Independent Banker - July 2022 - 66
Winning the Competitive Loan Battle
Guest Experts:
Lending
of mind with customers with stress-free, preapproved offers.
3. Offer multi-loan preapprovals to existing customers. With
multichannel multi-loan preapprovals, customers can review
and accept prescreened offers at every touchpoint, driving
loyalty and revenue.
4. Adopt an always-on, omnichannel approach. Implement an
effective 24/7/365 strategy that puts loan offers at shoppers'
fingertips to accept anytime, anywhere. Communicating
through multiple channels is a proven method of increasing
loan acquisition and driving revenue.
5. Set up an alerts program. Receive notifications from
multiple credit bureaus whenever a credit inquiry is submitted
for your customers. Monitoring these inquiries and countering
with a quick, preapproved offer via your customer's preferred
channel will help you stay ahead of the competition and win
market share.
Loans are high priority over the next year and while Vericast's
2022 Financial Services TrendWatch report shows that 86
percent of people are happy with their primary financial
institution, many are open to working with a different financial
institution for lending.
59.7% of people would consider
another lender for a mortgage loan,
auto loan or credit card
Factor in rising inflation, expected rate hikes, and the
increased popularity of FinTechs, competition for loans
will be fierce.
6 Ways to Stay Competitive In an Open Lending Market
1. Market your rates in your messaging. Interest rates are
expected to creep up this year. Make sure people are aware of
your competitive rates by highlighting them in your marketing.
2. Target " in-market " customers and prospects. The key lies in
striking while the iron is hot. You must reach prospects with
your best offer when they're in the market for a loan. Stay top
6. Make loan shopping easy. If it involves too many steps,
requests too much information, or takes too long, consumers
will abandon the process.
In a perfect world, your customers would never inquire about
a loan from a competing institution. But times have changed
with multiple channels and a myriad of borrowing options now
available.
Go to Vericast.com to download our
2022 Financial Services TrendWatch
report for the five key marketing
trends impacting our industry - plus
actionable insight for improving loyalty,
increasing acquisition and growing
relationships.
Contact Vericast to learn more about how strategic, datadriven
marketing improves program optimization, achieves
explosive loan growth, and gives your financial institution a
much-needed competitive advantage.
Stephenie S. Williams, Vice President,
Financial Institution Marketing Product and Strategy
Stephenie.williams@vericast.com
vericast.com/Acquisition
http://www.Vericast.com
http://www.vericast.com/Acquisition
Independent Banker - July 2022
Table of Contents for the Digital Edition of Independent Banker - July 2022
Table of Contents
Independent Banker - July 2022 - Intro
Independent Banker - July 2022 - Cover1
Independent Banker - July 2022 - Cover2
Independent Banker - July 2022 - Table of Contents
Independent Banker - July 2022 - 2
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Independent Banker - July 2022 - Cover3
Independent Banker - July 2022 - Cover4
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