mobile banking and lending

Updated : Jun 04, 2020 in Blog

Generating Loans in a Socially Distanced, Digital World

Credit unions and community banks are welcomed and trusted alternatives to large commercial banks. However, to keep supporting members and the community at large, they must bring in income like any other business. They do that by making loans, and marketers and loan officers are charged with bringing them in. 

With the rapid evolution of technology in the past 30 years, the way people consume media and advertising has completely changed, and the old ways of finding leads and proving your ROIs are not working well in the digital age. 

Consumers today spend a lot of time online, whether it be for work, shopping, or just scrolling through social media pages, and they’re doing so now more than ever. With consumers still suffering from the financial impact of the coronavirus pandemic and now social unrest, much of the population has been forced to stay home and isolate from others. Many have lost their jobs and their overall finances have taken a serious hit. 

Community banks and credit unions, created to serve local communities where they reside, have a responsibility to assist these very people, especially in these times of crisis, and it is up to you, the marketers and loan officers, to let people know that you are there to help. This leads into the question: How do you let them know?

The best way to reach your community now is through another community: the online community. According to Google Trends, searches regarding refinancing spiked in mid- to late-March of 2020, which was around the same time that coronavirus cases were beginning to drastically increase in the U.S. In addition to financing information, consumers are searching for ways to save money. People have been communicating, sharing and advocating online and through social media during this pandemic. According to a DEG Digital article, many have gone on websites such as Tik Tok, Instagram and Facebook to promote social distancing, share coronavirus-related DIY projects, and raise money for those in need. Of course, we also can’t forget about the surging popularity of the Nintendo Switch game Animal Crossing: New Horizons as both it and the system it’s on have been selling like mad. What all of this portrays is consumers have been gathering online, and that is where you can find and help them.

So, now that you know where the members are, you must reach out to them to let them know you are there and ready to help. You need both members and loans and members are in serious need of financial help and ways to save money, particularly when it comes to their monthly bills. As for how to reach out to them, here is a new way to do that.

The Loan Lead Generator is a new, innovative chat tool that uses your credit union or bank’s website and social media to engage with potential borrowers, collect lead information and even help them schedule an appointment with a loan officer or representative. Using this service, you can reach your community in a way that easily accessible to them, as well as easy to use!

If you would like to learn more about The Loan Lead Generator, click here to schedule a demo today!