PenFed has existed for over 85 years and currently manages $27 billion in assets. To increase lifetime value for its 2.2 million global members, PenFed set out to shift from a product-centric to a member-centric strategy. PenFed approached HCLTech to transform and meet their lifetime value objectives by leveraging the Adobe Experience Cloud Suite for its content management, email, 360-degree media, multi-channel communication and collaboration capabilities. HCLTech consolidated campaign management tools across PenFed's various products and business lines to centrally manage campaigns, while decreasing member onboarding time.
The Challenge
Building a comprehensive marketing platform
To shift from a product-centric to a member-centric operating strategy, PenFed required a comprehensive marketing platform capable of managing digital marketing experiences, enabling the transition from a system of transaction to a system of engagement. To meet this challenge, PenFed needed a partner who could bring a comprehensive suite of communication and collaboration capabilities, along with marketing platform expertise.
The Objective
Identify a platform to improve customer relationships
PenFed turned to HCLTech to meet their business objectives of becoming more purposeful and strategic with their marketing while strengthening relationships with members. HCLTech was tasked with creating a data-driven, targeted marketing strategy that put PenFed's members at the center of the organization. We identified Adobe Experience Cloud as the right platform to improve the overall member experience, grow the member base and improve retention. Meeting PenFed's objectives required integrating online customer touchpoints and leveraging different data sets to understand preferences.
The Solution
Consolidation and collaboration with Adobe Experience Cloud suite
HCLTech determined that Adobe Experience Cloud suite was the best fit for addressing PenFed's challenges due to its powerful content management, email, 360-degree media, multi-channel communication and collaboration capabilities. Data was consolidated across several channels and customer journeys to establish a single-view member profile. Additionally, we built and implemented targeted and segmented marketing campaigns that improved awareness, acquisition, retargeting, consideration, purchase, cross-sell and retention.
The Impact
An improved member experience through transformation
The goals PenFed laid out as part of their digital transformation journey required a platform of services that could enable data-driven, personalized marketing and ensure that credit union members could take advantage of the various loan, deposit and mortgage products that PenFed offers. By partnering with us, PenFed achieved their objectives including:
- A year-over-year increase in member growth
- Implementation of personalized messaging delivery and campaign management
- Increased lead volume and reduced member acquisition cost and campaign creation time
- Significantly improved their customer experience while creating new efficiencies in its operations
