Navy Federal Credit Union is looking to bolster its digital presence as members increasingly turn to online channels to finalize the vehicle finance process, company Consumer Lending Product Strategist Jennifer Felts told Auto Finance Excellence.
In the first quarter of 2019, more auto loan applications came in via the credit union’s digital channels than its call center and branches. Auto loan applications submitted through the credit union’s online and mobile channels increased to 53% in Q1 2019, up from 49% the same period the year prior, Felts said. The mobile app accounted for more than half of those applications.
“For now, we’re just focusing on making that member experience better through convenience and ease of use through the mobile app,” Felts said. Specifically, consumers can expect to see improvements made to mobile features such as the financing platform and auto loan calculator tools. Expanding car shopping and financing capabilities on the mobile channel are also top of mind for the credit union, Felts added.
Already, Navy Federal’s mobile app enables members to manage and automate auto loan payments as well as access the P2P lending platform, Zelle, via Navy Federal’s mobile app.
Felts, who helps with Navy Federal’s market research, competitor analyses, and product pricing, said incorporating educational features on the mobile app is another critical strategy for the credit union. “We already provide educational content through our education website that helps members in different phases of car buying,” Felts said. “We definitely have those resources online, but we’re really focused on incorporating that into this whole holistic view of the process.”