CASE STUDY Visa Analytics Platform helps credit union grow mobile wallet transactions by 85%

Visa Analytics Platform gives Kinetic Credit Union the visibility they need to drive business forward.

Challenge

Kinetic Credit Union wanted to boost the number of members using mobile wallet transactions in order to deliver a better customer experience and support member demand for easy access to accounts and payments services.

Kinetic’s existing reporting capabilities did not provide the level of visibility into mobile banking activity they needed to support strategic planning for an effective engagement campaign. To help grow their mobile banking platform, Kinetic was looking for an easy-to-use analytics solution that could provide a quick, detailed view of member data to help them set benchmarks and track progress toward their goals.

“We can easily explore and share the data among our teams to track business performance, and the Visa team has been a valuable resource in helping us create the custom reports to get the insights we need. This fast, easy access to insights empowers us with the evidence we need to create campaigns."

— Robert Olinger, Business Intelligence Administrator, Kinetic Credit Union

Solution

Visa Analytics Platform helped Kinetic Credit Union gain access to key payments data and insights via customizable reports to accelerate decision making.

Kinetic Credit Union had been using internal SQL-based business reporting tools to generate reports — a complicated, time-consuming process that limited access to key business information in a timely manner. Visa Analytics Platform’s customizable reports and data visualization features provided Kinetic an easier way to access their payment data and gain granular insights from it, accelerating data-driven decision making and reducing the burden on their IT resources.

Results

In 2020, Kinetic launched an engagement campaign, guided by data and insights they accessed through Visa Analytics Platform, to promote the adoption of mobile wallet transactions among Kinetic members. This campaign has helped Kinetic generate a 50% increase in the number of cardholders enrolled in mobile wallet transactions, along with 2X (vs campaign goal) unique card enrollments.

The credit union also achieved 113% of its usage (mobile transactions per member per month) goal for the campaign, which helped to drive an 85% increase in the total number of transactions per month in just one year. These increases in mobile wallet enrollment and transactions have helped Kinetic maintain a strong customer experience and drive loyalty.

~ 50 % increase in members enrolled in mobile wallet transactions program in one year
~50%
increase in members enrolled in mobile wallet transactions program in one year
85 % increase in total number of mobile wallet transactions per month in one year
85%
increase in total number of mobile wallet transactions per month in one year
~ 2 X more unique cards enrolled in mobile wallet vs goal
~2X
more unique cards enrolled in mobile wallet vs goal

Saving time and simplifying information-sharing

Kinetic tracks mobile wallet performance using data from two custom reports generated in Visa Analytics Platform: a 16-week rolling transaction report that is updated each week and a 13-month rolling transaction report. Prior to using Visa Analytics Platform, Kinetic had no way to easily access this data. With Visa Analytics Platform, both reports can be generated quickly and shared with Kinetic’s cardholder engagement team to help them continue to drive usage of Kinetic’s mobile wallet services.

Kinetic also uses Visa Analytics Platform’s Insights Pages to create monthly benchmarking reports for executive meetings to help them review business performance and guide business strategy. Previously, it took Kinetic 14 hours to generate these reports. With the latest export feature available on Insights Pages, it now takes Kinetic less than one hour to generate reports that are valuable for decision-makers across the organization.

About Kinetic Credit Union

Kinetic Credit Union serves nearly 46,000 members across the U.S., providing convenient consumer lending and personal banking solutions. Kinetic manages ~$550 million in assets, delivering focused service and support to help members improve their lives.