There are thousands of articles and webinars on social media….how to get the attention of the younger generation….how to pin, blog, tweet , like, engage… and how it can affect your credit union.
However, in order to truly stand out, you need to understand why others believe in your credit union, and see what they see. You’re surrounded by competition. There’s a lender on every corner, so why did your members pick you?
Lending is an old business. It’s changed over the years, but the roots of its origination are still there. So why do some borrowers choose you and others not? You need to look deep and find out what makes you special and then proclaim that message.
Social media creates a platform for you to have a conversation with your members openly and easily and show prospects what makes your credit union special. It is a place for you to let others know why they should do business with you.
As you engage new members and drive them to have an online financial relationship with you, don’t miss out on ways that can keep your borrower engaged. One way is to implement InterLend® into your online and mobile functionality. InterLend is unique to the industry, because it is one of the only loan origination systems that offers insurance during the application process.
Offering insurance at the online or mobile point of sale increases your opportunity to better protect your borrowers and add to your bottom line.
According to a Pew Research Center research project, 51% of U.S. adults bank online and 32% of U.S. adults bank using their mobile phones1. Those percentages increase as age decreases. The younger the generation, the more popular both online and mobile banking services become.
While in-person and online methods of applying for loans tend to still be utilized more, InterLend’s mobile technology has proven itself as an additional method to engage applicants and a way to increase non-interest income. During a recent installment, in the first 3 months, InterLend Mobile captured almost 14% of approved loans2. Since InterLend Mobile easily offers loan protection products at the time of application, most borrowers chose to protect their loans. At the time they applied for their loans, over 60% selected an insurance protection option2 and almost 70% of eligible borrowers selected GAP2.
InterLend allows you to give your borrowers another reason to believe in you, while also meeting a need for protection that helps benefit both you and them.
Transamerica Financial Solutions Group can help you provide the personal member–centric experience previous generations of members have praised, while fusing that with the technological innovations tech-savvy borrowers crave. Our dedicated and experienced professional team delivers optimal solutions to businesses by valuing the organization’s vision as well as their members’ needs, preferences, and buying behavior. We will be happy to help you design a plan that will help you succeed.
1Pew Research Internet Project, “51% of U.S. Adults Bank Online,” (August, 2013).
2Based on Transamerica internal reports of InterLend Mobile usage April 1-June 1 2014.