TOPLINE FCU
Category: Closing Loans
TopLine Federal Credit Union has installed an Internet feature called WebClose that enhances its ability to instantly cross sell other products and services to members who apply for loans online.
"It's another entity that allows us to improve our efficiency and take care of the member with a sense of urgency," said Michael Edwards, vice president of lending and operations at the $245-million TopLine. "With competition, you can't wait or delay."
The feature, created and managed by Lending Solutions, Inc., Elgin, Ill., enables staff to engage a TopLine member in a discussion regarding rates, payments and terms during the loan application process over the Internet.
And, once the online chat has begun, Edwards said, the trained employee can cross-sell ancillary loan products, including credit insurance.
Here's how it works:
The WebClose feature is triggered once an online loan is approved.
It starts with a pop-up window congratulating the member on the approval, and inviting him or her to participate in an online chat to discuss the loan terms and loan enhancements that may be of interest to him or her.
Details of the loan closing are then presented to the member and immediately transmitted to TopLine for finalization.
"Lending Solutions' new WebClose program is a terrific service for TopLine and our members," Edwards said, noting that the partnership is completely transparent to users. "It's really important that our members know they are working with TopLine staff. That relationship is so important."
She said the WebClose product is still too new to determine the impact on the credit union's overall cross-selling efforts. As it stands, she said, about 15% of the credit union's loans come through the Internet.
Jeff Frantz, senior vice president of Lending Solutions, Inc., said that in-house testing has shows that providing interaction through WebClose increases funded loans by 22% at credit unions and has a 36% credit insurance penetration rate.
"We have found that while Internet-based loan origination is a rapidly growing arena, many of the credit union members desire a level of human interaction as well," Frantz offered.
Edwards said WebClose is one of several tools the credit union uses to connect with its members and is proving quite useful as an indirect lending tool.
"As we went from a federal charter to a community charter, we wanted to make sure that our delivery channels hit a broad number in our community."
Edwards said the WebClose feature enhances its already successful 24/7 service-also managed by Lending Solutions-that allows members to apply and get loan approval over the phone.
"With that service, people can call up and actually talk to a person rather than fill out an application."
Of course, there's still the old-fashioned way-paper applications, she said.
