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Actions CU Can Take to Leverage Amazon Auto for Loan Portfolio Growth

Updated: Mar 20


Amazon has once again expanded its reach by venturing into the world of used car sales through Amazon Autos. With this new platform, Amazon aims to provide a seamless, convenient car-buying experience, allowing consumers to browse vehicles, secure financing, and even schedule pickups all from one convenient hub.

It’s a bold move, and one that credit unions cannot afford to ignore. The risk? Losing auto loan market share to the convenience of Amazon’s integrated financing options.

But here’s the opportunity – credit unions can harness technology to enhance their members’ auto-buying journey, making the credit union financing experience even more attractive and friction-free.

Why Credit Unions Need to Take Notice

Credit unions have long been known for their member-centric approach, competitive rates, and personalized service. But as platforms like Amazon Autos continue to shape member expectations, it’s critical to rethink how to deliver these benefits in a digitally native experience.

Amazon’s offering is sleek and convenient. The challenge for credit unions is to make their financing options just as seamless and, ideally, even more appealing.

Technologies Credit Unions Can Leverage

Here’s a breakdown of how credit unions can use technology to integrate with Amazon Autos and create a frictionless experience that keeps members choosing their trusted credit union over big-brand financing.

1. Digital Loan Origination Systems (LOS)

A modern Loan Origination System is crucial for simplifying the application, approval, and funding process. Your LOS should:

  • Enable pre-approvals with minimal friction via your website or mobile app.

  • Provide automated underwriting capabilities for instant decision-making.

  • Ensure a mobile-optimized experience for members shopping on Amazon Autos.

  • Personalize the application process based on member profiles and history.

Top Solutions: MeridianLink, Origence, LoanStreet

2. Embedded Financing Tools

The goal is to meet your members where they are. Embedding financing tools on your website and app allows members to:

  • Compare and apply for loans without leaving the Amazon Autos experience.

  • Use a “Finance with Us” widget or API plug-in that offers personalized pre-approvals.

  • Start the financing process on your platform and seamlessly transition to Amazon Autos.

Top Solutions: Upstart, Blend

3. AI-Driven Member Insights & Personalization

Artificial intelligence helps credit unions predict member needs and offer tailored experiences. Use AI to:

  • Identify members likely to make auto purchases.

  • Provide tailored offers through personalized messaging.

  • Use predictive analytics to create special offers at the moment of need.

Top Solutions: DataRobot, Zest AI, nCino

4. Multi-Channel Engagement Platforms

Provide communication tools that reach members on their preferred platforms:

  • Instant rate comparisons via SMS, mobile app alerts, or emails.

  • Personalized follow-ups through chatbots or live agents guiding them through the process.

Top Solutions: Twilio, LivePerson, Intercom

5. API Integrations for Streamlined Experience

Connecting your systems with Amazon Autos via APIs allows members to:

  • Pre-fill applications using Amazon profile data.

  • View your financing offers in real-time during their Amazon Autos experience.

Top Solutions: Plaid, Mulesoft, Finastra

6. Digital Wallet Integration

Make your financing offers easy to access through digital wallets, such as Apple Wallet or Google Pay. This allows members to:

  • Save pre-approvals or personalized offers directly to their digital wallet.

  • Compare your offers with Amazon’s in real-time, wherever they are shopping.

Top Solutions: Apple Wallet, Google Pay integrations, Dwolla

7. Enhanced Loan Comparison Tools

Transparency builds trust. By providing comparison tools, you allow members to see the benefits of your financing options versus Amazon’s. Consider providing:

  • Dynamic rate comparison calculators.

  • Visual tools that show monthly payment comparisons in real-time.

Top Solutions: RateGenius, Bankrate-style comparison tools

Making Your Case

Credit unions need to emphasize their advantages over Amazon’s financing—whether it’s through better rates, personalized service, or loyalty perks. Technology enables credit unions to embed their offerings directly into the Amazon Autos journey, allowing members to access credit union financing without the hassle of navigating away from their shopping experience.

Next Steps

To successfully retain auto loan market share, credit unions must invest in these technologies and market their benefits effectively. It’s not about fighting Amazon—it’s about integrating where your members are shopping and showing them you’re still the best choice.


 

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