When is an auto loan not about the loan? It’s no riddle, the answer is simple: When it's just about the car. Universally, members have a positive reaction to the car they are buying, and a negative reaction to the loan. Even if the rate is low and the terms are great, the thought of parting with money or getting into debt can be a painful one. However, when a member is wrapped up in the good feelings of buying their dream car, they feel more positive about going through the auto loan process. Therefore, if a member is fixated on price, it’s best to turn their attention elsewhere.
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White labeling is when a product or service that is produced by one company is rebranded by another company for its own use or distribution. White label branding is often used for mass-produced generic goods including electronics, food products, software packages, and web applications. The idea behind it is that companies use white label products to enhance their successful brand, being able to offer a product/service without having to invest in creating the technology and infrastructure itself. Attaching a familiar brand to an unfamiliar product is a great way to gain the trust of loyal customers of that brand.
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1 year, 2 months ago
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The newest trend in car ownership is actually not owning a car. A third ownership option has emerged beyond financing and leasing. Automobile subscription models have recently appeared on the market and people are starting to take notice.
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1 year, 2 months ago
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Social media has become an exceedingly effective weapon in any modern company’s arsenal. In recent years, it has been a great tool to help credit unions reach their members. Social media provides a different dimension of value to the member, beyond hard selling and promotions. Many that are new to the social media scene ask themselves, should credit unions be present on all social media channels to reach all of their members?
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1 year, 3 months ago
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The two most important assets of a relationship between a credit union and their members are trust and education. The member must trust the credit union, or else why would they have an account in the first place? The credit union should reciprocate and build off that trust with high quality educational tools. Teaching the member about financial services and being a valuable resource for the member is a surefire way to keep that trust strong.
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