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A recent study by Forester Research of financial institution’s web sites found financial calculators among the three most frequently visited tools, in addition to being the institutions most “effective”. Their effectiveness was determined by feedback from consumers who researched financial products and ranked calculators versus other on-line tools such as rate, product, or
educational pages.
For credit unions that provide on-line calculators Forester’s results come as no surprise. Being able to educate and serve members are the two most obvious benefits offered by the financial calculators. Increasingly however, some leading credit unions have used the popularity of calculators to facilitate transactions with their members. Credit Unions that use the tools effectively have seen very dramatic increased usage-that lead to more transactions. A recent campaign by a large credit union ($2.4 B) led to the biggest auto loan month in
their history, and saw their calculator usage increase by 108%.
Financial Calculators, like most online applications, have best practices that help maximize return on investment. For example, a credit union’s web
site may have a goal of creating online member transactions. This process could be auto calculators focusing on a lease vs. buy options. The tools
would then prompt the member to check current loan rates and let the member take the next step to fill out the application that is embedded in the calculator. The real power of the application is the ability to simulate
a “brick and mortar” experience through the web site.
Increasingly, major financial institutions have turned to online financial calculators to generate customer initiated and qualified leads and develop new business. Many of these financial institutions have turned to Financenter, the industry leader in financial calculators, to help maximize their website and member value. If you would like more information on how
you can access Financenter please call Jon Jeffreys at 800-237-5678 or email jjeffreys@creditunions.com
