Affinity Plus CU’s Approach to Innovation in Lending
Lending is top priority for credit unions who wish to thrive in todayís market, and to do so, innovative practices are key. The faster a credit union is able to originate and approve a loan, the more loans they will fund.
Discover how Affinity Plus Credit Union– the recipient of CU Directís 2018 Innovation in Lending Award– did just that. By centralizing their processing and funding operations, they reduced their input time and increased their loan growth.
After implementing CU Directís Lending 360 LOS to automate their loan and account origination process, Affinity Plus was able to increase efficiency and offer loan engine preapproved offers. Through multiple digital campaigns, they offered over 70 thousand members an average of 5.2 engine preapproved offers that could be redeemed instantly via their digital channels. As a result, they were able to fund $35.7 million in pre-approved loans, with additional cross selling to those members providing another $15.3 million in funded loans.
These campaigns helped contribute to overall loan growth over previous years. Take a look at Affinity Plus Credit Unionís 2017 success:
– 5% Direct Loan growth over previous year
– Reduced throughput time by nearly 50%
– 85% look-to-book
– Loan Engine Pre-Approved offers through digital campaigns resulted in $35.7 million in funded loans
Find out more by watching their story.