Turn INDIRECT Members to PRIMARY, Boosting Member Growth

Since the financial crisis back in 2008, indirect auto loans have grown to be a significant part of many credit unions’ loan portfolios. The struggling economy and automobile supply chain woes created by the pandemic have certainly slowed the growth, but auto sales are gradually rising. Cox Automotive predicts new-vehicle sales to reach 16.0 million in 2022, an increase of more than 7% from 2021, while used-vehicle sales will remain strong and above 39 million.

Credit unions’ excellent service has been a catalyst in growing this loan area. Fast auto loan approval and funding have helped develop close relationships between dealerships and credit unions. But that new member often doesn’t feel the warmth of that brilliant service, as all too often, indirect loan recipients are one-and-done members. Unfortunately, converting indirect members into engaged direct members has been difficult.

Credit unions need to make a human connection with single service members to spark them to take the next step and open another account.

Springboard to Deepen Relationships

Consumers today are looking for more than checking accounts and loans from their financial institutions. After over two years of economic upheaval, job uncertainty, and inflation, consumers seek financial institutions’ safety, stability, and security. Credit unions that can offer personalized guidance on financial wellness will be able to deepen relationships and win over new members.

But to do that, credit unions need to have up-to-date information on members’ unique circumstances. They need to ask the correct questions in a caring way to uncover members’ financial details and desires. Then, armed with this information, they can make product recommendations that help members alleviate their financial stress and reach economic goals.

A sales engagement system that enables staff to converse with members in a meaningful and sensitive manner will allow them to get to the heart of a member’s needs. Sophisticated intelligent conversation guides can provide tailored conversations that discover members’ unique needs in an empathetic manner and deliver personal, accurate, and consistent product recommendations to deepen relationships.

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See it in Action

ACUSI and Ignite Partner to Help Credit Unions Grow

ACUSI, a CUSO of Alabama Credit Union, augmented its Auto Loan Program with Ignite Sales to enable credit unions to sell deeper into their membership. ACUSI’s technologies help smaller credit unions successfully compete in the indirect market. As a result, credit unions are leveraging ACUSI’s auto loan program to grow their membership within their market area. To further support their credit unions’ growth, ACUSI sought a solution to deepen member relationships and onboard members to fulfill their financial needs and goals.

“Ignite Sales has a unique, market-tested product that gets the results we want. I am pleased with the partnership and look forward to growing market shares of smaller credit unions through Ignite,” said Tommy Cobb, President, ACUSI.

“Ignite has the key technology components we sought and provides us valuable operational insight. In addition, they have a genuine interest in helping ACUSI reach our goals.”

To learn more about how your Credit Union can grow your membership with Ignite Sales click here.

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