Member Acquisition & Auto Loans
Acquire Profitable Credit Union Members Through Auto Lending
Great News: Credit union membership exceeds 100 million people in the U.S. That’s a lot of people discovering the benefits of the credit union mission!
Challenge: Less than 20% of your members will ever be profitable for the credit union. Their average lifetime value to your institution is only $140. Yet it costs (on average) $442 to acquire a new member. How can you make those numbers work for you?
Solution: Targeted Member Acquisition. But how? Most methods, frankly, stink. And even if they are actually targeted, what metrics do you use that make any sense long-term? We have an answer.
In this paper, you will learn about the challenges of member acquisition and onboarding, including the growing challenge of engaging indirect borrowers. Yeah, your auto loans are a member growth channel. The CU industry handles >17% of all auto loans; there’s a lot of untapped opportunity! We asked a sample of credit union executives what they’re doing today to grow their membership. Learn from their responses and the conclusions drawn. Start growing your profitable membership, while attracting new members every day!