Many Credit Unions don’t know. They lose track of the partial applicant long before they really understand the applicant’s intent.
Orange County's Credit Union found themselves in the same situation prior to integrating with Clutch. Without this critical data, there was no means to reach back out to these applicants or to automate retargeted marketing.
After partnering with Clutch, Orange County's Credit Union was able to email members within 20 minutes of abandonment as well as automate the mailing of a 6x9 postcard. 1 in 6 (17.5%) applicants who had previously abandoned the application returned to complete a loan application as a result of Clutch's approach.
Credit Unions often do not have the technical capabilities to distribute automated marketing via email, text, and direct mail to applicants who abandon loan applications.
Most Credit Unions will see loan abandonment rates between 40-60%. New member origination costs are often more than $300. It's imperative to make sure that Credit Unions are doing everything they can to convert as many potential loan applicants that start an application. Many Credit Unions are also under-staffed, have tight budgets, and may not have the ability to manually reach out to applicants in a timely manner.
Clutch’s first product, the loan application portal, is a streamlined, modern loan application designed to allow Credit Unions to improve their digital lending experience, increase conversion rates, and boost cross-sell rates through some unique features such as utilizing a soft-pull of the member’s credit to surface pre-qualified offers and refinance opportunities to the member.
Clutch’s loan portal logs all user actions and captures a user’s contact information early in the process. The marketing is targeted specifically across auto loans, personal loans, and credit cards based on actions the user took.
Users identified for retargeting were sent an email and a postcard within 20 minutes of their abandonment which included the best rate they were pre-qualified for based on their credit history and Orange County's Credit Union's rate sheets.
