LSI Enhances Auto Loan Recapture
LSI has partnered with financial marketing program provider Matrix Manager to add direct-mail and e-mail pieces to the program.
The Recapture Pro program works with credit bureau's to pre-screen existing credit union members to find members that have purchased a vehicle in the last six months and received financing from a provider other than the credit union.
Matrix Manager will then work with the credit union to create an incentive offer and will send direct mail and e-mail to those pre-screened members, offering them the opportunity to refinance with the credit union.
The direct mail pieces can be tracked through a special bar code that allows Matrix Manager to see when the direct mail reaches the member's house. Within 72 hours of receiving the direct mail, LSI will follow up with a phone call to the member to reiterate the special offer and accept loan applications over the phone.
"By adding Matrix Manager to the program, our credit union clients now have the added benefit of pre-developed, precision campaigns that hit the perfect targets at precisely the right time with a recapture message that will inspire them to act," stated Jeff Frantz, senior vice president of LSI. "This essentially makes it possible for credit unions to launch a comprehensive, turnkey program quickly, with minimal time investment and with maximum impact."
If members aren't willing to make the switch to the credit union over the phone, they will then also receive an e-mail three days after the call was made reminding them of the promotion and its deadline.
"Precision campaigns provide a boost in response rates due to the fact that the promotion is kept top-of-mind with the member through multiple communication channels that are coordinated using a monitored contact timeline," said Ann Bouchard, president of Matrix Manager. "CUNA statistics show that the average credit union finances fewer than 20% of their members' car purchases. This means that over 80% are being financed elsewhere."
Recently, LSI said that it has been seeing more interest from credit unions in its recapture program, with credit unions looking to generate more loans in the current economic environment.