I once wrote about, “Why You Shouldn’t Sell Checking Accounts.” Today, I’m expanding that to Personal Loans and Savings Accounts.
This week, I presented for the Pennsylvania Credit Union Association’s Evoke Marketing Conference. During the day, we talked about Life Stages. (Get a free Life Stage white paper here) Our discussions lead us to the importance of product personalization.
Do you offer a healthcare loan? A home appliance loan? A veterinary loan? A summer-time fun loan? A winter-time fun loan? A home winterization loan? A wedding loan? Sure, you do! But, do you promote it that way?
Let’s face it, people aren’t looking for a personal loan … they are looking for a way to fund their kid’s braces. They need quick money to replace a crapped-up washer, dryer or fridge. They seek a way to pay for a new transmission in their car. They want a way to pay for a better engagement ring or wedding. They need more money than they currently have saved or than they want to put on their credit card.
They don’t want the loan, they want the money. So, let’s not talk about the loan, let’s talk about what the money will be used for.
When you think about it, from a customer needs perspective, a Savings Account is just the polar opposite of a personal loan. Customer’s want to put money aside for something that they will want or need in the future.
Do you offer a home appliance savings? A veterinary savings? A summer-time fun savings? A winter-time fun savings? A home winterization savings? A wedding savings? Sure, you do! But, do you promote it that way?
There is no limit to how many savings accounts a customer can have. If you recommend and promote the use of dedicated savings accounts, you are likely to differentiate yourself, provide a valuable service to your customer and increase your deposit base.