Finaref launches a new loan consolidation product
Finaref, a market leader in consumer finance, has just extended its product range. On 5 December, the company began offering customers the opportunity to bundle credits from several lenders into a single loan.
The new product is designed to enable customers to restructure their debt and simplify routine management of their accounts by having just one contact number, one loan and one monthly payment. By bundling their loans, borrowers can reduce monthly payments, thus freeing up purchasing power.Customer expectations
The new product appeals to a range of customer profiles. Finaref homed in on two types of customers in order to grow its business more effectively: - People who have taken out loans at different stages in their lives and now need to restructure their budget because of changing circumstances. Finaref offers them the opportunity to bundle these loans.
- "Self-managers" who want to consolidate their accounts and make purchasing power available, with a view to reinvesting the freed-up cash or bolstering their savings.
A strategy geared towards building loyalty and winning new customers
Finaref is offering the new product alongside its existing consumer finance products and services on this mature market. The robust growth of recent years is linked to household take-up of consumer finance accounts. Franck Ginko, Director of Direct Clients and Marketing, explains: "We have to broaden our range of cash management products to keep pace with our customers’ increasingly diverse needs. Finaref’s customers are expecting this new product, which is designed to build loyalty and win new clients". Spreading the word about the product launch
Finaref is using tried and tested techniques to spread the word about the product launch. Marketing platforms with dedicated sales advisors are fielding questions from customers and analysing their finances to craft individual solutions. The company’s website - finaref.fr - will shortly add a loan consolidation section and will appear in search engines and on business providers’ websites. Press announcements will follow from early 2007 onwards, and Finaref is preparing to send out mail shots to an initial sample of customers who might be interested in the product. What skills went into the launch?
The product launch relied on expertise in three key areas that Finaref has worked to foster from the outset, namely risk management, knowledge of customer needs, and coordinated management of distribution channels. This expertise was skilfully applied, making it possible to bring the product to market quickly.
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