Credit unions can use analytics to be first movers in regard to pricing strategies by:

Quickly and proactively assessing how trends and changes in the market could potentially affect their total portfolio. This can include shifting treasury rates, aggressive competitors' pricing, delinquency rates, car prices and other economic metrics, and should include the latest data possible.
Developing a detailed, intelligent plan and response. In terms of pricing, this should include a highly agile pricing function (driven by the latest AI-powered pricing) that combines analytics, go-to-market strategy planning and competitive intelligence.
Using technology to innovate the way bigger competitors are. Today's pricing solutions offer powerful automation capabilities, which are critical for eliminating excessive internal handoffs and accelerating time to market – as well as ML and AI capabilities that use self-learning cycles to improve pricing strategies and results over time.
Monitoring pricing performance in real-time. Ideas to consider here include real-time price deployment, dynamic A/B testing capabilities and ongoing monitoring to make the best decisions possible.

Credit unions will face a reckoning with auto loans soon. Will they be ready to deliver personalized offers to help their members or will they cede the market back to banks? Time will tell, but the power to maintain their lead remains in their hands.

Instant Insights /

Auto Loans Have Been a Boon for CU Business. Will It Continue?

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