In a recent discussion on a sister group to AutoFinanceNews.net, Trinovus, a banking vendor, published an interesting blog on product development. The writer, David Brasfield, discussed how much valuable information to a product developer is embedded in a consumer checking account. Brasfield explained that any banker looking at a consumer's checking account can determine the customer's credit card or mortgage provider, for example.  

He then highlighted a seemingly obvious faux pas by auto lenders:

I remember several years ago, I got a loan from my bank to purchase an automobile. When I made the last payment I was confident I would receive a letter from the bank thanking me for paying off the old loan and encouraging me to get a loan from it to purchase a new car, but I didn’t. For the bank, it was a potential opportunity wasted.

Wasted indeed. I've had similar experiences, albeit from my lessors. Dealerships invariably make "renewal" offers, but not financiers. I'm not sure why.

Brasfield offered a piece of product development advice for bankers:

If I were a banker, I would have someone review the information that the bank has on 500 customers that have a checking account only. With a little creative thinking, surely you can come up with two or three other products or services that the bank offers that would be useful to that person, or that could replace products or services the person has elsewhere. Then send that person a customized letter or even better yet, call the person on the telephone, thank them for their business and then give your sales pitch.

In other words, the products are in the details, and it behooves every auto financier -- not just those at banks -- to look at the details and try to discern product opportunities. Let not opportunities go to waste.