Marketing Automation Best Practices for CUs

Credit unions need to attract the attention of members and consumers to succeed, just like any other business. But there are things credit unions can accomplish with a good marketing automation system that other businesses cannot. Credit unions can fully capitalize on modern marketing platform power by following a number of industry best practices.

Provide loan status updates automatically. In study after study, consumers complain about the lack of information flowing back from their loan officers and real estate agents. Many leading originators train frontline customer service staff and loan officers to be proactive in updating consumers, but this is time-intensive and costly. It is far better for the credit union to task its automated marketing platform with providing frequent status updates to borrowers automatically. This takes a significant load off the staff and signals the member that the credit union values them and respects their time.
Maintain a strong connection while the borrower shops. Whether the credit union member is shopping for a new home or their next automobile, staying in touch with consumers as they shop for their purchase puts the loan originator in the perfect position to receive the financing business as soon as the member makes a decision. Today's marketing automation platforms are very capable of helping credit unions stay well-connected with members as they shop for their next purchase. Setting up these systems to keep leads warm is a best practice must for credit unions. In fact, we have customers that have improved auto loan purchase closings by 44% just by implementing this practice.
Automate new member onboarding. Successfully bringing a new member into the credit union is a critical undertaking that far too many institutions take too lightly. A smooth onboarding experience will set the tone for the engagement and has been correlated to the lifetime value of the member relationship and the ultimate share-of-wallet the institution will achieve. Some credit unions spend a lot of time and money recruiting, hiring, training and managing frontline member service staff to bring new members on board, but this can present many cost and management challenges. With the right marketing automation platform, the credit union can provide all of the required information to the new member, ascertain their preferences and then create an experience for them that will help nurture a new relationship.
Offer mortgage shopping advice. The federal government is working hard to convince borrowers that they should shop for their new loan, providing rate information through government websites. This is causing competition for new loans to heat up, but it can also be an advantage for the credit union that knows how to use its marketing automation platform.

By staying in touch with its members and offering them the kind of information they need while shopping for a new home, car or loan, the credit union can short-circuit the shopping process by becoming a participant in the member's buying process. Then, when the borrower is ready to move forward with the mortgage application, the credit union will be well-positioned to be the lender of choice.

Instant Insights /

Deploying Marketing Automation for Credit Unions

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