2 minutes
To increase auto loan growth and secure member loyalty, industry experts John Levy, executive vice president of Integrated Media Management (or IMM),Linden, N.J.; Marci Francisco, VP/automotive marketing and business development for CU Direct, Ontario, Calif.; and Drew Egan, president/chief operating officer for CU Solutions Group, a CUES Supplier member in Livonia, Mich., share their collective list of what not to do:
Focus solely on loan origination. CUs should be looking at how to provide exceptional ongoing service to borrowers, and what these services can simultaneously do for members and employee productivity.
Fail to offer self-service options. Enabling qualified borrowers to adjust their loan terms online is an easy, self-service option. Members can opt for this to increase monthly cash flow while CUs increase yield on a loan without extending additional funds.
View the loan as a one-time transaction. Instead, see it as an extension of an ongoing relationship and evaluate ways to connect with members.
Make the paperwork a hassle. Members will be more likely to exit the process or go elsewhere for their loan if completing, signing and submitting documents is a burden.
Design loan products in a vacuum. Without analyzing the competitive market as it stands today, a product narrowly designed can be doomed to failure.
Short-change time spent on innovation. Every CU should look to the future, contemplate technology, and stay open to new ideas, including wearable and beacon technologies.
Forget to embrace vendor expertise. The auto finance world is evolving rapidly. Don’t be afraid to lean on partners and tap into their expertise.
Not having everything rendered for mobile. Every part of a CU’s lending experience must be seamlessly mobile. Members are carrying their phones onsite to the dealer when car shopping.
With 25 years of marketing and communications experience, Stephanie Schwenn Sebring established and managed the marketing departments for three CUs. As owner of Fab Prose & Professional Writing, her focus is on assisting CUs and industry suppliers with their communications needs.
