Market Research to Help Grow Your Institution.
A fantastic revenue product. An important member value. Completely underutilized at most credit unions. Did you know a leading cause of auto loan defaults is mechanical failure the member couldn’t afford to fix? Drive into the history of VSC and learn the steps needed to ensure a successful program. Plus, discover the “secret” 3rd revenue stream dealers have been using for decades. Combined with guidance for ensuring complete member satisfaction, this white paper lays the foundation for your credit union to implement a long-term successful VSC offering.
Of course your credit union offers free checking. It’s a staple of what makes you, well, you. Is it the member draw it once was? Evidence points to free checking becoming a less “sticky” program, with the rise of fin-techs and other options for your members. In fact, research shows your members are willing to pay (not a typo!) for value-added benefits. Together, we will dive into what checking meant, means, and could become for credit unions. And, get a special look at a possible solution moving forward.
Community Banks: Check out our Free or Value Checking White Paper.
Many credit unions are completing back-to-back years of record auto lending. Yet, even with the most conservative underwriting, and unknown to most credit unions, recent changes within the industry may be causing a significant portion of your credit union’s portfolio to be underwater! Here’s just a few warning signs: 100% LTV may not actually be 100% LTV; GAP claims were up over 50% in just one year; depreciation rates on certain classes of cars have doubled. Learn how you can spot these potential issues and prevent losses to both your credit union and members.
Only 20% of your members will ever be profitable. On average, lifetime income per member is only $140, yet it costs $442 to acquire them! Change the numbers with targeted member acquisition. But how to reach these desired new members? Auto lending is often called the “bread and butter” of the credit union industry, with over 17% market penetration. You can use this area as your “carrot” for encouraging profitable member growth. Follow along with our independent industry surveys and pertinent statistics to learn how your credit union can grow sustainably.
Where do you start your search for a new car? Of course, on the web. However, only 1 out of 5 people consider how they’ll pay for it early in the process (ie. financing). Which means they’re not going to their credit union’s site. Unless you can provide more value for your members and become an essential part of their 13+ hours (on average) of research and learning. Read how a wide range of credit unions tailored their marketing, strategy, and planning to fit this new reality.
“Over the next 10 years, credit unions involved with indirect auto lending will miss out on over $5,538,424,000 in potential income.” – Is your institution part of that group? Or will you take bold steps to on-board those non-engaged members? This white paper explores the state of affairs for indirect borrowing and presents exclusive insights from a large group of credit union executives facing the same challenges as you. Learn from the trail-blazers and evaluate strategies to expand (or launch) your own indirect conversion programs.
All white papers developed and published by GreenProfit Solutions, Inc.