CARMEL, Ind.—Personalized video welcome messages are helping CUs deepen relationships with members who have joined via an indirect loan.
Allied Solutions says credit unions are having success with the digital messages the company creates that are sent to members shortly after they take out their CU auto loan at the dealership. The video—via voiceover and graphics—welcomes the new members by their name, thanks them for joining the credit union, explains details of how the loan works, when the first payment is due and how much, and also offers automatic loan payment.
“Credit unions have found this to be a very good experience for members,” said Dave Seidel, EVP at Allied Solutions. “The videos, e-mailed to members, have a great open rate.”
The videos also contain calls to action, not only letting members begin the automatic payment enrollment process with the click of a mouse, but sell other credit union products, such as credit cards and insurance.
Call To Action
Seidel said these types of personalized messages with calls to action are needed today as more Americans are joining credit unions, especially through indirect channels.
“As we know, these members who join via an indirect auto loan don’t have a strong, or any, relationship with the credit union,” reminded Seidel. “It is important for credit unions early in the relationship to send a personalized message, with opportunities for cross sales.”
Seidel added that Allied, too, is making it easier for credit unions to sell members insurance products they need. Allied recently developed an online lending application that also includes insurance product offerings members see when they apply for a loan online.
“So it’s not just the loan but all the insurance protections that go along with it. We try to make the process as seamless as possible for the member—they can get their insurance products without having to walk into the branch,” said Seidel. “We are piloting this application now.”
Overall, Seidel said Allied sees credit unions stepping up their focus on member engagement.
“Particularly for the Millennial market,” he said. “Engagement takes many forms—from community outreach to digital marketing—and we see a tremendous amount of interest in experimenting to attract this market. A great side benefit is that this will help improve engagement for all markets.”
More Way To Engage
Seidel also said credit unions are increasing their interest in “maximizing the member opportunities” that are presented to the credit union.
“For example, in lending that not only means making sure as many members can be served as possible, such as through new online channels, but also having a wide array of products to protect each loan,” said Seidel. “We also see it in the ways credit unions are maximizing their proceeds in situations like defaults or repossessions, through service providers like us who have that specialty.”
Bottom line, said Seidel, technology and data are giving credit unions many more ways to engage with their members.
“The last few years credit unions have been focused on buying the technology to keep up with the bank down the street,” explained Seidel. “Now credit unions are focused on using that technology to differentiate their offerings.”