Extra Credit Union, based in Warren, Mich., has been awarded the 2025 Finopotamus Tekkie Award for Revenue Growth, thanks to its innovative partnership with DeepTarget Inc. This collaboration utilized AI-powered digital banking engagement to generate over $12.7 million in new deposits from March to December 2024. The achievement underscores the potential of AI in transforming digital banking into a revenue-generating platform.
Facing challenges such as rising interest rates and competition from both traditional and digital-only financial institutions, Extra Credit Union turned to DeepTarget's Digital Experience Platform. This tool enabled the credit union to deliver personalized loan and Certificate of Deposit (CD) offers to members through their digital banking interface, achieving a 7.66% click-through rate, significantly higher than the industry average.
Ruthann Varosi, Vice President of Marketing at Extra Credit Union, highlighted the success of integrating AI-powered targeting with their marketing efforts. The strategy not only resulted in 1,092 new CD accounts but also expanded the credit union's lending capacity, providing members with competitive rates.
Preetha Pulusani, CEO of DeepTarget, emphasized the significance of Extra Credit Union's achievement, stating it validates the effectiveness of AI-powered tools in enabling midsized financial institutions to compete effectively. The success story of Extra Credit Union serves as a testament to the transformative power of AI in the financial sector, offering a blueprint for others to follow.
