Digital FCU Gets ‘Two Birds with One Stone’ with fiVISION’s Web Loan Module
— New web loan module enables credit unions to close more loans and attract more members by making the process of getting a loan and enrolling much quicker and easier – all in one session.—
INDIANAPOLIS — April 21, 2009 — fiVISION, a CRM solutions provider that enables enhanced member service and sales for credit unions, has developed a web loan module that integrates the process of becoming a new member and getting a loan approval at the same time. This consolidated process bypasses all data entry screens, streamlining this task and eliminating the redundant manual inputting of member information – which allows the individual to become a new member and get a loan all in one session without retyping any personal and financial data.
According to Diane Richard, Digital Federal Credit Union ($4.4 billion; 370,309 members; Marlborough, MA) is the first credit union to deploy this integrated process – going live with fiVISION’s Web Loan module March 25, 2009. In a little less than a month, Digital had already garnered nearly 1,000 loan applications (averaging 65 applications per day) online for $12 million.
Digital used to outsource this process but brought it in-house because of the:
- cost-savings (cost per application before)
- direct link to the credit union’s core processor
- credit union’s officers can now underwrite loans
- pre-approval alerts
- don’t have to wait for outsourcing maintenance
- quick response to members
- enhanced member experience
“Thirty-two percent of our members do their loan applications online,” Richard says. “So it’s very important that this process works well and is efficient. And fiVISION’s web loan module does just that. Its automation simplifies the whole process for our members by doing most of the work for them.”
For example, the module provides members with different loan scenarios to provide them with a final payment before they fill out the application. This allows members to customize their loans to meet their budgets before doing anything.
“Today, our members know exactly what they want in a loan in relation to their budgets,” Richard explains. “With this module, they don’t have to go through the entire loan application process to discover their monthly payment. All that information is provided up front. We see this as enhancing the member’s experience, which brings additional value to our credit union.”
fiVISION developed its web loan module with a goal to make it easy for members to select a loan particular to their needs and get a quick approval. Additionally, if the interested individual is not a member, then he or she can quickly and easily enroll in the credit union so they can get their loan. As a result, credit unions can close more loans and generate more members by making the process of getting the loan and enrolling much quicker and easier – and getting both tasks completed in one session.
fiVISION’s web loan module ties together the online loan approval process and the online member enrollment process. In most cases, these are separate today, as many pre-approved web loans never get closed because the applicant gets bogged down in the redundant membership enrollment process. fiVISION uses data from one to make the other easy.
“This process is like getting ‘two birds with one stone,’” explains Mike Winter, President of fiVISION. “We’ve streamlined the process of becoming a member and being approved for a loan, taking this operation from two separate steps to completing them in one session without any of the redundancies of repeated data input. Once the member information is there, it’s always there. It saves so much time for members and mitigates any data errors for credit unions.”
About fiVISION
fiVISION provides technology platforms that enable enhanced member service and sales for credit union clients through its flagship CRM product memberWORKS and accountWORKS member enrollment solution. fiVISION, headquartered in Indianapolis, Ind., is a CUSO that was established to bring industry leading – and practical – contact management, cross selling and workflow automation technology solutions to progressive credit unions. For more information, contact fiVISION at 317.612.3350 or visit www.fivision.com.