Got loans? Are they the right loans? Credit-Based marketing is an effective marketing strategy for banks and credit unions. On average, 5% of your account holders are looking for an Auto, Mortgage, HELOC, or credit card loan every month. Are you aware of this and what are you doing to take advantage of this?
React with the Right Offer at the Right Time!
Competition is fiercer than ever, you need to utilize every advantage you can. Using all 3 Credit Bureaus to monitor and collect credit data from your members (customers) and prospects keeps you on the front lines of acquiring new loan business and stopping loan defection to competition.
LKCS works with all 3 Credit Bureaus and can assist you by using Credit-Based Marketing.
Credit-Based Marketing allows you to monitor current account holders and acquire and retain profitable account holders. This is done by leveraging tri-bureau prescreen marketing data (up to a 70% increase in loan requests utilizing all three credit bureau’s) to identify qualified new prospects, retain account holders at risk of being lost to a competitor, and increase lifetime value by pinpointing cross-selling opportunities in near real time. Gain the ability to close loans from account holders who may be defecting to your competition. Attract new loan business from non-members.
And since it is credit based, you determine what qualifications, (FICO scores, etc) the prospects require to meet the goals of your financial institution.
Learn How Credit-Based Marketing Can Work For You!
LKCS can develop a unique and customizable credit-based marketing campaign for your financial institution whereby your account holders will receive selective and segmented offers relevant to each individual. Contact LKCS today to learn more about the smartest way to acquire and retain profitable loan business!
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