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What Loans Are You Searching For?

By on July 23rd, 2014 in Marketing

LKCS can help you obtain loans from your account holders that aren’t contacting you! On average 5% of your customers, 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? Leverage this information for Loan Growth!

Video Webinar

In today’s Webinar Wednesday episode, our Sales Representative, Tim Turczyn, discusses ways LKCS can help financial institutions to generate new loans from qualified prospects.

Video Transcript (Highlights)

Loans & Account Growth

  • What are most financial institutions looking for?
  • How can LKCS can assist you in these needs?
  • Pre-Screen Marketing.
  • Matrix Campaigns.

Loans & Pre-Screen Marketing

  • How can you acquire the low hanging fruit with Pre-Screen Marketing?
  • Utilize all 3 credit bureaus.
  • You pick the criteria.
  • Find the loans your account holders have elsewhere.

Credit Bureau Data

  • Purchasing Actual Data from the Credit Bureaus.
  • All Three Bureaus
    • LKCS has relationships that enable us to provide data from any or all of the three major bureaus.
    • Not all bureaus have information on all people.
    • it is important to source data from multiple bureaus.
    • Up to 70% increase in leads when pulling data from three bureaus as opposed to one.
    • No additional cost to obtain data from multiple bureaus.

Using Credit Data

  • Specify Your Lending Guidelines
    • Only market to prospects and account holders meeting your specific credit criteria (ie – FICO Score, LTV, Credit History, etc.).
  • Firm Offers of Credit
    • Credit data can only be used when you are extending credit offers.
    • Must be compliant with the Fair Credit Reporting Act.
    • LKCS helps with this!

Firm Offers of Credit

  • When using Credit Bureau data, marketing materials must include:
    • Indications that the recipient is pre-selected, pre-screened, or pre-approved.
    • Terms and conditions; eligibility requirements.
  • Including why credit may not be extended after all.
    • Minimum dollar amount for which the recipient has been qualified.
    • Opt-out notice and disclosure.

Credit Prospecting

  • Available for any pre-screen marketing campaigns:
    • Auto Loans
    • Mortgages
    • HELOCs
    • Auto and Mortgage Refinancing
    • Credit Cards
  • Pre-screen your existing account holders or reach out to credit-qualified prospects in your area(s).

Potential Credit Prospecting Campaigns

  • Leverage credit data to generate loans.

Potential Campaigns – AUTO REFIS

  • Lease Expirations
    • Fico Scores 640+
    • Exclude auto lates/repo’s
    • 1-3 months left on their lease
  • Loan Payoff
    • Fico Scores 640+
    • Exclude auto lates/repo’s
    • Loan Balance is greater than $5,000
    • Minimum $XX savings on monthly payment

Potential Campaigns – MORTGAGE REFIS

  • Home Equity Refi (1st position)
    • Fico Scores 680+
    • Mortgage balance below $150K
    • Less than 50% LTV
    • No 30-day lates in last 12 months
  • Conventional
    • Fico Scores 680+
    • Mortgage Balance $100K+
    • No FHA/VA/reverse mortgages
    • Age of loan 13-72 months
    • Up to 95% LTV

Account Growth & Matrix Mailings

  • How can you acquire more accounts utilizing matrix mailings?
  • One Solution: Educate account holders about additional products and services that will appeal to their lifestyles and financial situations.
  • You define the matrix or matrices!
  • What are your advantages / disadvantages?
  • What products should you target?

New Account Holder “Onboarding”

  • 30% of new account holders leave within the first year.
  • During the first 90 – 180 days, new account holders are more likely to purchase additional products or services.

Indirect Lending Cross-Sell

  • A J.D. Powers & Associates study found that 37% of consumers with luxury purchases and 33% of consumers with non-luxury purchases said they intend to work with the dealer to choose the financing options.
  • The challenge is not only to bring in the loans – the challenge is how to turn these people into more than just single account holders.
  • One Solution: Inform these account holders about your institution – they wanted the vehicle, not the relationship. Sell the relationship and your benefits and advantages over the competition. Identify and promote SPECIFIC products and services that will appeal to each individual.

Single-Service Account Holder

  • How many account holders do you have that have only a single account as their rainy-day fund or so they can cash their paychecks? Or have a single loan or credit card?
  • Are these the type of people you are trying to attract?
  • One Solution: Identify these account holders and send specific cross-sell offers based on age range, income and the existing account relationship(s).

Other Matrix Campaign Opportunities

  • New Branch Openings
  • Select Employer Groups (SEGs)
  • Investment and/or Insurance Divisions
  • Senior Club Accounts
  • Other opportunities exist to send regular, highly personalized campaigns to key prospects.
  • Commercial Accounts

Adjust and Refine

  • Ability to refine matrix at any time:
    • Change letter conditions / account relationships
    • Add/remove letters
    • Modify text or design

DataFlex Marketing Reporting and Tracking System

  • DataFlex Matrix Campaigns are just one component of the DataFlex Marketing Reporting and Tracking System
    • Easy to use, affordable MCIF alternative
    • Not just your typical data tables and graphs
    • Interactive reports and dashboards give you instant access to information
    • Drill down as far as you need to go – all the way to individual account holder level