CUneXus Platform Facilitates Over $19 Million in Auto Loans
CUneXus Solutions’ partnership with Educational Employees Credit Union yielded over $19 million in auto loans, in 90 days, using the software company’s multi-channel platform with one click activation, the company announced Wednesday.
The platform, called cplXpress, allows customers to accept pre-approved loans at all touch points, including online, email, direct mail, in branch, and through call centers.
EECU, based in Fresno Ca., currently boasts about 230,000 members, making it one of the largest credit unions in the country. As a result of their partnership with CUneXus, the institution originated 698 auto loans in the second quarter, versus 311 at the same time last year. Total loan requests were at $24.5 million through the platform, with auto making up $1,966,853 of the total.
The next phase of EECU’s partnership with CUneXus will be to roll out new mobile functionality for loan acceptance.
Without affecting their credit score, Buerger explained, CUneXus’ smartphone app allows banks and credit unions to cross-sell loans at the point of purchase, using the device’s geo-location capabilities to generate a pre-approved offer notification that pops up five minutes after the customer arrives at the dealership.
“We set it for five minutes because we don’t want the push notification popping up every time someone is driving by a car dealership or waiting at a signal across the street,” Buerger said. “So five minutes was long enough to get them on the lot, but also we want to position that notification hopefully before they’ve been approached by anyone or seen competitive offers painted on windows.”
In a press release, EECU Communications director said that this was the credit union’s first attempt at a multi-channel loan approval campaign, which they characterized as a huge success.
“It couldn’t be any easier for the customer, essentially if they are qualified for any loan offer that the bank of credit union has, then they will be pre-approved for it without any need for opting in, it’s on an opt-out basis,” Buerger said. “What we call it is, perpetual loan approval status. As long as they are a member of that institution, they will always have this ongoing insight into their borrowing power.”
