Dustin Cole is a 33-year-old Vice President of Indirect Lending of Arkansas Federal Credit Union ($1B) in Jacksonville, Arkansas, United States.
New Indirect Member Onboarding
We are going to solve the problem of lack of member engagement from new members brought in through the indirect loan channel.
We have a large indirect lending program at AFCU. We bring on about 600 new members each month through this channel. For years, a huge percentage of these members were single service members with their auto loan being the only product they ever had. We, along with most credit unions that do a lot of indirect business struggle with bringing these new members on as active members of the cooperative.
At AFCU I am also over our outbound calling department which we call Member Development. When I took over this department I wanted to place a premium on identifying needs and opportunities that we have never capitalized on with all of these new members. We were originally looking at credit reports and calling members we thought we would be able to offer an additional loan product. This was going nicely but I still felt like it wasn't enough and we were missing out.
We are currently transitioning to a new process. The intention is to "touch" every new member that comes in through the indirect channel. We are calling them with the intent to offer them a product or service to get them more engaged with AFCU. We give them a brief description of who we are and what we do and then offer to help them set up an ACH payment for their new loan, help with logging into their online banking or anything else we see that might help them. We will solve the problem of non-engaged members!