The summer of 2021 is already looking to be a busy time for lending. COVID-19 restrictions are being lifted across the United States, and the public is more eager than ever to get outside, have fun, and make financial decisions they were not prepared to make a year ago. As people are looking, your credit union can be there with the loan offer they are looking for, with the help trigger marketing! Here are three trends your credit union can leverage using Trigger Fetch Marketing campaigns to bring in more loans this summer:
1. Mortgages Summer provides the perfect weather for going out and looking at homes for sale and simplifying the move. With mortgage rates at historic lows, homebuyers are looking to snatch up properties before someone else swoops in. According to an article from CUToday, Freddie Mac reported that mortgage rates, which were moderately increasing in March, began to decline in April. This is not only good for homebuyers though; homeowners can take advantage of these lower rates to refinance their mortgages if they so desired! If your members are considering moving, consider sending an email informing them of your financing options. Mortgage decisions are happening fast in this hot market; ensure you keep your members at the credit union with advanced data analytic intel so you know when they are in the market.
2. Auto Loans This is also the time of year when car sales skyrocket. Parents will be buying for their college graduates, and others simply want a vehicle to cruise around for a summer road trip. Many car buyers and now doing their shopping online, so they see plenty of financing ads while looking for their dream car. With new vehicle supply limited and fewer auto loans available, make sure you win your members' auto loans when you have the opportunity. Depending upon your membership, you could see a drastic increase in the need for auto loans, and Ser Tech’s Fetch Triggers Marketing can help your credit union see and keep track of that interest! Reach your members when they need you with Trigger Campaigns from Ser Tech’s Fetch Marketing! Click here to learn more!
3. Credit Cards With the return of travel and tourism comes increased vacation spending. Credit cards changed over the past year to accommodate for pandemic needs, such as contactless payments and rewards for streaming services. Now that the world is starting to open up again, cards are sure to come back in style with the American public, so if your members are making big plans to go to the beach, camping, or visit family, highlighting your credit union’s credit card with a good travel rewards program might be just what they need to make the trip all the more worth it!
4. Personal Loans Personal loans slowed tremendously in the second quarter of 2020, following the outbreak of the COVID-19 global pandemic. However, TransUnion forecasts a rebound beginning in Q2 of 2021 for unsecured personal loans. All lending is expected to increase with personal loans and credit cards leading the way. Don't miss out!