Credit union marketers are facing another challenging year as mortgage refinancing is projected to decline and consumer lending seems stagnant. However, even as CU Times reports the industry’s lowest loan growth since the end of the Great Recession, there may still be financing opportunities within the communities you serve in addition to helping your members save money by moving their higher-rate loans from other institutions.
Here are a few ideas to help you navigate today’s market, serve more members and strengthen your community:
- Make it easy – Everyone likes to save money, but is your refinance process simple and straightforward? Pre-approval offers can help give members confidence that refinancing their auto loan is worthwhile. Offering online comparison tools to show exactly how much money you can save members can also be effective. Take a step back and look at your process through your member’s eyes to remove any potential roadblocks and streamline their journey.
- Expand your audience – Credit unions are still the underdog when it comes to overall market share vs. big banks. Encourage your existing, loyal members to invite their friends and family to join and experience the savings. Opening up your pool of potential borrowers can help you uncover new opportunities and add new loans even during challenging times. Just don’t forget to make the new membership process easy!
- Identify community needs – As member-owned organizations, you’re likely already asking your members about their needs. Are there bigger needs in the community that you could help finance? The Paycheck Protection Program was a great example of how many local lenders jumped in to help restaurants and other businesses in need keep their doors open with the backing of the SBA. What other opportunities are out there in your community?
Remember, we’re here to help! Kearley & Company is just a phone call, email, or text away. Our team is ready to assist you with your 2021 plan and brainstorm new ideas with you.