Money Aisle Spurs Interest
BURLINGTON, Mass.-Consumer and CU interest in MoneyAisle's lending application has picked up significantly this year-but the same can't be said for its savings component.
According to Mukesh Chatter, CEO of neoSaej, the results are a sign of the times. "Consumers are just not that interested in shopping for CDs with rates as low as they are and financials are not as interested in deposits."
MoneyAisle.com was originally launched to allow banks to compete for consumers' savings business, and expanded in May to include new and used auto loans and refinancing (Credit Union Journal, May 17). While MoneyAisle's CD engine is driven by banks, the lending component is supported primarily by credit unions. When the lending app was launched, 85 credit unions were on board and 150 were participating by year-end.
MoneyAisle's auto lending component invites consumers to key in their ZIP code, loan amount, details on the car being refinanced or purchased, and credit score. They hit "run auction," and in less than one minute are returned a list of financials that offer the lowest rates and monthly payment.
Chatter said "aggressive" CUs benefit from the cross-sales opportunity the site provides. Once the consumer chooses a financial and clicks on "apply now," the CU is alerted of the request and contacts the consumer within one hour.
Chatter said checking accounts and credit cards have been the products most actively cross sold, with mortgage refis next. Financials do not pay to become part of the site, but are charged a fee each time a loan is fulfilled. MoneyAisle plans to expand early next year to offer personal loans, he said.