MoveCU.com, a credit union shopping website and lead generator that debuted at the 2013 Marketing Association of Credit Unions conference in Las Vegas, recently announced the formation of a strategic alliance with several companies that provide products and services aimed at the coveted Gen Y demographic.
Kevin Dawson, co-founder of MoveCU.com,said the company has entered into a partnerships with four organizations:
CreditJeeves.com, a Minnetonka, Minn.-based national credit reporting agency that helps consumers improve their credit score and provides leads to auto dealerships; RentTrack.com, a new website, also based in Minnetonka, that helps college students and other tenants build a credit history by reporting rental payments to major credit bureaus and enables landlords to accept online payments; Woodlark Companies, based in Miami, Fla., which oversees more than 5,000 apartment units in 13 states and at 21 different universities; and WesPac Campus Communities, based in Santa Barbara, Calif., which handles student housing at campuses such as Michigan State University.
CreditJeeves.com, a Minnetonka, Minn.-based national credit reporting agency that helps consumers improve their credit score and provides leads to auto dealerships;
RentTrack.com, a new website, also based in Minnetonka, that helps college students and other tenants build a credit history by reporting rental payments to major credit bureaus and enables landlords to accept online payments;
Woodlark Companies, based in Miami, Fla., which oversees more than 5,000 apartment units in 13 states and at 21 different universities; and
WesPac Campus Communities, based in Santa Barbara, Calif., which handles student housing at campuses such as Michigan State University.
“Credit unions that subscribe to MoveCU will have the opportunity to market their products and services directly to potential members who use CreditJeeves and RentTrack, including students living in properties managed by Woodlark and WestPac that will be invited to join RentTrack,” Dawson said. “It’s a completely new marketing technique for financial services. Banner ads are customized with offers based on a consumer’s credit report and other consumer-supplied data. So, in a way, it’s similar to a pre-approval process.”
Dawson said the alliance is a perfect fit because it captures consumers while they are young and educates them about credit unions, while also offering products and services tailored specifically toward their needs such as auto loans and student loans.
Santa Barbara, Calif.-based Orien Investments LLC launched MoveCU and owns CU-Shopper, the proprietary search engine that supports MoveCU.com, which uses 5300 Call Report data to rank credit unions based on a 15-point matrix that focuses on price, quality and convenience factors.
“By combining our powerful search engine with the innovative technology created by our new partners, we will have an amazingly powerful force to help credit unions market services and products, such as loans, and to earn new members and new revenue,” Dawson said.
MoveCU.com began beta testing this month with CreditJeeves users and the $188 million, 12,000-member Pacific Community Credit Union in Fullerton, Calif.
“The beta test is going very well,” Dawson said. “Pacific Community has full control of who they market their offers to and they can present offers to people who meet their lending criteria. CreditJeeves is seeing rapid adoption.”
Several other credit unions have signed up for the beta test through the end of the year and the full roll-out starts in January, he said.
“The value a credit union provides is a natural fit for college students” said Jason Smith, co-founder of MoveCU. “College students using the RentTrack system will see offers from credit unions who subscribe to the MoveCU website. MoveCU has exclusive advertising rights for financial services, effectively locking out banks from reaching this group.”
Here’s how the program will work.
CreditJeeves and RentTrack users will monitor their credit scores and act on items to improve their credit through control panels on both sites.
“The control panels provide an effective space for advertisement, which are segmented by the user’s geographic location and credit information,” Dawson said. “MoveCU has exclusive placement rights for these advertisements, which will highlight a subscribed MoveCU credit union.”
MoveCU’s client credit unions will have the ability to only show ads to people who already meet their lending criteria, he added.
“For example, a MoveCU client credit union can specify what ads and offers appear, based on credit score and credit report generated metrics by state, county, city or zip code. As a result, any leads coming from these ads will be from a consumer that your credit union can likely do business with,” he said.
RentTrack, which is the brainchild of Matt Briggs, co-founder of CreditJeeves, is being introduced initially to Woodlark student housing properties in the Midwest, the company said.
“Most college students don’t have a credit history, but now they can build one and increase their credit score with every rent payment they make,” Briggs added.
“We are thrilled to be able to offer this innovative new program,” Patrick Smith, CEO of WestPac Campus Communities.
Woodlark agreed to pay for RentTrack’s services for the first 20,000 Woodlark student tenants, Dawson said.
“That means we now have direct marketing access to all those students,” he added. “Now we will be able to further enhance MoveCU’s lead generation efforts, which are already proving successful, even before launching the new program,” he said.
“Traffic to the MoveCU site is steadily increasing and we are converting 15% of our traffic to loan or deposit leads for credit unions,” Dawson added. “As of last month that equates to more than 600 leads. We currently have 30 credit unions in the system as subscribers and we’re getting more calls from credit unions on a regular basis. Things are moving. We really could not be happier with our progress.”
The current subscription rate for MoveCU.com is $199 per month for one year.