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LenderHub

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

 

Creating a Sales and Service Culture

A sales and service culture is an environment in which everybody at a financial institution is motivated and well-equipped to present products to borrowers that benefit them on an individual level. The institution moves beyond viewing its customers transactionally and encourages its employees to treat all product offerings as personalized opportunities to better serve the people they engage.

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Engage Indirect Borrowers in 4 Simple Steps

Most financial institutions see the enormous benefits that indirect lending can provide. With little impact on your front line staff, and utilizing much of the back end processes that facilitate your direct lending program, indirect lending can increase your auto loan portfolio significantly and introduce your financial institution to a new crop of borrower. However, turning that indirect borrower’s loan into a full relationship can prove challenging.

How do you make sure indirect borrowers don't view their loans with you as a "one and done" transaction? Here are four steps you can take to capture additional business from your indirect lending borrowers and make them think of your financial institution first when they need additional banking and loan products.

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The 6 "BEs" of Becoming a Confident Salesperson

Sales is not always the easiest job in the world—particularly if your organization has not always had the strongest sales culture. I’m sure if you did a Google search for books or resources on ways to improve sales skills, you would get no less than a million results. Trust me, I checked. The exact number is 178 million! And, while there may be valuable information included in many of those 178 million pieces of content, one thing to keep in mind is that in order to be successful in sales, you have to possess something that comes from within—confidence.

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Here is Why Your Team/Division/Company is Failing

We've all experienced failure at some point. Not landing that big account; not getting that promotion you wanted; working on a presentation or campaign for months and then realizing it's completely off base. It's totally disappointing, right? But, these bumps in the road are totally survivable. You learn from your mistakes, brush your shoulders off, and get back on the horse. Over time, after the sting of defeat has dissipated, you look back and no longer see these things as failures and begin referring to them as “learning experiences” that helped you grow personally and professionally.

This happy ending is sweet, but it’s not the type of failure this blog post is about.

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Beyond the Numbers: Sharing Sales Best Practices Between Vehicle Protection Partners

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.

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Become Your Customers' Biggest Ally During National Financial Literacy Month

According to a poll conducted by Pew Charitable Trusts, out of 7,000 U.S. households: 57% don't consider themselves ready for a sudden financial setback; 55% say they break even or spend more than they make each month; and 1/3 have no savings—at all. Shocking, isn’t it? Financial literacy is a topic that often slips through the cracks. That’s why as a financial institution, it’s essential to educate your customers. You’ve heard the saying “knowledge is power,” and in this case, the knowledge that you pass on to your customers can help your bottom line. And, since you have their best interest in mind, it will also allow you to build trust and customer loyalty.

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Why Product Lifecycles Should Determine How You Allocate Your Money

As a consultant, I was hired by many different companies to do many different things. But, one of the tasks I received most often was to find out if the money being spent on marketing and sales was allocated appropriately to yield the best return. I'd hear questions like:

"Where should I allocate the budget in order to see a profit?"

"Why isn't my investment in sales and marketing working?"

And each time, my response was the same: “Before I can tell you anything, let’s take a look at your product lifecycle.” 

I know people understand concepts better when you use pictures to illustrate what's going on, so I built the chart below to visualize a product lifecycle and to help a company's leadership know when and where to shift spending.

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Why I Use a Rubber Band to Measure Success

A rubber band, you ask? What does a rubber band have to do with measuring success? Well, in my opinion, everything.

Take a moment to absorb this. Pick up a rubber band and stretch it out to its capacity, then (stand clear) let one end of the rubber band go and what happens? It snaps back to its original form and hopefully, you don’t knock your eye out! Don’t we tend to do the same? We have a goal in sight, set out on a plan, complete the actions to achieve success and then WHAM…something happens; a roadblock, a change, a temporary setback, and we let go of the rubber band and fall right back to where we started! So, what did we accomplish? Nothing!

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Payment Protection: An Invaluable Program

Financial institutions—almost everyone deals with one on a regular basis. Everything from a cash deposit to making a financial investment and taking out a loan can be conducted through a financial institution. But, did you know that 61% of borrowers still DO NOT fully trust the financial firms they conduct business with on a regular basis. As a lender, this number may or may not come as a shock. So, how can you begin to improve that number while keeping your bottom line top of mind?

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Overcome the Fear Factor—Arm Loan Officers With GAP Sales Tools

Fear of rejection. Lack of product knowledge and skill. It’s not their job. These are three of the leading reasons loan officers cite when asked why they are hesitant to sell Guaranteed Asset Protection (GAP) coverage to borrowers. GAP coverage gives consumers a safety net if their vehicle is ever totaled or stolen and not recovered—helping cover the difference between their insurance company’s payout and the balance on their auto loan.

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