Identifying which members are paying their loans off early is essential for two reasons. One, it is necessary to maintaining a successful portfolio. Two, it will aid in understanding if your competition has targeted your credit union with a marketing campaign with lower interest rates. This campaign uses existing tools within the database to help you identify early payoffs and create a subset of members who hold very valuable information for both your portfolio managers and ALM committee as well. Questions that could be answered or assumptions that could be validated would include:
- Is our loan pricing competitive with the market?
- Have we been targeted by a marketing campaign from a competitor?
- Is there a segment of our membership who recently been paid bonuses and could use additional investment advice?
The following process is designed to present your credit union with population of opportunity to gain insightful knowledge of your lending competition. Let’s get started. 1. You can take it upon yourself and follow the step by step instructions in the subsequent pages. -OR- 2. You can contact Xtend at 800-327-3478 or firstname.lastname@example.org and they will handle everything for you.