1 in 5 → 2 in 5
Member car loans won · Credit unions
The car loan at the dealership
Your members already trust you. Make it easier to borrow from you than from anyone else.
A composite, built from credit unions like yours. Not a named client.
- The problem, $2,500, Interest per car loan at the dealer
- The project, SBK rebuilds account opening, the first months and lending so members can borrow from you faster than anywhere else.
- The outcome, 2 in 5, Member car loans won
Saturday, 3 p.m. A member of fourteen years signs for a new SUV at the dealership. The finance manager offers her a loan on the spot, and she takes it. Her credit union finds out six weeks later, when her autopay starts going to another lender. She would have said yes to them. Nobody asked.
Picture a credit union with 30,000 members and eight branches. Online account opening took days, and more than half of applicants gave up. New members got a welcome packet by mail and no call. Most held a checking account and nothing else. Loan decisions took two days and often a branch visit. The credit union won one member car loan in five.
What SBK rebuilt
SBK mapped the member journey from joining to borrowing. Each car loan a member took at the dealership was about $2,500 of interest the credit union never earned. The rebuild lets a new member open an account online in minutes. Their first month is built around what they said they need, with a call from a person. Members likely to need a loan get a pre-approval before they start shopping. Decisions come back within the hour, and officers handle only the exceptions.
What moved
80% of online applications were finished, up from 45%. Products per member rose from 1.6 to 2.3. The credit union won two member car loans in five, double the old rate. Loan decisions took an hour, not two days. Members borrowed from the institution they already trusted.
| Measure | Before | After |
|---|---|---|
| Online applications done | 45% | 80% |
| Products per member | 1.6 | 2.3 |
| Member car loans won | 1 in 5 | 2 in 5 |
| Hours to a loan decision | 48 | 1 |
A problem like this one?
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