How Strum Platform Helped a Mississippi Credit Union Attract $8 Million in New Deposits

Client: Statewide Federal Credit Union
Industry: Financial Services
Location: Flowood, Mississippi
Asset Size: $177 million
Challenge: Increasing deposits in a competitive interest rate environment
Solution: Strum Platform’s advanced analytics and targeted marketing strategies


As the country emerged from the COVID-19 pandemic in May 2023, financial institutions faced a new challenge: the cost of funds was rising alongside average interest rates, leading to fierce competition to attract consumer deposits. Statewide Federal Credit Union, led by CEO Casey Bacon, was not immune to these market pressures. Facing a significant drop-off in new deposits, Bacon turned to fintech partnerships to boost new member acquisition and increase deposits.


Statewide Federal Credit Union needed to:

  • Retain existing deposits in a highly competitive environment.
  • Attract new deposits from both current members and potential new members.
  • Develop a strategic approach to marketing their new high-yield savings account.


Fintech Partnership with Strum Platform

Statewide Federal Credit Union partnered with Strum Platform, a Seattle-based financial customer data firm, to leverage their advanced analytics engine. This partnership allowed Statewide to profile the lifestyles of their members and create precise market segments.

Using core and online banking information, Strum Platform helped Statewide gain deeper insights into member relationships, which informed the development of tailored marketing strategies.

Targeted Marketing Campaign

The marketing campaign, launched in August 2023, was designed to promote Statewide’s inaugural high-yield savings account. The strategy focused on:

  • Engaging existing members to retain their deposits.
  • Attracting new deposits from households that were not yet members.
  • Identifying members with deposits at other institutions and targeting them with personalized offers.


Combining the launch of the new savings account with aggressive marketing efforts yielded impressive results for Statewide Federal Credit Union. As of May 2024, the credit union had attracted more than $8 million in new deposits in less than a year.

Key Components of Success:

  1. Advanced Analytics and Segmentation: Strum Platform’s data-driven insights enabled Statewide to create targeted marketing campaigns that resonated with specific member segments.
  2. Efficient Onboarding: Seamless digital onboarding process made it easy for new members to join and for existing members to consolidate their accounts.
  3. Integrated Marketing Efforts: A strategic combination of digital and traditional marketing efforts ensured broad reach and effective member engagement.


Statewide Federal Credit Union’s strategic use of fintech partnerships with Strum Platform and Bankjoy demonstrates the power of leveraging advanced analytics and efficient digital solutions to drive significant deposit growth. By understanding their members’ needs and behaviors, Statewide was able to tailor their marketing efforts effectively, resulting in substantial new deposits and a stronger financial position. For more information on how Strum Platform can help your financial institution achieve similar results, visit

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