MINNEAPOLIS, Minn. - Credit union performance during the second half of the year will depend on how well the industry addresses a familiar challenge–growth, says one technology provider that is emphasizing the effort really starts as soon as the member signs up.
“I think credit unions have to do a better job figuring out strategies that will allow them to not only attract members, but make sure they get the right products and services into members’ hands as quickly as they can,” said Todd Proulx, VP of business development for EPL, headquartered in Birmingham, Ala.
Proulx said EPL’s online membership application, for example, helps CUs gain more than a share account when members sign up, including lending products.
“Xpress Application allows consumers to join a credit union and get started with new services without walking into a branch,” Proulx explained. “It completes all of the regulatory requirements when a member joins, does online identity verification, and runs a credit bureau probe. Then it comes back and cross sells. The best time to cross-sell a member is when they first join.”
If the credit bureau check shows the new member has an auto loan, Xpress Application runs a reverse calculation to determine the monthly payment. “And the system asks if they’d like to save money on their car loan. The member can sign up for the auto loan right then. This establishes a much more profitable relationship from the start.”
Proulx added that Xpress Application can be used for everything from lifestyle lending to small businesses.
“It allows the credit union to get into the small business area,” Proulx said. “Take orthodontists, for example. A lot of their work is financed. The credit union deploys this tool in the orthodontist’s office, and when a customer needs financing, the business uses the online system to qualify the individual–and the credit union picks up a member as well.”
The business gets its own branded site and all the underwriting criteria is controlled by the CU.
“The application goes in and is either instantly approved or referred,” Proulx said.
For more info: www.eplinc.com
