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Report #603 |

Year 1 Lab Results—Ignite Sales: Digital Engagement for Indirect Lending

The Lab at Filene 2023 Test Results

During its inaugural year, The Lab at Filene has completed the testing of four ideas focused on helping credit unions adapt and thrive in today's marketplace. These are the final results of our Digital Engagement for Indirect Lending test, in partnership with Ignite Sales.

Executive Summary

Indirect lending can effectively increase loan volumes, yet it presents a challenge for credit unions: many indirect borrowers rarely evolve into significant, long-term members. Often, individuals who secure indirect auto loans from dealerships aren't fully aware of their membership in a credit union or the range of financial services available to them.

How can credit unions best relay what they can offer to indirect members and successfully expand their relationships?

Ignite Sales provides credit unions with customized digital dialogue guides ​designed to align members' needs with credit union products. ​The test, which included eight credit unions and approximately 18,000 indirect members, unveiled essential email engagement strategies and performance metrics.

Credit Union Implications

As borrowers often require various financial solutions over time, a positive onboarding experience can keep the institution top of mind for future needs. Credit unions have the opportunity to leverage digital marketing strategies to enhance virtual engagement and strengthen their relationships with members, extending beyond just indirect lending.

Download the full Ignite Sales test results report to see how effective this digital engagement solution performed at engaging indirect members while helping to deepen their relationship with the credit union beyond their initial auto loan. In this report you will see how the Lab year 1 test of Ignite Sales focused on answering the following key research questions:

  • How can credit unions best relay what they can offer to indirect members and successfully expand their relationships?
  • Based on indirect member engagement, what products and services should credit unions offer to make these members more "sticky"?
  • How would Ignite Sales' conversation guides impact the credit union's financial performance?
  • Are credit unions an ideal channel for Ignite Sales?

Filene thanks Ignite Sales for its contributions of freely sharing their concept with us and providing invaluable support throughout the test.

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