BOCA RATON, Fla.-The best time to cross sell members a loan is when they are looking for one, pointed out one vendor that has a program that identifies when members are doing just that.
Called Loyalty Assurance, the program from Tranzact Information Services leverages credit inquiries from all three bureaus to identify members who are actively seeking a loan, giving CUs the opportunity to ensure they're being considered when a purchase decision is being made.
"This product identifies not just prospects, but people who are actively involved in seeking a loan," SVP Rich Scolio said. "These are members who have raised their hand and are very focused on getting a loan."
Through the company's "tri-bureau prescreen marketing platform," Tranzact hosts a credit union's membership file and flags active shoppers within 24 hours. "The program also prescreens members for creditworthiness to ensure they meet pre-established credit qualification criteria," Scolio explained.
Cost for the program is based on records generated. "Depending on the volume of records we output for them, the cost can range anywhere from 50 cents to a dollar per record," Scolio said.
