Hoosier Banker 39 Other items for consideration include decisions regarding closing costs and credit quality – essentially, will you charge closing costs, and what will your risk tolerance be as it relates to consumer credit scores? As with other products, HELOCs are most successful when financial institutions pair a compelling product offering with targeted marketing and differentiating service. Promotion Once you have the right process and products in place, the final step is promotion. A random survey of multiple websites shows most financial institutions do not promote their HELOC offerings. The first step in effectively promoting HELOCs is to include them on your organization’s website. The next, and most important part, is to utilize data to make strategic decisions. Embedded in your financial institution’s data is a wealth of information regarding targeting opportunities; specifically, who are your best customer or member HELOC targets? When this information is paired with noncustomer or member targeting information based on external data sources, a financial institution can then implement a targeted omni-channel marketing approach to increase HELOC acquisition. HELOC promotion utilizing an omni-channel marketing approach includes a variety of sequenced and targeted methodologies, including: % Emailed offers to targeted customers or members directing them to a HELOC microsite; % Digital integration with social media through strategically placed digital marketing; % Promotional visibility at your branches; % Targeted mailings to high-probability prospects; % Digital display ads to targets across multiple electronic devices. When executed properly, the impact of targeted marketing drives actual results. WE’VE EARNED OURSTRIPES! Throughout Indiana, Todd Andritsch & the Equias Alliance team are your Trusted Source for BOLI & NONQUALIFIED BENEFIT PLANS Equias Alliance helps banks in Indiana add value to the bottom line. Equias Alliance offers executive benefit consulting services as well as strategic financing and investments solutions to offset benefit liabilities. Todd and the team at Equias Alliance want to be your source for strategic benefit and BOLI solutions. Insurance services provided by Equias Alliance, LLC, a subsidiary of NFP Corp. (NFP). Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Kestra IS is not affiliated with Equias Alliance, LLC or NFP. ©2018 Equias Alliance TODD ANDRITSCH tandritsch@equiasalliance.com 11242 Wolf Dancer Pass S, #103 Fishers, IN 46037 Tel: 317.517.5000 www.equiasalliance.com A case study highlighting one financial institution’s success with an omni-channel marketing approach shows an 11-branch institution that implemented its first HELOC growth strategy in Q1 of 2017. Even with the dollar volume of HELOC originations at the time at a three-year low, the following results were achieved: % Averaged 15 additional funded HELOC loans per month; % Recouped marketing investment early in Q3; % Doubled new HELOC production. The time for a proven HELOC strategy is now: The resurgence in HELOCs represents a significant opportunity for community financial institutions to boost loan volume; the current underlying economic fundamentals are conducive to HELOC growth; and consumers are interested. In order to capitalize on this opportunity, financial institutions must decide if they are willing to design and deploy a HELOC strategy that consumers will embrace. HB
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