In this age of digital communication, smartphones, smartwatches, and instant information, consumers don’t have to look far—or at all (Hello, digital ad retargeting!)—to find companies that are chomping at the bit to serve them in just about any capacity. While this is great for consumers, it poses a challenge to lenders. How can financial institutions rise above the increasingly large pool of competitors to win a borrower’s business? Fortunately, traditional financial institutions already offer their customers many advantages, and focusing on those existing advantages is the key to winning business and deepening your existing relationship.
When consumers are in the market for a new vehicle, their first stop is typically their local dealership. For most consumers, before they even think about financing, they go for a test drive. If your financial institution hasn’t already convinced them that you are the best place to finance their vehicle, he or she can secure financing from one of the dealership’s indirect lending partners within minutes from their pristine Finance Insurance offices. To thwart this, it’s important that your borrowers know that financing through your institution is their best option.
To stand out from other lenders and show borrowers why your institution should be their first choice for all of their financial needs, focus on promoting these four benefits and features:
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