Loan Origination Suite Now Going On The Road

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SAN DIEGO-The online loan origination software provided to several CUs by San Francisco-based oFlows has been such a hit, the company is taking its show on the road (and into branches).

Scott Pitts, CEO of oFlows, told Credit Union Journal the "next big thing" it is looking to pilot in the coming months is in-branch technology.

"Up until now we have been online; next we will extend to call centers and in-branch," he said. "We will use devices such as the iPad so members can see if their name or address is typed in correctly by the member service rep or loan officer."

At the same time, marketing messages will be displayed showing members why they should sign up for a checking account or other promotional offer, which Pitts predicted will improve share of wallet. If the member is in a branch, the finished documents will appear on the iPad or similar tablet device in e-book format. When members are on the phone with a rep in a call center, they will be able to follow along with the same messages on their personal computer.

"We think this will really improve communication and cross-sales," he said. "The applicant and the staff member will work through the package together in a way that is much better than the member filling out a paper form and the rep typing it in."

The account-opening process can be "painful" for new members because they are just sitting there waiting for the rep to fill in information and pull reports, Pitts pointed out. "There is a lot of dead time, and it is not a rich experience. We are working with our current clients, who said they love the online application process and said it would be even better if we could launch this across all of our channels."

In a few months, Pitts promised, members will be able to seamlessly move between the three primary touchpoints: online from home or work, in-branch or on the phone. "They can start on one and finish on the other. This helps credit unions serve the online generation that wants to be served when they want. If someone starts an application online and picks up the phone when they have a question, this system lets the rep see what they just typed a few seconds ago."

USA FCU, prior to being merged into Navy FCU, was one of oFlows' first clients to use the paperless loan origination technology, according to Kelly Costa at Navy Federal. Costa noted the USA FCU had been using the oFlows system online since mid-November and ws rolling out the system to its frontline staff.

The iPad Member
"We use it for new accounts-members who initiate online," she explained. "The next step is all interactions with members. The system will identify products the members are eligible for and it generates scripts for the reps to follow to make them feel comfortable. Members will be holding and signing on an iPad. The members don't see the script, they see marketing messages on the benefits of our credit card and other products."

Another benefit of the new technology: nearly complete mobility. Pitts said CUs will be able to take it to their SEGs or to car dealerships and open new accounts right on site. oFlows calls it "bank in a bag," he said. "We've shown the prototype to a number of our clients and so far the reaction has been very positive," said Pitts. "They think it not only will be very efficient because it is paperless, the experience will be so cool it will generate word-of-mouth advertising."

Added Costa: "we can take two iPads to an on-site visit to an employer group and get accounts opened on the spot."

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