First Tech boosts revenue, efficiency, and member engagement with Oracle Eloqua

First Tech Federal Credit Union greatly increases campaign effectiveness by using Oracle Eloqua to automate and personalize member outreach.

Oracle Eloqua’s advantage lies in its ability to process the volume of emails we require as well as the different amounts and types of communications that we send, which can all be personalized and customized. I don't know where we would be without that type of capacity and capability.

Derek WeberDirector of Marketing Operations, First Tech Federal Credit Union

Business challenges

America’s premier credit union, First Tech serves the world’s leading technology-oriented companies and their employees. Founded in 1952, the company is powered by a people-before-profit philosophy, offering a full range of customized products and services as well as individual tools for financial wellness.

To improve marketing efficiency, First Tech needed to automate its outbound email campaigns across financial product groups. It also wanted to personalize these communications to improve member engagement and solidify its position as the preferred financial partner of tech workers.

In addition, the company was looking for ways to decrease call center and branch costs by steering members toward online services.

With Oracle Eloqua, our email open rates are consistently far above the financial industry standard. We see it as one of our secret weapons in delivering relevant communications in a timely fashion.

Laura MullenSenior Marketing Technologist, First Tech Federal Credit Union

Why First Tech Federal Credit Union chose Oracle

The credit union selected Oracle Eloqua Marketing Automation because of its unrivaled ability to automate, customize, and personalize a wide range of member communications across all its financial product groups.

Crucial to the company’s decision were Oracle Eloqua’s integration capabilities, which would allow the credit union to amalgamate email marketing data into its CRM systems to improve operational and strategic decision-making.

Results

After deploying Oracle Eloqua, First Tech boosted revenue, enhanced marketing efficiency and effectiveness, as well as increased member satisfaction and retention. The company automated more than 80% of outbound emails for promotional, transactional, and operational communications, processing nearly 10 million member emails per year.

First Tech gained a significant competitive advantage by using Oracle Eloqua to personalize and customize its automated triggered emails, attaining an average open rate of 57.45% against the financial industry average of 19% to 25%, and reaching an average click-through rate (CTR) of 3.98% against the industry average of 2% to 2.7%.

First Tech improved marketing success across all major financial product and service lines—including loans, digital banking, cards, mortgages, and insurance—by using Eloqua to send out relevant communications based on 385 email variations, including 112 different triggered email types following members’ actions or at predetermined time intervals.

The credit union also reduced call center volumes and branch interactions. As an example, it sent emails encouraging the use of online services to members who frequently call in or visit a branch to make payments.

Oracle Eloqua, part of the Oracle Advertising and Customer Experience suite of applications, has considerably increased First Tech’s marketing program efficiency by enabling its teams to focus on key segments and personas, create deeper relationships with members, optimize budgets, and measure the success of outbound campaigns.

The data integrated from Eloqua has enabled the credit union to make more timely and informed decisions concerning marketing and business strategy, for example through exploring new customer segmentations based on activity or campaign responsiveness.

Partners

For its Oracle Eloqua implementation, integration, and customization, First Tech selected Oracle Partner 4Thought Marketing because of its technical and functional expertise as well as the company’s specialization in marketing automation with Oracle Eloqua.

“4Thought is just amazing, a great partner. We don't even think of them as an agency but as an integral part of our marketing organization,” says Laura Mullen, Senior Marketing Technologist.

Published:April 29, 2022