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Staying in front of members is a hefty, yet important task. While they may not need your services today, tomorrow is a new day full of new ideas. Therefore, we must always be planting seeds and staying one step ahead of our members. Prescreen marketing can make this easier, thus helping you capture more business. So, what is pre screening in marketing? Essentially, prescreening allows you to market special loan offers to potential members and existing members that meet underwriting criteria. Keep reading as we dive into more detail about prescreen marketing for credit unions and lenders.
Prescreened marketing can help lenders and credit unions target consumers that meet their underwriting criteria. From auto loans to personal loans, prescreened marketing allows lenders to take advantage of a consumer’s recent activity to deliver personalized loan offers. For the consumer, they can benefit from a personalized experience. Let’s say a consumer started researching auto loans last night. Next thing they know they receive a special offer from a bank or credit union they’ve had a good experience with in the past. The offer clearly advertises that they are prequalified for the offer, thus boosting their confidence and encouraging them to take the next step. For the lender, prescreened marketing allows you to maximize marketing dollars and develop targeted marketing campaigns. Consumers will not know they are being prescreened and it will not impact their credit score. When they receive the offer they will just feel as if, well, the lender read their mind. Technology allows financial institutions to take part in a behind-the-scenes process that leverages credit bureau data to generate personalized offers. Say goodbye to the days of wasted mailers to everyone in the community. You can now maximize how your marketing budget is spent and increase your ROI significantly. The ability to eliminate unqualified prospects can help you work more efficiently with less manpower. As a lender you’ll just need to make sure you’re offering attractive rates and terms or incentives that will encourage the consumer to take the next step. Keep in mind that just because the consumer is prequalified and receives the offer, does not mean you have to guarantee it in the event they actually do not qualify. For example, perhaps an applicant recently lost their job. When they go to finalize a personal loan prescreened offer, you may ask them for employment status, which has changed since they received the offer. If the consumer does not meet the requirements at the time they choose to accept the offer, you can revoke the offer.
Prescreening is important for so many reasons. Let’s break down a few of the top reasons why prescreening is important.
#1. Define your target market
Outdated forms of marketing include sending mailers to everyone within your zip code. Sure, this is easy, but very ineffective. With advanced technology lenders can now seek out their target market and reach them faster. By prescreening members you can get the right product offers in front of the right members. As a result, you can increase conversion and generate better leads. In addition, members are likely to have a better experience because they are not being motivated with false hope of qualifying for a product that’s out of reach. Prescreen marketing allows you to deliver the right offer at the right time.
#2. Proven results
Through reporting and analytics prescreening is proven to work when executed properly. By partnering with companies such as Ser Tech you can monitor members who are actively shopping for a loan. It’s proven that 60% of loan shoppers will commit to a loan within a week of a credit bureau inquiry, further proving the importance of prescreen marketing via triggers. Ser Tech issues a prescreened offer on your behalf within 24 hours of a credit inquiry to help you capture the loan. Trigger programs result in a 5% to 12% response rate. Learn how SerTech helped one credit union earn a 166x return on investment!
Learn how Ser Tech helped one credit union earn a 166x return on investment!Learn how Ser Tech helped one credit union earn a 166x return on investment!
#3. Deliver personalized offers to the right individuals
Wasted resources equal wasted money and time. Prescreened marketing allows you to use data driven information to get personalized offers to individuals. Your employees will appreciate higher quality leads, as members will appreciate products they need. If they feel your advertising offers value, they are likely to pay more attention to what you have to say. Afterall, no one likes to feel like they are being sold anything and everything. Consumers always search for a personalized experience. Prescreened marketing can allow you to achieve this, but in mass quantity.
#4. Underwriting matters
Credit data helps manage credit risk. When you prescreen members you are using credit data to asses the member you will be sending an offer to. If the risk is low and they meet underwriting requirements, they are a good candidate to receive the offer. SerTech offers 2,000+ credit attributes that you can match to your underwriting criteria, thus helping credit unions maximize results.
#5. Boost your ROI
Prescreening maximizes marketing dollars. When executed properly, you can see a return of 5x the investment. In addition, when you partner with companies like Ser Tech, you can gain faster access to campaign insights to identify what’s working and what’s not. For lenders looking to see a quick uptick in loans, prescreening is the answer.
#6. It’s legal.
Chartered financial institutions are permitted to prescreen as covered in Fair Credit Reporting Act 15 U.S.C. § 1681. Before entering the prescreening space, you should understand the legalities and regulations around it. One being fairness of treatment. Since you have the ability to examine consumer’s credit data without permission, you must approve the application. There are rare circumstances where approval can be avoided and you should be familiar with those circumstances.
By getting the right offers in front of the right members, you can capture more loans and loan products. With a more efficient use of resources you can trim down costs and boost results. Taking advantage of prescreened marketing allows credit unions to utilize credit risk data to capture more low risk loans. By partnering with prescreen marketing companies such as Ser Tech you can trust them to generate the offers while you capture the business. As an added bonus you can take advantage of fast access to campaign insights so you know what’s working sooner. By carefully going after your target market, you can improve investment decisions and grow revenue.
Prescreened marketing also allows you to improve member experience and let them feel that you truly know what they need. By monitoring and identifying when they are actively shopping for the loan you can swoop in at just the right time with an offer that encourages them to take the next step. Since they already trust your brand, all you need is a compelling offer to further your relationship. Credit unions can use prescreened marketing to grow ROI for the follow loan products:
Marketing can be costly, and if not done properly, it can be a huge waste of resources. While not all marketing is designed to convert immediate sales, you’ll need a fair marketing mix. Ser Tech supports financial freedom, flexibility, and the development of our communities. We are committed to helping members access affordable capital while helping credit unions grow ROI. To accomplish our goal we help clients generate direct-to-consumer loan opportunities using our robust data coupled with sophisticated loan and decisioning and analytics. With 60% of loan shoppers committing to a loan within a week of a credit bureau check, it’s critical to get in front of qualified members as quickly as possible. Ser Tech sends members prequalified offers via mail or email within 24 hours of a credit inquiry. In a nutshell here are some of the benefits Ser Tech offers:
With 1.43M prescreened offers presented annually, 200+ data source partners, and 5x return on investment, Ser Tech continues to exceed client expectations. We’ve all heard plenty of marketing pitches so let’s strip this down to real life application. You’ve found the vehicle you want to purchase but are dissatisfied with the rate offered by the dealer. You hurry home in hopes of finding a better rate and returning before the car sells. As you start to search online or inquire about auto loans, you start seeing personalized ads for, well, auto loans. Now that the offers are coming to you, shopping is easier and you’ve found the offer you were looking for.
Imagine being on the other end of this scenario. You’ve just captured an auto loan while delivering a seamless and valuable process to a new or existing member. It practically seems like the deal just fell in your lap. By partnering with Ser Tech, you can deliver members and non-members a customized experience by delivering loan product offers using prescreening. Prescreening allows you to advertise loan products to members that qualify and have a need for the product. As a credit union, you’re best at serving members. Partnering with Ser Tech allows you to deliver prescreened marketing without taking away from the mission of serving members. Our offers are backed by 200+ data sources and delivered through our omnichannel delivery platform. Within 24 hours of a credit inquiry, you can get an offer from your financial institution in front of a potential member or existing member. In addition, Ser Tech will provide a daily call report so that you can follow-up and win the business before a competitor does. With detailed and fast access to campaign insights you can maximize responses and convert deals quickly. Oh and the best part – you only pay for what you match.