LAS VEGAS – Reducing the time it takes to get a "yes" answer on a new auto loan should be a key goal for credit unions in 2015, CU Direct President/CEO Tony Boutelle (pictured) and Intuvo President and Co-Founder Jeff Shood told CU Times Thursday at the Drive '15: CU Direct Lending & Marketing Conference Thursday in Las Vegas, Nev.
Boutelle and Shood, who recently announced CU Direct's acquisition of Intuvo, a Scotts Valley, Calif.-based provider of marketing automation software, discussed goals for their organization, the impact of Drive '15 and the biggest challenges credit unions face in the auto lending space.
Intuvo's platform allows credit unions to easily cross-sell products to members acquired through indirect loans using personalized messages and multiple channels, including mobile push notifications, text messages, email and direct mail, Shood explained, adding that the multi-channel format will help credit unions attract more millenials. Boutelle said the partnership ties in beautifully with CU Direct's mission of helping credit unions make more loans and improve their efficiency.
"If a loan comes in without a warranty, for example, chances are the dealer offered that at the time of the sale but it was too high-priced," Boutelle said. "So, Intuvo could come in and offer them a warranty that's one-third of the price. It's about helping credit unions use technology to leverage their capabilities."
When asked about future goals for CU Direct, Boutelle said his vision is to whittle down the time it takes borrowers to purchase a car – precisely, he'd like to see 90% of an auto loan transaction completed before a member even gets to the dealership.
Shood noted that with the U.S. coming out a recession, it's an excellent time for credit unions to focus on growing loans – in fact, 40% of today's borrowers have a credit score of around 700, he said. When it comes to challenges credit unions face, however, they still have a ways to go when it comes to improving efficiency internally and hiring the right people, both Shood and Boutelle said.
"Credit unions must hire people who have the passion to do the right thing," Boutelle said. "If you don't have people waking up every day saying that they're going to be better than they were yesterday, then you're essentially on a death march."
Drive '15 ran from May 20 to 21 at the Cosmopolitan in Las Vegas and included sessions on topics ranging from regulation and credit scores to branding and cybersecurity. Boutelle said the conference provides a mixture of information and entertainment, as well of plenty of new solutions for credit union executives to take home and implement.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
