Credit unions need to be able to reach consumers as they are in the market for an auto loan, but not overload them with messaging. Intuvo, a marketing-automation platform built for credit unions, is designed just for that, and Jeff Shood, the company’s founder, told CU Journal it aims to understand members and send them the right offer at the right time.“The goal is to only reach out to members when the credit union actually has something to help them,” he explained. “We want to reduce the number of messages, because people are so inundated with marketing messages today.”
Ninety percent of home buyers searched online at some point during their home buying process according to NAR (National Association of Realtors). Smartphone use continues to grow exponentially. Processes that were never expected to be available on a mobile device, such as tax returns, college applications, and medical data, are now in the repertoire of a very comfortable mobile user. These processes require a significant amount of documentation and multiple steps to successfully complete them.
In today’s competitive marketplace, incorporating marketing automation offers personalized messaging targeted to more members, with the opportunity to increase the rate of acceptance. When it comes to increasing pull-through of TBD or pre-approved prospects, timely marketing alleviates the need for a loan officer to call a member or respond to 75-80 calls a day inquiring about a single loan status.
Intuvo, a leading provider of marketing automation software to the credit union industry, and a division of CU Direct, has entered into new partnership agreements with four credit unions. As a result of the agreement, the credit unions will be implementing Intuvo’s new consumer automated marketing platform to increase loan volume and member satisfaction. The credit unions are: Santa Rosa, California-based Redwood Credit Union (204,374 members, $2.6 billion in assets); El Segundo, California’s Xceed Federal Credit Union (57,980 members, $933.2 million in assets); Downey, California-based Financial Partners Credit Union (51,710 members, $822.1 million in assets); and Lihue, Hawaii’s Kauai Community Federal Credit Union (32,496 members, $394.6 million in assets).
Consumer lending organizations face many marketing challenges, like converting leads to sales and lack of pull through on purchase loans. Overcoming these challenges is important to effectively leverage relationships with members and find opportunities for retention and cross promotion. It can be time-consuming, but we’re here to help. We’re excited to announce the development of Consumer Marketing Automation.
In addition to saving time and significant money by avoiding staffing increases, member communication improved significantly. The implementation of Homebase that we delivered to the Travis Credit Union notifies members with 14 automatic triggers during the loan process. In addition, the module gives the Travis Credit Union the ability to customize the notifications with their branding and images. One of the notifications Travis Credit Union customized was a communication on how to log in and view initial loan disclosures. This was a part of the process that typically generates a lot of calls and requires a lot of the staff’s time to assist members. Intuvo has reduced these calls significantly. Brian shared a recent quote from one of his loan officers, “I hardly get any calls for status now. A couple of members have responded with a ‘thanks for the update’ kind of email.” Challenge understood, solved and solution implemented by Intuvo.
The attendance at their events now ranges 50 – 90 realtors and as he told us, “The numbers have continued to grow.” That growth has resulted in a significant rise in sales, “I’ve identified this as a success for 2012. The national average for purchase business for lenders is approximately 15%. Wright-Patt Credit Union is running 34 – 35% year-to-date. “I’ve compared the numbers this year, through today, to last year. We are up 25% and could go higher.” Dave shared his conclusions regarding this outreach campaign, “I believe one of the reasons for the success of this program is that, through the use of Intuvo, we’ve been able to plant the seed with our realtors that says, ‘Hey, you don’t need to go to the major banks. You could go to Wright-Patt because we’ve got the team, we’ve got the expertise and we’ve got all the local services that will allow you to do that purchase with us.”
“Intuvo is our twelfth man…” Football fan and Director of Retail Loan Originations at Wright-Patt Credit Union, Dave Von Derau shared his thoughts with us on setting customer expectations. “Another campaign that’s shown success is designed around new applications, both re-finance and purchases,” Dave informed us. “The campaign gave us the opportunity to describe the mortgage process to members step by step and establish clear expectations for the timeline of their loan.