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At $2.4 billion/180,000-member Citadel Federal Credit Union, Exton, Pa., Michael Schnably, senior vice president, uses three stats to measure auto lending success:
1) total loan dollars;
2) income from the loan portfolio; and
3) member satisfaction or Net Promoter Score.
“We also garner feedback regularly from selected member transactions and quarterly from a more formal member survey,” he says.
Response time or loan turnaround at the dealer are other factors some CUs measure, along with success in new member growth and cross-selling opportunities. Drew Egan, president/chief operating officer for CU Solutions Group, a CUES Supplier member in Livonia, Mich., sees CUs tracking increased website activity, campaign landing page hits, started or completed loan applications, closed loans as well as increased call volumes and foot traffic in the branches.
The auto finance world is evolving rapidly: Technology, product design and strategy all impact performance. “Analyze the competitive market as it stands today,” suggests Marci Francisco, VP/automotive marketing and business development for CU Direct, Ontario, Calif. “Monitor where captives are going, stay well-connected to the auto industry and be aware of generational shifts in behavior as a whole. As an industry, we must stay as competitive on process as we are on product, to assure long-term growth.”
It’s also worthy to note that CU Direct CUDL platform users (1,000 CUs collectively) funded more than 1.1 million loans in 2015, representing the third largest lender for volume, behind only Ally and Wells Fargo Dealer Services.
Marketing isn’t as simple as it used to be, concludes Egan. “Successful CUs will take a holistic approach to their loan offerings, incorporating seamless online and mobile solutions. The goal is to create full member engagement through any medium and drive home the message that there is a difference. Reiterate that it is you, the CU, that is responsive to their loan needs.”
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.
