The Keys to
your Next Loan
the keys to your next consumer loan, you may want to look as close
as your computer keyboard. The Internet continues to gain popularity
among credit union members looking for personalized account information
and loan processing needs. Your members, like the rest of the population,
are accessing the Internet in increasing numbers. Consumers are
utilizing the Internet as a lifestyle tool - ordering gifts, reading
news stories, paying bills and accessing their financial accounts.
With each completed transaction, they grow more comfortable and
accustomed to the speed, accuracy and security of online transactions.
Increased consumer confidence means that now is the time to begin
or to expand your Internet lending capabilities.
for a Complete Online Solution?
Internet lending strategy must meet your members' expectations for
response times, accuracy, quality service and security. By combining
the power of the Internet with personalized service, you can provide
your members with an online branch that meets their requirements.
Here are some key steps to follow:
- Develop a
web site tailored to your members and their needs - make it informative,
interactive and fun in order to get members to come back to the
site more than once.
- Provide an
online loan application that can be completed and processed online,
not one that requires the member to print the application and
then mail or fax it to the credit union. The client is online
now and wants to apply now.
internal processes for responding to these applications - 24 hours
a day, 7 days a week. Remember, the Internet is your around-the-clock
branch. Members expect and deserve a response time guarantee for
their online inquiries.
if you want to utilize automated decisioning for instant approvals
or denials, providing your member with a loan decision at the
time of application.
- Pair your
online strategy with personalized service from loan officers who
can answer questions, advise the member or provide a loan decision
if the loan falls outside of your predetermined automated decisioning
My Own Solution
or Find a Partner?
Many credit unions are trying to compete for loans online, but don't
know if they have the resources available to meet their members'
needs. Therefore, credit unions are considering the benefits of
partnering with a provider that can assist them in developing a
customized Internet solution. Often a third party vendor can provide
the additional front-end technologies or back-end processing (24
hour staffing and data processor interfaces) that a credit union
needs to meet their members' around-the-clock needs.
Credit Union ($388 million; Austin, TX) and Motorola Employees Credit
Union - West ($330 million; Scottsdale, AZ) are two credit unions
that have selected to develop their online lending strategy with
Lending Solutions, Inc. (LSI) and have experienced outstanding results
for their credit union and members.
Senior Manager of Real Estate/Consumer Lending at University Federal
Credit Union is extremely pleased with the Internet lending program
they have developed for their members. Currently, University FCU
averages over 300 Internet applications a month. ''The program
is exactly what we needed in order to capture additional member
loans,'' states Berglund. Our members apply online 24 hours
a day, 7 days a week, receive immediate loan decisions and are happy
to be processing that loan with their credit union.'' Berglund
adds, ''For the credit union, working with LSI's Internet program
has meant partnering with a highly trained lending staff that is
always available to provide lending assistance, the ability to use
automated decisioning for those members that meet the criteria we
set and the ability to surpass our members expectations. Since the
start of the program over a year ago, we have not had a single complaint
about the program - only increased loans and satisfied members.''
from Motorola Employees Credit Union - West agrees, ''Online
lending has helped us to make loans to more members who are accessing
our services through new channels. Additionally, partnering with
LSI, allows us to work with a vendor that can provide powerful Internet
strategies with the support of a 24 hour call center staff.''
McCune continues, ''One of the reasons that we switched our
Internet loan business from another vendor to LSI was to have the
ability to utilize a call center and online lending solution all
from the same organization. Additionally, it was critical that we
be able to directly interface our Internet loans to our loan origination
system. With LSI, this is all possible.''
With the continued growth of online lending and the available resources
to assist your credit union in establishing or enhancing your Internet
strategy, now is the time to get connected to your members.
To find out
more about getting started with Lending Solutions, Inc.'s affordable,
online lending services, visit the Web site at www.nlpc.com or call
800-574-6572, fax 847-844-2300 or e-mail firstname.lastname@example.org.
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