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.
Let’s explore that union/member relationship of trust and education. More importantly, let’s look at different ways that credit unions can use it to enhance their member engagement, focusing specifically on auto lending and car buying.
When an individual begins to shop for a car, they will likely start by researching online. Often times their research will lead them to the kind of car they believe they want, then they’ll go to a dealership and finance the vehicle on the spot. However, the customer might not know that credit unions are non-profits, and thus the rates on auto loans may be much lower and more affordable than at a dealership. What if the user could research potential vehicles through a marketplace provided by a credit union, where they can shop, and browse financing options for the vehicle all in one shot? The GrooveCar Direct program provides such technological tools to credit unions, enhancing the credit union’s ability to secure loans while offering the value and guidance their members seek.
Another way to educate members is through blog posts, newsletters and direct email blasts. These shouldn’t be in-your-face sales promotions, these communications should focus on providing users with relevant information that will cause them to think of, be aware of, and build that pivotal relationship with your institution. Members should look to the credit union as experts in their field and a wealth of information waiting to be extracted. If the member feels that any question they may have can be answered, they will be more confident buyers.
Regularly providing solid, valuable information to your customers, as well as implementing digital tools like those provided by GrooveCar will boost a member’s trust and confidence into the stratosphere. By delivering real, honest education, the credit union will originate more loans as well as keep more customers happy and out of financial trouble. It’s trust, not special deals, that keep them coming back again and again.