Loan Zone: Auto lending in a fintech world
Data-supported target marketing boosts Nova CU’s effort to grow its program and better serve members.
Auto buying and lending was one of the last frontiers for fintech, and now they’re storming that hurdle, too.
Carvana, Uber, Fair (which offers cars-as-a-service), and others have changed the way consumers think about using and owning vehicles. As interest rates are rising and consumer demand begins to wane, Nova Credit Union in Charlotte, N.C., is finding that targeted marketing is helping the organization keep pace with auto loans.
“I’m a big believer in target marketing,” says Deb McLean, VP/marketing and business development for Nova CU. “Why do you want to be reaching out to members who aren’t interested? It’s great when you can target rather than guess who has a loan somewhere else.”
Her credit union has a strong focus on refinancing auto loans away from higher-priced competitors.
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