As the economy continues to recover and consumers begin to feel more certain about their finances, wouldn’t it be great if you knew the exact moment when your existing account holders and prospects were shopping for a new auto or mortgage loan so you could send them a compelling offer at just the right time?
While predicting such trends has been difficult in the past, there are tools available to identify creditworthy loan prospects at the right time – just as they are entering the loan market. Consider implementing a loan program that accesses data from multiple credit reporting agencies. A service like this, not only gives your financial institution the ability to identify existing account holders for cross-selling opportunities, you can also acquire new account holders.
An effective strategy should include:
• pre-screened lists of loan applicants;
• a customized marketing campaign to target new auto and mortgage loan prospects, as well as refinance opportunities;
• full direct mail services;
• call center scripting for follow-up calls;
• lead data processing and analysis to determine your ROI; and
• full compliance with the Fair Credit Reporting Act.
Being able to strategically deliver a firm offer of credit at the very moment consumers may be considering offers from your competition is an efficient way to improve your lending program.
JMFA now offers a turn-key loan program. For a free market assessment of new loan potential in your area, visit www.JMFA.com/ConsumerLoans.