Acquiring Profitable Members Through Your Auto Loan Channel
Great News. Credit union membership has surpassed the $100 million mark in the U.S. More and more people are finding out the benefits of working with these not-for-profit financial co-operatives.
Challenge. According to various industry studies and reports, on average less than 20% of those members will ever be profitable for the credit union. With an average member lifetime value of only $140, and the national average cost to acquire a new member at $442, how can your credit union gain the growth it needs to succeed without starting out upside-down?
Solution: Targeted Member Acquisition. But how? There are a number of traditional member acquisition methods, and up until now, very few, if any, have provided the ability to truly target and filter your prospects.
In this paper, we cite industry studies into both the subjects of member acquisition and onboarding, including the growing challenge of engaging indirect borrowers. With auto lending being a core product of credit unions, and with credit unions now generating over 17% of all new and used car loans, we present the reasons for utilizing this important channel as a “carrot” to attract new profitable members. This paper also includes auto lending metrics from a sampling of credit union survey responders and offers conclusions to help guide those interested in starting or improving their existing strategies.
Start driving your profitable member acquisitions. Download your copy of this important white paper today!
Please complete the following fields and click "Submit". You will be redirected to our white paper immediately.