By John Flynn, Open Lending President & CEO
As the country moves into our new normal, credit unions should be preparing to accelerate their business. People have been in isolation for weeks and are now looking to get back to life, which means swiping cards – mostly debit at this point, some contactless. Those who previously used ride share services for the environmental benefits and convenience may now be considering buying their own cars in the coronavirus world.
Of course, we’ve all been working under CDC guidelines, wearing facemasks and practicing social distancing. Has your credit union done what it can to smooth the recovery – for your team and your members? Auto lending is growing to pre-coronavirus levels. Open Lending can help your credit union earn more loans. Learn more about Lenders Protection here.
Now is the time to refocus and revamp your digital strategy. Customers will visit your online branch significantly more than your brick and mortar locations, so ensure it’s their home for great service and amazing experience, whether opening an account or applying for a loan. Make members look forward to virtually visiting your credit union again and again. Market new products and offerings with a message of empathy so consumers understand you’re there to help them move forward financially in a time of uncertainty.
Now is also a time to focus on your partnerships. Have you been in contact with your dealer partners and other providers? Take the time while your member traffic is slower to invest in these relationships. Work with them on new programs and train them on your offerings, so they can better represent your institution.
It is also a great time to speak with them and potentially rework existing deals to make them more attractive for both parties. Help dealers fund their recovery, while building your member base. These strategies make for long lasting, successful partnerships.
Examine your loan offerings. Everyone has taken a hit, and it will likely continue for some time. Review your loan criteria - are you setting the right benchmarks? Do you have the right data to make lending decisions in the new world? Your credit union can help your members come out on top. And Open Lending is here to help your credit union be successful in that endeavor. Read what our clients have to say here.
And finally, now is also the perfect time to re-invest in your credit union and team. Training your people and giving them the tools to succeed will pay huge dividends for your credit union, its members and the community at large. Your employees are critical to the business. Empower them to better serve your members, while developing products and services to help them guide the consumer in front of them on the road to recovery.
Now is the time to revamp and prepare for the coming growth.