At its March Business Analytics Symposium, the Center for Business Analytics at Loras College recognized Dupaco Community Credit Union as the 2016 Business Analytics Innovation Award recipient for demonstrating excellence through its consumer-centric campaign that paid real dividends to its members.
Innovation Award winners are chosen based on the description of a business analytics project, process or concept that was implemented by their company and the tangible economic, social or environmental impact it demonstrated.
“It’s always gratifying to recognize an organization like Dupaco that consistently strives to meet the needs of those they serve,” said Kimberly Roush, graduate marketing specialist for Loras College. “Dupaco used creativity and analytics to literally bring more value to their services. Those two words aren’t always used together when looking for solutions, but Dupaco demonstrated ingenuity to make a positive difference in the lives of its members.”
Dupaco, with 19 offices in Iowa, Wisconsin, and Illinois, developed and implemented a comprehensive, data-driven marketing campaign – the GreenBack Impact initiative – centered on saving its members a collective $1 million in interest. Determined to make the initiative work, the credit union promised to distribute $25,000 in bonus dividends to participating members if it reached its goal. Publicly declaring a goal and tracking that progress in real-time increased the stakes and put its reputation on the line.
“As a member-owned cooperative, Dupaco’s mission is to improve each member’s financial position,” David Klavitter, chief marketing officer of Dupaco, said. “The GreenBack Impact initiative was part of our ongoing effort to quantify and communicate the credit union’s value to members and the community.”
In addition, the campaign encompassed nearly 350 employees across 19 branches in eight market areas. And more than 86,000 of its members and those in the community were eligible to participate.
In response, Dupaco employees saved 1,300 members more than $3.5 million in interest within a four-month period by refinancing loans that originated from other lenders. This amount was 356 percent over the goal of $1 million in interest savings.