Royal Credit Union is aiming to extend pre-approved auto loan offers to members through its new online banking platform within the next six months, according to Executive Vice President and Chief Lending Officer Brandon Riechers.
“Behind the scenes we’ll be pre-qualifying people and giving them a pop-up message that they’re approved for an auto loan [that says] ‘Click here if you want to take advantage,’ ” Riechers told AFN. “Hopefully [we’re] rolling that out in the next six months.”
The Eau Claire, Wis.-based credit union released its new online platform earlier this year after upgrading from a “pretty primitive system,” Riechers said, and is already working on the next version.
“From Day One of going live, we had already started the next rendition,” he said. “Which is basically to say, ‘Three years out we want to have a much better platform, so let’s take the feedback from this existing change, learn from that, put people on a task force to find out the good and the bad from this system and what we need to put into our next system, and already start building that framework of intuitive design.’ ”
On the current system, members can make, adjust, or set up auto-payments for their existing auto loans, or apply for a loan with their information pre-populated, Riechers said. Currently, auto loans account for about $350 million of RCU’s $1.5 billion portfolio. The credit union works with more than 400 auto dealers in Wisconsin and Minnesota.
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