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By Harland Clarke - 11 Steps to Holistic Loan Marketing
Following a period of declining demand for consumer loans triggered by the 2007 mortgage-backed securities collapse, consumers are borrowing again. In 2014, total outstanding consumer loans grew five percent to $1.4 trillion led by auto loans, credit cards and home equity lines of credit.1 U.S. consumer credit rose at a seasonally adjusted annual rate of 5.6 percent through February 2015.
This is good news for financial institutions, 75 percent of which cited loan growth as a top three goal for 2015. Now may be a great time to review your company’s loan marketing tactics and adopt strategies that embrace a holistic management approach to loan acquisition, including adherence to tighter regulatory standards. The following are some best practices to consider when developing loan marketing strategies.