their loyalty.” This newfound clarity has not only improved customer engagement but has also opened up opportunities to explore new products that could address unmet customer needs.

Conclusion

The experience of The Savings Bank underscores the importance of targeted engagement coupled with the power of interviewing customers to understand their needs, motivations, and where the relationship stands. By leveraging Micronotes, The Savings Bank team have been able to overcome the challenge of reaching online and mobile customers and have transformed their marketing and customer service strategies. The results speak for themselves—greater customer satisfaction, improved loyalty, and a deeper understanding of what their customers truly need.

If your financial institution is facing similar challenges, consider how Micronotes can help you connect more effectively with your customers and unlock new growth opportunities.

The entire interview can be accessed here.

By Devon Kinkead

In a recent conversation with Collin Daily, Vice President and Operations Systems Manager at First Nebraska Bank, it became evident just how powerful Micronotes is in solving real-world marketing challenges for community financial institutions. Collin shared his experiences with our platform, offering valuable insights into how Micronotes has significantly impacted their operations.

The Challenge: Reaching the Right Customers

When asked about the problem they were facing before discovering Micronotes, Collin didn’t hold back:

“We were struggling the most with reaching out to our current customers and getting them the knowledge they need about our products and services.”

Traditional direct-to-consumer marketing, Collin explained, was not only time-consuming but also not cost-effective. The frustration was palpable as he described how challenging it was to get the message across to their existing customer base.

The Solution: Micronotes’ Seamless Implementation

Upon integrating Micronotes, the transformation was immediate. Collin recounted their onboarding experience:

“We signed on with Micronotes, and it was a very easy implementation…very great process.”

Starting with simple campaigns, such as customer ratings, they quickly realized the potential of the platform. Even as they moved to more complex campaigns, the process remained smooth, allowing them to gather acitonable customer feedback effortlessly.

The Results: Effective Campaigns and Valuable Data

The success of these campaigns wasn’t just in the ease of use but also in the results they delivered. Collin noted:

“We were able to get some really great data and work with that data to get our customers the info that they need.”

The ability to obtain actionable insights meant that First Nebraska Bank could provide their customers with precisely what they were looking for, enhancing both engagement and satisfaction. The Micronotes system employs microinterview technology that dynamically and exponentially segments respondents so the exact needs of each customer is known and addressed.

A Collaborative Experience

Collin emphasized that the experience wasn’t just about the technology but also the people behind it:

“Our experience with the Micronotes team has been fantastic as well. Super team-oriented, super friendly, quick responses. I mean, it’s been fantastic.”

This collaborative and responsive approach ensured that First Nebraska Bank felt supported throughout the entire process, from implementation to ongoing campaigns.

Conclusion

Micronotes has proven to be more than just a marketing automation tool for First Nebraska Bank; it’s become a key component of their customer engagement strategy. By providing a seamless, effective solution and a supportive team, Micronotes has helped the bank overcome significant challenges and achieve their key customer engagement goals.

See the full interview with Collin Daily here.

By Devon Kinkead

Financial institutions face the ongoing challenge of maintaining meaningful relationships with their customers, especially those who primarily interact online. Traditional methods of engagement often fall short when trying to build the deep, personalized connections that modern consumers expect. This is where Micronotes steps in, offering a powerful solution to not only bridge this gap but to turn it into an opportunity for growth and improved customer satisfaction.

Recently, Carissa (Dunn) Bullock from Cornhusker Bank shared her experience with Micronotes, shedding light on how the platform has transformed the way her bank interacts with customers. Contrary to the common narrative of solving a problem, Cornhusker Bank saw Micronotes as a strategic opportunity—a tool to enhance their communication and build stronger relationships with their online customers.

Seizing Opportunities with Micronotes

For Cornhusker Bank, the primary goal was to engage their online customers in a meaningful dialogue. “One of the things that we had wanted to do was to be able to really have a conversation, build a relationship with our customers that were mainly online,” Carissa explained. With Micronotes, they found a way to do just that. Leveraging Micronotes’ microinterviews, the bank was able to initiate and sustain conversations with customers, allowing them to better understand their needs, address any concerns, and celebrate positive feedback. This level of interaction is critical in today’s financial landscape, where customer experience often differentiates the top performers from the rest.

The Power of Net Promoter Score (NPS)

One of the standout features of Micronotes that Carissa highlighted is its integration with the Net Promoter Score (NPS). “…we’ve been able to take that opportunity and have conversations with [customers] via the Net Promoter Score and being able to take those answers and those issues and those praises and really bring them back and address those with the customers,” she said. NPS is a well-regarded metric used to gauge customer loyalty by asking a simple question: “How likely are you to recommend our services to others?” The responses to this question provide invaluable insights into customer satisfaction and loyalty.

Micronotes takes this a step further by not only collecting these responses but also facilitating follow-up actions. For Cornhusker Bank, this meant being able to take the feedback—whether it was praise or constructive criticism—and use it to enhance their services. By addressing customer concerns quickly and effectively, they could reinforce trust and loyalty, turning potentially negative experiences into positive ones.

Building Stronger Relationships in the Digital Era

What makes Micronotes particularly valuable is its ability to transform digital interactions into personalized experiences. “We more saw it as an opportunity to enhance our communication with our customers,” Carissa emphasized. In a world where many customers may never step foot into a physical branch, the ability to engage them in meaningful conversations online is crucial. Micronotes helps financial institutions like Cornhusker Bank do just that—turning data and customer feedback into actionable insights that drive better outcomes for both the bank and its customers.

Conclusion

Micronotes is more than just a tool; it’s a strategic partner for financial institutions looking to deepen their customer relationships in the digital age. By turning online interactions into opportunities for engagement and growth, Micronotes empowers banks and credit unions to not only meet but exceed customer expectations. As Carissa Bullock from Cornhusker Bank shared, “We saw it as an opportunity, not a problem. And Micronotes has allowed us to enhance our communication and build relationships with our customers.”

If your financial institution is looking to enhance customer engagement and build stronger, more meaningful relationships, consider the value that Micronotes can bring to your organization.

See the full interview with Carissa (Dunn) Bullock here.

By Devon Kinkead

Vertically-integrated automated prescreen marketing systems are finding their way into community banking with obvious, and not so obvious returns. A review of 20 campaigns Micronotes’ customers ran reveals that 68% of the loan volume is in indirect sales; that is — an existing or prospective accountholder was offered one loan, like a HELOC, but originated a different loan, like a mortgage. Given the sheer volume of indirect loans, they represent an important but overlooked component of the return on investment analysis.

Direct Versus Indirect Sales

Direct Sales: These are the sales directly attributed to the prescreen marketing campaign. For example, a prescreen offer for a HELOC consolidation loan was made to a prospect on February 1st, 2024 and a HELOC loan was originated on February 24, 2024.

Indirect Sales: These are the sales indirectly attributed to the prescreen marketing campaign. For example, a prescreen offer for a HELOC consolidation loan was made to a prospect on February 1st, 2024 and a mortgage was originated on April 24, 2024.

Key Data Insights

Figure 1 – Direct vs. Indirect closed loan volume across different offer types. Note: no data for rent-to-own because this was a small scale test campaign.

Indirect sales vary by offer type, with indirect sales materially exceeding direct sales in HELOCs and auto loan refinancing and entirely absent in auto lease-to-own and HELOAN consolidation. Personal loan offers show relatively few indirect sales while mortgages show a significant fraction of indirect sales.

Summarily, return on investment computations must included indirect sales to accurately reflect the real net interest income generated by a prescreen loan campaign, particularly with HELOCs, auto loan refinance, and mortgages.

Conclusion

Understanding the real benefit of automated prescreen marketing requires a comprehensive dataset, excellent analytics, and a good working knowledge of probabilities. Micronotes has developed a vertically-integrated automated prescreen marketing tool that enables community financial institutions to launch campaigns and comprehensively measure the return on campaigns and understand the unique characteristics of each prescreen offer type. Armed with this knowledge, Micronotes’ customers continue to invest wisely to acquire new borrowers and expand wallet share with existing accountholders.