Your members expect a customized experience with your credit union. Ser Tech enhances your current lending programs with targeted and relevant prescreen offers backed by our 200+ data sources and omnichannel delivery platform. Plus, you receive our best in class reporting and analytics to maximize your ROI.
Your members expect a customized experience with your credit union. Ser Tech enhances your current lending programs with targeted and relevant prescreen offers backed by our 200+ data sources and omnichannel delivery platform. Plus, you receive our best in class reporting and analytics to maximize your ROI.
Your members expect a customized experience with your credit union. Ser Tech enhances your current lending programs with targeted and relevant prescreen offers backed by our 200+ data sources and omnichannel delivery platform. Plus, you receive our best in class reporting and analytics to maximize your ROI.
Deliver targeted prescreened marketing campaigns for your credit union with our database of 5 million US names.
Being an agent of the bureau, we have an added benefit that you’re only billed for members and prospects that match your criteria.
With GDS Link Marketing Services you can minimize your data costs and increase your ROI.
Discover auto loans being funded by the competition and target potential consumers
Target eligible consumers who have the highest probability of closing a mortgage with you
Connect your members to personal loan offers for any loan purpose. From home improvement to debt consolidation we can help
Drive growth and marketing results with targeted credit card offers tailored to the customer's needs
Discover auto loans being funded by the competition and target potential consumers
Target eligible consumers who have the highest probability of closing a mortgage with you
Connect your members to personal loan offers for any loan purpose. From home improvement to debt consolidation we can help
Drive growth and marketing results with targeted credit card offers tailored to the customer's needs
Prescreening customers aims to narrow your target market to only qualified customers. While most industries have target markets, such as females between the ages of 25 and 50 or adults with children, the financial sector is slightly different. To further complicate matters, all financial institutions are targeting somewhat different customers. Your members may vary in age, which can certainly impact their needs, but if they qualify for a credit card or loan and you can identify some need for it – you should be marketing to this customer.
Here’s where prescreened offers for credit cards and loans come in. By prescreening, you can identify the type of loans a consumer may shop for. Furthermore, you can determine if they can meet your underwriting criteria. Sounds complicated, right? It’s not when you have the right partner. Most credit unions partner with third-party companies that help them collect data and send offers. As with any marketing, we emphasize the importance of partnering with a trustworthy company that can deliver results. After all, the last thing you want to do is bombard members and non-members with offers that don’t apply to them or that they don’t qualify for. The data behind prescreened offers can genuinely make all the difference in the results you see. GDS Link Marketing Services is where you’ll want to go to deliver prescreened offers for credit cards and loans that will produce a significant ROI. With 200+ data source partners, you can get very specific on who you want to target, which is part of the science behind the results.
Before we go too much further into the details, let’s take a closer look at how prescreened marketing works.
Prescreened credit card offers work just like any other prescreened offer; only they are specifically for credit card products. Let’s look at a real scenario before diving into the logistics of how the backend of a prescreened offer works.
Let’s say you are shopping for credit cards with balance transfer promotions. The best one you came across scouring the internet was a 3% transfer fee and 1.99% APR for 24 months. So, you applied and were approved but haven’t moved any farther yet. Perhaps you haven’t taken the next step because you’re waiting for a better offer. Next thing you know, you have an offer in your inbox for a balance transfer promotion with a 3% transfer fee and 0% for 18 months. Not only that, the offer includes your name and indicates that you’re already prequalified for this offer. The following steps are clearly outlined and are fast and easy. Furthermore, you’ve checked the legitimacy of the source of the offer, and it checks out. Without hesitation, you accept the offer and transfer your balance with confidence.
You’ve delivered a personalized experience that left a member or non-member happy. On the credit union side, you just captured a loan by taking advantage of technology. No cold calls, no denied applications. Prescreened marketing is beneficial for the member and the credit union.
The Fair Credit Reporting Act (FCRA) permits creditors to review consumer credit reports and issue firm offers of credit. Furthermore, credit bureaus can match individuals to lenders based on specifications. Once matched, they can share names and addresses to be used for marketing offers. Specifications can include credit scores that meet lending criteria, geographic range, and more. By issuing a prescreened offer you’re not guaranteeing approval, but you are saying that the member or non-member has a very good chance of qualifying. If they choose to accept the offer, and they do not meet the requirements disclosed with the offer then the offer can be revoked. It’s important to include disclosures on the prescreened offer to protect yourself.
As a financial institution, you probably rely on third parties to handle marketing. And prescreened marketing offers are no different. Credit unions that are committed to producing results should partner with GDS Link to generate effective prescreened marketing offers. GDS Link Marketing Services can procure data, design creative, and fulfill prescreened marketing pieces through omni-channel delivery. Our prescreened marketing program is turnkey, all the credit union needs to do is determine what creative to send, approve the copy, and set the credit criteria. GDS Link Marketing Services also provides Trigger Programs that allow you to monitor a set of prospects/members in your geographic footprint for specific credit inquiries. Within 24 hours of a credit inquiry, GDS Link Marketing Services can send pre-qualified offers via email or mail. With the statistic that 60% of loan shoppers will commit to a loan within a week of a credit bureau inquiry, it’s critical to get the offer out as soon as possible and apply for a follow-up. GDS Link Marketing Services provides faster access to campaign insights and follow-up lists so that you have an increased chance of capturing the loan. As effective as technology is, a personal touch is still unmatched.
Prescreened offers can be used to target a variety of financial products. This can include:
The science behind the prescreening process does not change per product, but the criteria will. Therefore, if you’ve been prescreening for credit card offers and wish to switch to personal loans or auto loans, you need to create new criteria. For example, if your credit union wants to capture more auto loans $25,000 and up, you would center your criteria around this goal. Criteria can include credit score, income, geographic location, and any other factor used to make loan decisions via your underwriting process. If your prescreened marketing partner is behind the times you may be limited, thus stressing the importance even more of partnering with the right agency. The more detailed criteria is, the more likely you are to have a better conversion rate. Getting the right offers in front of the right people will improve customer and employee satisfaction while boosting ROI. Talk about winning all around.
Prescreened offers can deliver a plethora of benefits for credit unions and members or non-members. Here are some of the pros and cons of prescreened credit card and loan offers.
If you want to maximize results, choose GDS Link Marketing Services. From identifying members to target to providing fast analytics, GDS Link Marketing Services goes above and beyond to maximize ROI. GDS Link Marketing Services utilizes trigger marketing, another factor that sets them apart from the competition. Triggers allow credit unions to receive crucial data on member capital needs in “real-time.” Triggers include credit inquiries that set up a prescreened offer to be sent within 24 hours. Impressive, right? Wait until you see the results. Trigger programs achieve a 5% to 12% response rate. GDS Link Marketing Services is your go-to for prescreened marketing offers delivered with intelligence, integrity, and intent. But don’t take our word for it, check out what our customers have to say. And when you’re ready, request a demo online.
Cons: https://www.forbes.com/advisor/credit-cards/pros-and-cons-of-pre-screened-credit-card-offers/
