The last few weeks have had some stunning developments with regard to the cost of labor figures, stunning in their quickness and severity. I have to admit, for many months, I bought into the whole tra...
When adding new products to their portfolios, financial institution executives have many issues to consider. A well-thought out introduction and delivery of new products to the customer is essential to a smooth rollout. This is especially the case with vehicle protection products like Guaranteed Asset Protection (GAP) and Major Mechanical Protection (MMP) coverage. From their first touch of the product to their last, the customer’s experience should be consistently positive, especially in a digital age where experiences are so easily shared across social networks.
There are a wide variety of GAP and MMP providers in today’s marketplace, but very few of them take an approach that addresses two critical requirements: effortless delivery for loan officers and optimal customer experience. True partners recognize the importance of working with a financial institution to deliver upon its promises and go beyond providing a product to sell—they should look to improve a financial institution’s processes with innovative technology, thorough training, and a great product.
The starting point for effortless delivery of vehicle protection products is the quoting and sales system organizations use to introduce and offer borrowers the products. To be truly effective, the technology must be fully integrated with the financial institution’s loan origination system. When it is, the products can easily and consistently be presented during the vehicle loan closing process.
Comprehensive integration makes offering GAP and MMP to borrowers effortless because loan officers can work within a single system, rather than toggling between screens and reentering information manually. Offering GAP and MMP in the same system as the loan origination leads to a reduction in errors, faster execution, and an overall smoother process—all of which ultimately create more sales.
An important added benefit of a smooth and quick quoting and sales process is that loan officers are more inclined to offer the products to every borrower. This supports your institution’s income-generation goals and your customer quality-experience goals. When paired with loan officer education, a fully integrated system ensures that every borrower receives a uniformly positive experience and is always educated on all available vehicle coverage options.
A vehicle protection partner should focus extensively on how its training program can be tailored to meet your institution’s goals and needs. A customized approach to training and product rollout not only empowers your loan officers to sell coverage, it grants them a new skillset that improves both product-specific and general sales techniques and knowledge. A training program should also recognize that goals and achievements are organizational and ensure that managers and supervisors are equally equipped to use and maintain the training provided to sales and loan personnel.
By equipping everyone in your institution with the skills and knowledge needed to effectively educate and sell borrowers on the benefits of vehicle protection, a coverage partner ensures that your customer experience quality is maintained or improved while maximizing potential ROI across the transaction.
Providing a great customer experience is a leading goal for today’s consumer-focused financial institutions. Delivering new products effortlessly goes a long way toward achieving this goal. This is especially vital in today’s marketplace where consumers are increasingly conducting their financial business on their own using self-service technologies. Because they are accustomed to fast and smooth online processes, they expect the same in person. If the quoting and sales process for vehicle protection is awkward and slow, financial organizations will lose their customers’ attention and confidence.
By introducing and selling these products efficiently, borrowers will appreciate the value-added aspects of the in-person process. Efficient overviews ensure customers are much more likely to walk away with a positive experience and sense of security that lingers long after the sale. And, when the coverage they purchased is needed, rapid claims processing maintains that optimum customer experience during an, otherwise, unfortunate circumstance.
An ideal vehicle protection partner values your institution’s bottom line and recognizes the best practices that are essential for providing the best customer experience and ROI. When searching for new ways to satisfy customers while generating non-interest income, make certain that your partner understands your institution’s values and goals and provides a clear demonstration of how it will integrate its product with your existing offerings. In partnering with an outside organization, you gain niche expertise and the efficiency of an established and experienced company. Those gains are only as good as the implementation and integration of the partner’s products into your institution’s portfolio. Following these best practices will help you find a compelling partnership in today’s competitive auto loan and vehicle protection market.
Ronni Martinez joined SWBC in 1998 and is currently the Vice President of Specialty Auto Products for SWBC’s Financial Institution Group. Her background includes experience in accounting, budgeting, mortgage servicing, quality control, process improvement, and operational auditing. In her current role, Ronni oversees all of the administrative, operational, and sales support functions for SWBC’s Point-of-Sale products, including Payment Protection, Guaranteed Asset Protection (GAP), and Major Mechanical Protection (MMP).
When it comes to understanding the auto lending industry, I’m a numbers guy. Data weaves the story that allows me to kee...
Fannie Mae and Freddie Mac are currently collaborating on a game-changing initiative to redesign the uniform appraisal d...
Put your Comment Below.