Prior to implementing Open Lending’s Lenders Protection, Beneficial State Bank only approved about 30% of its auto loan applications with a pull through rate of less than 15%. We worked closely with the $1 billion, values-based bank in Oakland, Calif., to quickly roll out Lenders Protection and help the bank reach optimal indirect auto lending and fulfill its mission to give consumers greater bargaining power.
While these programs have grown the bank’s book of auto lending, Beneficial has been using the data as a tool to grow its overall business, too. Beneficial’s lending experts have been able to glean data used in the loan process to help drive indirect auto loan customers into multiproduct users – with close collaboration between Beneficial’s indirect auto loan team and Open Lending’s customer support organizations.
“The goal of this product rollout was a method to capture customers for our retail branches,” Elliot said. “It’s a way to cross-sell in to demand deposit accounts or credit cards or additional direct loan products or refinances that we see on the customer’s credit report.”
Lenders Protection is core to Beneficial’s mission as they look to give better bargaining power to their customers. See how Beneficial State Bank puts their mission to work for them.
To learn more about how Open Lending assists lenders’ continued success contact us today!