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CU Village recently developed the Web site for Detroit Edison Credit Union using our Content Management System. Take a look by clicking on the image above!
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Case Study
Increased Efficiency and Reduced Costs:
Why LOC FCU Uses LoanDecision+ and XPress Membership
Using a new online system to handle loans can be a daunting experience—especially when that system doesn’t integrate with your core processor. But that was exactly the case when LOC Federal Credit Union (LOC FCU) decided to use LoanDecision+ for its online loan decisioning.
“We looked at a lot of different products. We went out on a limb with this one because at first it didn’t integrate with our core processor, but now it does, “commented Sheryl Taylor, vice president of the branch office of LOC Federal Credit Union.
LoanDecision+ is a Web-based, end-to-end, consumer loan management solution specifically designed for credit unions to effectively cross-sell consumer loan products to their members. Offered by CU Village.com in partnership with MeridianLink, LoanDecision+ enables LOC FCU’s members to apply online for credit cards, auto loans, and many other loan products, and instantly receive an approval. The built-in pre-qualifying engine analyzes loan and credit data to generate rapid and precise lending decisions.
LOC FCU has been using LoanDecision+ for approximately two years and has seen an increase in their number of loan applications in that time. In fact, one fourth of their loans now come through this product.
“LoanDecision makes processing easier and effective. This product is cost-effective; it saves money on staff hours and it saves time for staff. There’s lower redundancy with tasks. It’s really a first-class product,” stated Taylor.
The credit union is also pleased with the level of service provided by the staff at MeridianLink—along with the product additions and upgrades that are made at no extra cost to the credit union. Some of LOC FCU’s preferred improvements include the recently added single sign-on with their check printing company, the NADA look-up for used car pricing, and the pass-through to TeleCheck.
“The product gets better every day,” enthused Taylor.
But the use of automation to enhance member service doesn’t stop there. LOC FCU also uses Xpress Membership, a product from MeridianLink that integrates with LoanDecision+.
XPress Membership makes it easy for LOC FCU to enroll new members by automating the process. While XPress Membership offers an instant “apply now” functionality that enables potential members to apply for membership online 24 hours a day, 7 days a week, the member service representatives use the product to complete applications for potential members. On LOC FCU’s Web site, people use the product mainly for information.
XPress Membership combines credit reporting, ID verification, screening, automated decisioning, electronic fund transfer for initial deposits, and cross-selling for loans and credit cards. Scoring rules and decisions criteria are fully customizable and additional third-party authentication processes can also be integrated into the system. And the online switch kit makes it easy for LOC FCU’s applicants to transfer their other financial relationships to the credit union. Also, XPress Membership fully integrates with LoanDecision+.
LOC FCU has been using Xpress Membership exclusively for new accounts inside the credit union for approximately seven months and appreciates the speed and automation that this product brings to the membership application process.
Said Taylor, “XPress Membership pulls credit reports and all the background information that we need to make a decision about an application. It automates the process extremely.”
To learn how you can put the power of automation to work for you with LoanDecision+ and XPress Membership, contact your CU Village.com business consultant.
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Customize Youth Newsletters to Call Attention to Your Products and Services
When you’re marketing to the youth market, one of your main goals is probably to educate youth about financial matters. Along with the “Young Investors” youth module on your Web site, you can use the three quarterly newsletters that you receive. These newsletters are sent to you via e-mail once a quarter to help you promote financial literacy and your credit union to the youth market.
You might include these newsletters in your statement mailings, you might make them available in your lobby, or you might send them out as electronic newsletters. Any of these methods can help you reach your target audience.
But are you getting the most of out these newsletters?
Customization Options
If you’re not customizing the newsletters with your credit union’s product and service information, then you are missing a great opportunity to tell your young members about the products and services that you offer especially for them.
Of course, the easiest type of customization that you can do is to simply include your credit union’s name and address. But why stop there?
The newsletters are created in Microsoft Word, so if you want to include a picture or change an article, it can be done with ease. Some of the common types of customization are these:
- Add a sentence or two at the end of each article – Lead teens back to your site for additional resources
- Add a paragraph within the article or at the end – Mention your youth savings program and how they can sign up
- Replace an article with your own information – Invite all age groups to your Credit Union Day celebration
- Use the articles in your own newsletter template – Include an article for youth in your regular monthly or quarterly newsletter.
Of course, the newsletters are copyright protected, so please give CU Village.com credit when you use them and check with us if you would like to make any significant changes. As long as you give CU Village.com credit, you can brand them how you choose, incorporate your credit union name, and use individual articles without needing our approval.
The youth newsletters are included as part of the product when you purchase either Financial Resource Center or the Youth Module on its own. If you have any questions about these products, contact your business consultant.
New Functionality Added to Content Management System
Users of our Web Site Content Management System (CMS) appreciate the control it gives them over updating their sites. Now you can do even more! We recently:
- Added ability for any field to be edited using the WYSIWYG editor. Some fields have been added with this ability, including:
- Rates marquee and text fields
- Calendar description
- Article description
- Variable content (This has also been converted to a TEXT field, removing the 255-character limit for these fields.)
- Modified the backend-user area to behave more like the other “admin” areas, including the removal of “quick add user” function.
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August 2007
