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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

3 Ways to Help Your Customers with Their Retirement Plan

Financial institutions have a unique role in serving as another arm of their customer's financial education. Even in this day and age of Google, where consumers can find answers to almost any of their questions with the click of their mouse, sometimes it's still more beneficial to sit and talk one-on-one with a trusted professional. While most consumers understand that not all information on the web is created equal, the fact of the matter is, even with the endless amount of financial education that is digitally available to consumers, there is still a lack of financial literacy. Inside your customer database, particularly when it comes to the importance of retirement savings, you'll likely find a population of customers that have not partaken in retirement-saving activities. In fact, according to a survey conducted by Wells Fargo in 2014, 34% of middle-class Americans were not contributing to any kind of retirement savings account.

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Sales Success is as Simple as Listening

Well, now that I have your attention, there are a ton of opinions about what contributes to sales success. Some people recommend working with prospects by day and producing reports and traveling by night. Others recommend diving deep into client analytics, building relationships with a nine iron, and sending birthday cards for their dogs.

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Essentials for Successful Telephone and Email Sales

Technology has had a major impact on many industries and the financial services industry has certainly not gone unaffected. The future is here now and the financial footprint has become global. To ensure a share of market, it’s vital to prepare ourselves to maximize multiple delivery channels and telephone and email are two of those. There are two thoughts regarding building customer relationships and selling products/services over the telephone and email:

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The Sales Presentation Begins at  'Hello'

In this hi-tech, digital age, we tend to lose the "art" of conversation with our customers. Customers are the lifeblood of a business, so building a strong rapport with them is imperative to the success of almost any organization. Learning about your customers and developing a strong relationship can take time and dedication, so deploying the right communications strategies is critical. Here are four steps for establishing better communication and, in turn, lasting relationships with your customers.

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[Video] Differentiating Your Auto Loan Offer

For years, credit unions have marketed their auto loans by promoting their industry-leading low interest rates, low payments as a result of those low interest rates, and great service. While those offers are certainly worth mentioning, unfortunately, they are no longer differentiators in the current auto lending environment that has been in a low-rate holding pattern for some time. In order for lenders to distinguish their auto loan program from the competition, they must learn to offer borrowers a better value.   

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Are Consumer Vehicle Purchase Trends Impacting Lending?

Consumer purchase behavior, economic cycles, and cyclical interest rates come and go, and there is very little that auto lenders can do to prevent or change these trends. Ultimately, the best way to protect your members and your institution from cyclical auto industry trends is to evolve with the times and find creative and valuable ways to provide vehicle protection, all while protecting your bottom line from shrinking margins.      

There are two trends in vehicle ownership and loan habits, in particular, that we have been monitoring and identified as key trends that make vehicle protections products more important than ever.

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[Video] Why are Loan Officers Afraid to Offer Products?

There's a big difference between offering borrowers products and services that they need and "pushing" products, yet, for many loan officers and financial institution staff, the two ideas are often seen as one in the same. There are many reasons why loan officers fear the idea of a sales culture, and there are also a few key ways that financial institutions can overcome this challenge to ensure borrowers are being offered the right products and services to meet their unique needs. 

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15 Quick Tips to Take Your Sales Staff to the Next Level

Between budget constraints and employees performing multiple functions, it can be difficult for financial institution staff to feel confident and prepared when speaking to members and explaining financial products. Here are some proven tips to help your institution's employees feel more self-assured, speak more knowledgeably, and recognize the right products for each member.

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Innovative Ways to Grow Deposits

Growing and maintaining deposits is a constant factor for any financial institution. If a consumer isn’t taking their money to you, then where is it going? That’s right­—your competitor. So, where do you start? As any great leader would tell you, you need to have a goal in mind, set expectations, and share those expectations with your staff. With all of the competition in today’s marketplace, it’s essential that you think of innovative ways to grow deposits.  

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A Credit Union Man: Part 1

Growing up, if you asked Pops what he did for a living, he would tell you, "I'm a credit union man." My father’s credit union career has spanned four decades. Along the way, he taught his family the important role credit unions play in our local communities, both as co-ops and in serving the underserved.

My name is James K Ryan, Jr. and credit unions are in my blood.

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