Suncoast Credit Union Auto Loan Interest Rates

Suncoast Credit Union Auto Loan Interest Rates – By Victoria Zhuang Close Post About Victoria twitter vazhuang mailto victoria.zhuang@arizent.com linkedin victoriazhuang August 15, 2022, 10:58 a.m. EDT 10 minutes Read

Jennifer Bolivar, senior vice president of business transformation at Suncoast Credit Union in Tampa, Florida, remembers with pride how her staff attended to a member who walked into a Suncoast branch recently and asked for help with a car loan .

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“Of course, they are someone else’s car loan. Refinance while putting an extra $400 in his pocket per month. What can you do with $400? I mean, think about that,” said Bolivar. The member’s mother heard about it, and the buzz took off from there.

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“That got the word out that we had something to offer in terms of production,” Bolivar said.

Although its rates are among the best on the market, the Suncoast asset $15.8 still wants to offer refinancing opportunities tailored to each member “to make sure we get people back for you monthly,” said Bolivar. .

It can be difficult for financial institutions to win new customers or new members, as credit unions are known, compared to the closeness of the banking relationship. That’s why building goodwill with current and potential customers, like Suncoast did, can be so important.

Indicated that credit unions – including Suncoast, which came in third – may be doing a better job of creating better relationships with customers than some banks, especially large institutions.

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The research, carried out in collaboration with creative brand experience agency Monigle, examined consumer behavior and customer experience in banking. The result: Six of the top 10 institutions are credit unions, while another, Chime, is a fintech. That means three of the top 10 are banks.

While banks still lead financial services in terms of deposits and asset market share, they cannot be complacent and should pay attention to what their competitors are doing well, analysts said.

“You’re seeing more and more credit unions, especially in communities where community banks have entered, for exceptional customer service,” said Steve Reider, president of banking consulting firm Bancography. “Regional banks want to think back to their community banking roots. They all started small at some point.”

Jennifer Bolivar, senior vice president of business transformation at Suncoast Credit Union, said offering refinancing options to members is one way her credit union stands out.

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Arizent and Monigle’s research consisted of two surveys completed in March and April. The first survey focuses on the trends and attitudes that shape consumer behavior and expectations in relation to financial services. About 3,000 people participated.

In a second survey, customers of 58 financial providers rated their brand experience. This included asking how respondents interacted with these companies, what consumers thought before making a financial decision and how they felt about the different types of institutions they could patronize. Almost 6,000 respondents were included in this survey.

CIT Bank, which was acquired by First Citizens Bank of Raleigh, North Carolina, is leading the way overall, in part because customers feel the bank understands and empowers them and believe it is “a result of products and on providing services”. new and different,” a report found. CIT serves as the online-only unit of the $108.5 billion asset First Citizens and ranked 7th in the 2021 survey.

“We do a lot of research into the customer journey and the user experience. Other banks do it too. But what we try to do is make sure we meet the customer’s needs and anticipate the customer’s needs,” said Ravi Kumar, head of CIT Direct. .. Bank. “Since you’re digital, we have to focus on that compared to a bank with a brick-and-mortar solution because they can provide an omni-channel experience. So that’s what we focus on, and I think And so our customers know what’s coming in, and that’s what they want from us.”

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While retail banks generally fare well in terms of security measures, easy access to money and public visibility, “retail banks have lessons to learn from credit unions and competing banks,” the researchers wrote.

Institutions in second to seventh place include five credit unions and Chime. USAA is the next bank on the list, at No. 8. Although USAA is a retail bank based in San Antonio, it is similar to a member credit union, and customers must be active or retired employees. military or their family members to join it.

Overall, credit unions are leading on all measures to generate positive feelings among their members and come out on average 7% ahead of both large and small retail banks on the behavioral score, which measures ease of use different products and services. Credit unions “The emotional connection they have with their customers is a lasting reality; however, credit unions are seeing a return on investment in their digital tools and services,” Arizent and Monigle’s research found.

Banks beat their credit union counterparts when survey participants responded with statements like “I see you everywhere.” But credit unions score higher

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Other business sectors. Respondents considered credit unions to be more welcoming and understanding of their needs. They also think that credit unions are good at taking pressure off their financial needs.

Part of the explanation for this may be that the survey focused mainly on large regional banks. Community banks may be better than credit unions because customers tend to be the same for both types of financial institutions.

“The big banks are playing a game of scale,” Reider said. “Many banks advertise nationally and have a wide reach in terms of branch networks and ATMs everywhere. That means at any time your business initiative can reach more people.

“But credit unions, as well as community banks, continue to focus on customer service. Many small businesses do not have a dedicated loan officer at a large bank. However, a community bank or credit union will add them.” in front of them. That’s a powerful way to build relationships,” Reider said.

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However, asset size probably doesn’t fully explain why credit unions are at the top of the list. Credit unions operate on a membership model that requires customers to join an affiliate group to join.

Arguably, this relationship weakened over time as credit unions expanded their membership to include more groups or entire geographic areas. However, it is clear that this relationship is still important to consumers. Bank credit unions won soundly when participants in the Arizent and Monigle survey responded with the statement, “I feel like I belong to more than a bank.”

Bolivar believes Suncoast’s decision to keep its branches open during the disaster was the right move. “A lot of other financial institutions say we’ve seen a drop in their branch traffic. We haven’t seen that much. We’re at pre-Covid levels, in terms of members coming in,” he said.

Despite the increase in technology, customers still prefer to have branches and personal assistance. Sixty-eight percent of research participants said they regularly visit a branch or seek help in person in response to a question about how they interact with their financial provider. This is the second most popular option after using a debit or credit card.

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The sixth place is to use a car—another option that requires an agency to be physically present in the community—and 54% of respondents choose this option. Use of mobile apps and access to computer services were third and fourth at 60% and 59%, respectively.

Given the continued demand for branches, the way a credit union approaches this stage of the business may be another part of its success. For example, Suncoast Credit Union stayed open during the disaster, a strategy owned by Bolivar.

“Many of the other financial institutions say that their branch traffic is decreasing. Not ours. We are in the early stages of COVID, in terms of members coming in,” said Bolivar.

Suncoast, which released its first list this year, has 75 branches and is considering opening more. Credit union membership is open to residents of all 40 Florida counties.

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“We see them as a social game, and we see them as symbolic play,” Bolivar told the branches.

Bo McDonald, president and chief executive officer of the consulting firm Your Marketing Co., said he has seen some credit unions still open in underserved areas.

“In many rural areas where banks are emerging, credit unions have been successful in going back there and not just being a financial institution,” McDonald said. This approach can generate goodwill among existing and prospective members.

Greg Mitchell, president and CEO of First Tech Federal Credit Union, said his institution will soon be offering pre-approved loans for basic needs like unexpected car expenses. This means if a member’s car blows an engine, “You’ll know First Tech has your back, and you’re approved for a $10,000 unsecured loan,

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