AFSA’s Industry Expertise allows Business Partners to provide thought leadership and best practices information directly with AFSA member companies. For more information about taking part, contact Grace McGurn.
Behind the Wheel: Allied Solutions Reflects on Used Car Week
By: Suzi Straffon, Director, Finance Company Markets | Allied Solutions
Considering the alarming surge in auto loan delinquencies, which have reached a 13-year high at an annualized rate of 7.7% in Q4 (Hyatt), addressing this critical intersection in the auto loan industry requires a strategic shift in communication. The timely education of and engagement with borrowers is paramount to navigate the challenges posed by the convergence of expensive vehicle payments and interest rates, especially with the average monthly payments climbing to an unprecedented $738 for new car loans in Q4 according to Experian, despite an overall decline in car prices.
The mastery of audience engagement is now more crucial than ever, given the complexity of the challenges in recent years. Reflect on your current engagement channels and assess the mediums within them. If your strategy lacks integration of video content, you may risk losing your message in the digital void.
Video is what’s trending. Need proof?
Video doesn’t replace standard engagement channels; rather, it empowers you to enhance them. To address the surge in auto loan delinquencies, economic/market conditions, and loan servicing, incorporating video into your communication strategy can be a powerful tool to educate and engage your internal and external audiences effectively.
Proven Results
*Allied Solutions has partnered with SundaySky to offer efficient video creation and personalization. After implementing the SundaySky platform, customers experienced:
- 19% reduction in service calls
- 29% lift in digital tools adoption
- 48pt increase in Net Promoter Score
- 24x return on Ad Spend (ROAS)
- $50,000 video production cost savings
Key Areas for Video Integration:
Internal Teams
- Internal Communications
- New-hire Onboarding
- Open Enrollment
- Training & Development
- Recruitment of New Talent
External Communication
- Dealer Incentives & Communications
- Collections & Payments
- New Loan Applications/Processing
- Promotion & Cross Selling
- Refinance Applications & Completion
Integrating these video elements not only enhances communication but also clarifies expectations, empowering borrowers and servicing teams to navigate loans with confidence.
Are you Future-Ready?
To fortify the future of auto finance, mastering audience engagement is pivotal. As we navigate the rough terrain of troubling market conditions, now is the time for a strategic modernization in communication within the auto loan industry.
Listen to this special edition Allied Angle Podcast to learn more about SundaySky.
*Winner, CUNA People’s Choice Award, 2023
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