Background

TruMark Financial Credit Union, a leading financial institution dedicated to serving its community, sought to enhance its referral program to drive mortgage growth and expand its reach. By partnering with Datava, a pioneering provider of Referral Management solutions, TruMark streamlined its referral process, empowered its staff, and achieved remarkable results. Within a short timeframe, the credit union secured 11,000 mortgage referrals, generating an impactful $167 million in new mortgage revenue.

Challenge

Prior to partnering with Datava, TruMark’s referral process faced several challenges:

Manual Processes: The credit union’s referral process was largely manual, relying on spreadsheets and emails to track referrals, making it difficult to manage and optimize.

Limited Visibility: Lacking a centralized system, TruMark struggled to gain insights into referral sources, referral performance, and overall program effectiveness.

Staff Inefficiencies: The manual nature of the process created inefficiencies for staff, diverting their time from revenue-generating activities.

The Solution

TruMark sought a solution that would streamline its referral process, provide data-driven insights, and empower its staff. Datava’s Referral Management system emerged as the ideal solution, offering:

Automated Referral Management: Datava automated the referral process, eliminating manual data entry and streamlining communication between referrers, loan officers, and borrowers.

Comprehensive Analytics: Datava provided TruMark with real-time insights into referral sources, referral performance, and program effectiveness, enabling data-driven decision-making.

User-Friendly Interface: Datava’s intuitive interface simplified referral management for staff, allowing them to focus on relationship building and closing deals.

The implementation of Datava’s Referral Management system transformed TruMark’s referral program, delivering exceptional results:

Benefits

• 11,000 Mortgage Referrals: TruMark secured an impressive 11,000 mortgage referrals, demonstrating the effectiveness of the streamlined referral process.
• $167 Million in New Mortgage Revenue: The surge in referrals resulted in a significant $167 million increase in new mortgage revenue for TruMark’s portfolio.
• Enhanced Staff Productivity: Datava’s automation and user-friendly interface freed up staff time, allowing them to focus on revenue-generating activities and enhance customer interactions.
• Increased revenue: Datava’s Data Activation Platform can help credit unions to increase their revenue by increasing cross-sell and improving member relationships.

If you are a credit union looking to streamline your referral process, consider using Datava’s Referral Management system. Datava’s Complete Data Activation Platform can help you to improve your member relationships, act effectively on referrals opportunities, and increase your revenue.