Independent Banker - July 2024 - 19
Next: Beware of modern-day redlining
company that provides solutions for
auto fi nancing.
" Community banks can lift the veil
of that secrecy, have some technology
tools that show example savings and
then be able to provide concierge
service that also has their full suite of
banking products, " Bayliss says.
Leveraging technology
Technology is changing some of the
traditional norms around the auto
fi nancing process.
" You're defi nitely seeing a high level
of what people refer to as self-serve
processes in the market, " says Bayliss.
Consumers are becoming more
and more comfortable with online
fi nancing options across a variety of
loan products.
" For the future of community
banks, they need to be able to attract
the younger, more technology-savvy
consumer that wants to have this type
of experience but also still wants to
have a direct relationship, " he adds.
For example, 1st National Bank
saw its direct-to-consumer business
dip when online car loan applications
fi rst came out. However, that has
rebounded as the community bank
added its own online application and
digital onboarding software.
Now, the bank is further enhancing
its online capabilities by linking
them to promotions, such as
sending out promotional emails
to its established customers with a
coupon for a discount on a fi ve-year
loan with an embedded link to the
online application.
" Customers want to do business
with you, and they may not know you
do car loans, " says Buhrmaster. " Your
rates have to be competitive, but
you will be surprised [by] how many
people take you up on it. "
Beth Mattson-Teig is a writer
in Minnesota.
Lots to play for
Market share of new-vehicle financing by lender type
Q4 2022
Q4 2023
49.7%
61.2%
23.9%
0.7%
20.9%
20.4%
12.1%
4.8%
Captive
0.7%
5.6%
Bank BHPH/other
Finance
Credit union
Partnering with community
banks to accelerate their success
with products and solutions to:
* Grow and Diversify
* Put Available Capital to Work
* Increase Earnings
Colliers Mortgage | Colliers Securities
612.376.4000 | 800.328.4000 | colliers.com
Colliers Mortgage is the brand used by Colliers Mortgage LLC and Colliers Funding LLC.
Colliers Securities is a member SIPC/FINRA.
independentbanker.org // 19
http://www.colliers.com
http://www.independentbanker.org
Independent Banker - July 2024
Table of Contents for the Digital Edition of Independent Banker - July 2024
Contents
Independent Banker - July 2024 - Cover1
Independent Banker - July 2024 - Cover2
Independent Banker - July 2024 - Contents
Independent Banker - July 2024 - 2
Independent Banker - July 2024 - 3
Independent Banker - July 2024 - 4
Independent Banker - July 2024 - 5
Independent Banker - July 2024 - 6
Independent Banker - July 2024 - 7
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Independent Banker - July 2024 - Cover3
Independent Banker - July 2024 - Cover4
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