Why Florida’s Pen Air Moved Beyond their MCIF

Moving from Legacy MCIF to Cloud Analytics

In the digital explosion accelerated by the pandemic the last two years, consumer expectations for timely and personalized content have never been higher. People are seeking brands that help them make smarter decisions to save money, borrow and shop easier. And the bar has been set by experiences as simple and intuitive as Netflix, Amazon, SoFi and Chime.

But many financial marketers are stuck using decades old, time-delayed manual processes that slow onboarding, engagement and cross-selling for weeks, often using legacy MCIF, or other software that lacks AI, automated data flows, or marketing automation. It’s stifling retention, limiting profitability, and eating up valuable marketing and IT time in manual work flows and complex Excel spreadsheets.

At Pensacola, Florida’s $2.3 billion Pen Air Federal Credit Union, leaders have leaned into cloud-based data analytics innovation to advance their member experience marketing program, launching one of the fastest growing member analytics marketing technologies in the financial industry, Strum Platform.™

“Strum gives us daily insights into our members’ relationship journeys and rich PowerBI insights, dashboards and queries

— Pam Hatt, Pen Air’s VP Marketing

Pen Air’s VP Marketing, Pam Hatt shared, “we moved beyond Raddon’s MCIF software to Strum Platform™ to  advance our member analytics and automated marketing capabilities for greater personalization. Strum gives us daily insights into our members’ relationship journeys and rich PowerBI insights, dashboards and queries.”

As IT and Business Intelligence teams tackle the challenge of integrating countless data systems, and financial marketers seek to mine data analytics to enrich customer journeys, the industry remains behind in solving digital data advancement. A recent survey by The Digital Banking Report showed the top two struggles with data-driven marketing (even in this digital era) are #1 collecting and organizing the data (45%); and #2 locating the right data sources (22%).

Hatt added, “Strum Platform incorporates many efficiencies, giving us the ability to impact our member touch points, be much smarter and more impactful when spending our marketing dollars, and enabling the team to work smarter and not harder.”

“Strum Platform incorporates many efficiencies, enabling the team to work smarter and not harder.

— Pam Hatt, Pen Air's VP Marketing

Strum Platform’s Director Lee Allen shares, “with Ai-driven marketing analytics linking other data systems, financial marketing leaders can solve the challenging ‘Last Mile.’ That means using tools like PowerBI to leverage actionable segmented data analytics insights. That’s especially true in automating new customer onboarding journeys across digital and mobile channels to increase engagement and improve retention, a critical performance issue when new customer acquisition costs average $200 - $1,200.”

Strum Platform is a next generation cloud-based Martech solution designed to help financial leaders optimize performance. Using enriched lifestyle segmentation data, PowerBI analytics insights, relationship profitability and intelligent triggers, clients can personalize one-to-one user experiences and simplify digital onboarding and real time mobile marketing to deepen profitable relationships.

“Analyst-level PowerBI dashboards and customer journey insights come from our team’s deep expertise in financial data analytics, lifestyle segmentation, profitability modeling, loan marketing and channel analytics,” shared Strum Platform CEO Mark Weber. “Our clients’ analytics insights into their members’ lifestyles, banking behaviors, combined with our algorithms and open API’s increase profitable relationships and automate countless manual staff workflows that lead to ROI savings.”

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