BFCU's Key To Lending? A Focus On Savings
WOODBRIDGE, Va.-Belvoir FCU here has instituted Loan Saver, a web-based tool to help prospective borrowers see how much they can save with a loan at BFCU.
The Loan Saver web page features a calculator into which members can enter their current loan balances, current interest rates and (if applicable) and the remaining terms on the loans. Using the CU's lowest available rates on each product, the site calculates how much the user could save if that product was transferred to the CU.
Based on the information submitted, users saved more than $31,000 during Loan Saver's first month, with BFCU financing more than $70,000 in loans during that time.
Amy Shanks, Belvoir's e-marketing and PR specialist, explained users get a preview of their potential savings when using the Loan Saver. The final step in the process, she said, consists of inputting contact information and consenting to be contacted by a Belvoir loan officer, which also allows the CU to pull credit reports on members who go through the process.
Shanks pointed out that the feature is also useful for branch staff, since they can use the function while speaking with members to quickly calculate savings the member may not be aware of.
In the event that Belvoir can not save members money, having the opportunity to get in touch with consumers who use the site offers a chance to cross-sell, said Shanks.
"We feel that if the member were to go in and insert their information and click submit, they are obviously reaching out to us," she said. "So we would then reciprocate by reaching out to them to see how we could help them with additional products."
The $273-million institution is promoting the site through its "Web Hunt," its own landing page and banners on its website and an e-mail to members, as well as on in-branch television sets.
Beyond the potential for loan growth and building the credit union's member base, Shanks called Loan Saver "a great tool that we can use for relationship growth, because that's what we're really striving for at our credit union right now."