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The CAC Goes to Texas, Virtually!

When You Can’t Bring Your Client Advisory Council to Texas, Bring Texas to Your Client Advisory Council

It started with a collective idea: What if we could provide an opportunity to collaborate with our clients? To engage them as active advisors/participants in the discussions shaping both our organization and the industry at large?

Our intention in establishing the State National CAC was, and still is, to listen carefully to the voices and concerns of our clients, foster an atmosphere where collaborative insights can emerge, provide a forum for members to network and share industry intelligence, and allow our strategy and product development to be guided by those who will actually be using it every day.

 

The Backstory: What Even Is State National’s Client Advisory Council?

SN CAC 2020 logoLet’s talk logistics. State National’s Client Advisory Council (CAC), now in its 3rd year, consists of 13 executive leaders from different credit unions across the United States. We provide our CAC members with a variety of resources and benefits, including industry studies, trend reports, and expert speakers, in several engaging and collaborative formats, both virtual and face to face. In turn, council members offer feedback on State National initiatives and ideation that influence our top-level decisions and technology roadmap. Meetings with the SN CAC take place quarterly.

 

Quarter 2 Meeting Brings Fort Worth, Food, Filene, and Fun Right to Our CAC Members' Door

Unable to have our CAC Q2 meeting in person due to the pandemic, we decided to bring our meeting to our members virtually. And what better way to have a virtual event than by hosting it in your backyard? We brought Fort Worth to our members with a virtual Fort Worth Texas history BBQ tour, filmed by Game Day.

The goal was to add a flavor of augmented reality to the meeting. CAC Members received BBQ and a Texas-themed gift package: “We Can’t Bring You to Texas but We Can Bring Texas to You.” Our personal tour guide took us through the heart of Fort Worth where we explored the water gardens, the stockyards, and of course some of the best BBQ restaurants in Texas, to film and learn about the history of the town. We found numerous parallels between the city and State National Companies. Both have a strong foundation, storied history, and deep roots — but also embrace change and innovation to continue to thrive as they advance into the future.

 

The Fort Worth Water Gardens

 

The Fort Worth Stockyards

 

Guest Appearance From Filene

It’s no secret that State National loves our partnership with Filene’s Center for Emerging Technology. Filene has been the clear leader for many years when it comes to pioneering research that benefits credit unions. Their industry influence is without parallel. The work they do for credit unions is unparalleled!

Following our BBQ tour, Filene Director Chris Harper shared a presentation with members about the challenges and solutions experienced by CU leaders one year after COVID. His discussion, which ranged from evolving trends in auto finance to changing credit union business models for the 21st century, sparked interesting and valuable conversation among these credit union leaders about how credit unions can best continue to evolve, grow, and succeed as the world continues changing around them.

While it would have been wonderful to have an in-person event, we were able to maximize our time together with a little creativity and the power of technology. We are thankful for the time our CAC members take to learn and grow with us, and we can’t wait to see them all in person at our Q3 meeting in Irvine, CA.

*If you’d like to learn more about State National’s Client Advisory Council, email me at HClyde@statenational.com


Guest Blog Posts From Filene's Center for Emerging Technology

Relationship Banking in a Digital Age

Credit Union Digital Transformation in the Age of COVID

 

State National's Valued Partners

SN_StrategicAlliances_Partner Latest Version-1
 

 

Heather Clyde
Heather Clyde
As Content Marketing Manager at State National, Heather Clyde is an experienced digital marketer heading up SNC's marketing content team. From inbound and outbound communication, media management and SEO, to complete content strategy, Heather and her team are the ones making it happen. Heather is also the Program Manager of State National's Client Advisory Council.

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Despite seeing some stabilization of vehicle pricing in late 2020, things took a turn for the worse this year due to the global shortage of microchips. According to TrueCar, a Consumer Reports partner, there still remains an inadequate allocation of microchips for automobile manufacturers, exacerbating the inventory shortages that began in 2020. With inventory down as much as 50% in some areas, willing and able consumers are paying significantly more, with 20% of all new car purchases in May 2021 transacting at amounts above MSRP. This phenomenon has not been limited to new car purchases only — CNBC shared earlier this month that the average price of a used vehicle was up 21% YOY with a 10% increase from Q1 2021 to Q2 2021. What does the future hold for car values? July witnessed a slight reduction in the rate at which vehicle prices were increasing YOY. 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Whether that be in 2022, or in 3 years as predicted by Black Book, the reset of vehicle valuations has the potential to negatively impact your auto loan portfolio. Black Book’s annual vehicle depreciation rates averaged approximately 13% for each of the 9 years prior to 2020, when it dropped to just 2%. As vehicle valuations fall back in line with more historic depreciation models, loans already on the books as well as loans written through the remainder of 2021 will reflect inflated sales prices. In the event of a future theft or total loss at a time when vehicle values are back to pre-COVID-19 levels, primary carrier Actual Cash Value (ACV) settlements will result in unprecedented deficiency balances. And that is where GAP can help. Essential protection for you and your borrowers GAP has always been an important risk management tool. However, in today’s economy when vehicles are still selling above MSRP or NADA, it is especially important to lenders and borrowers alike for collateral to be protected against the changes in valuation expected over the next several years. Private Passenger Auto carriers settle total loss claims based on the ACV of the vehicle immediately prior to the loss, regardless of the original sales price. Inflated sales prices mean inflated loan balances on the date of loss, resulting in increased deficiency balances — the exact thing GAP is designed to protect. Not only will your potential charge-offs be reduced with GAP protecting your collateral, but your borrowers will also be better positioned to finance their replacement vehicle without the burden of having to satisfy a large deficiency balance on their original loan. 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Contact us today to start protecting your consumer loan portfolio from the effects of inflated auto prices — driving a more positive experience for you and your borrowers.     Contact us today to receive more information about GAP from State National. Francine Gagliano, State National Director of Client Services 817-265-2000 x1247 or fgagliano@statenational.com

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State National Employees Crowdsource to Give Their Company Blog a Name When we launched our State National blog in 2020 as part of our company’s newly redesigned website, we had a few goals in mind: To provide valuable thought leadership and educational content that could be of help to our clients, potential clients, and anyone else in the industry whether they ever became a client or not To add even more transparency (one of our main core values) around the way we do business To help others in the industry get to know more about the thoughts and insights of some of our experienced subject matter experts and assist in building relationships To share more about the company culture we’re very proud of with those in the industry and with potential future employees And of course (speaking of transparency), because we are in business — to share benefits and features of our products and services and show credit unions, banks, and finance companies how we can serve them and help them be more profitable and successful The blog has been a great success so far, and we’ve received really positive feedback about the value people are receiving from our content — thank you!

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