As we begin to see the economy tightening again, credit unions and community banks are looking to the most cost-effective ways to grow their businesses. Typically, the cost of acquiring new consumers is significantly higher - hundreds of dollars per member or customer higher - than growing your relationship with existing members/customers - so why not focus on the customers you already have? The average American has more than $38,000 in debt, according to a Northwest Mutual study in late 2018. While the average indebtedness varies with age, these numbers can be quite concerning to consumers. Enter credit unions and community banks. What many financial institutions and other companies fail to realize is they have in their possession copious amounts of data to leverage and truly understand member/customer needs and wants. Ser Tech can supplement your data to hone in on your ideal potential borrowers and market to them efficiently. In a survey conducted by the Financial Brand , customers were clamoring for companies to leverage this data and send the right messages at the appropriate time. Ser Tech can help! Check out our targeted Fetch Marketing programs today! For example, it can be as simple as a congratulatory message on a home sale or purchase, a happy birthday note or special, and so much more. Let your customers know that you’re paying attention to their lives and that they matter. As Gens Y and Z are consistently demonstrating, personalized offers are the key to winning their hearts. Not over-marketing these members/customers is critical when leveraging this data. Present relevant information and products that can help these borrowers in their current life situation. To accomplish this, a true partnership must exist between marketing and technology. The data can help paint the picture, but marketing can craft the appropriate message. Look at the trends in your members/customers spending. Do you see their credit card payments increasing? New payments on an auto loan or mortgage? Work with them to educate them on your offerings and what can be done to help improve their family’s bottom line. In many cases, borrowers care more about the monthly cost than the long-term investment on purchases. Helping them combine several outside products into your own - like Santa in “Miracle on 34th Street” - you can likely make them better offers, save them money and increase their loyalty to your brand. Someone you help by crafting your products and services around them will become more valuable than the best messages your marketing department can deliver. Not only will they thank you, but they’ll also let their friends and family know as well. Turning your attention to your credit union or bank’s existing members and customers is more than budgetary savings: It’s investing in your brand. Want to learn more about how Ser Tech can help you reach borrowers when they want a loan and how they want it? Contact us today!