fiVISION Launches Online Loan Application with DCU
fiVISION has developed an online loan application module that integrates the process of becoming a new member and getting a loan approval at the same time. This consolidated process bypasses all data entry screens, streamlining this task and eliminating the redundant manual inputting of member information – which allows the individual to become a new member and get a loan all in one session without retyping any personal and financial data.
The new module, launched initially at Digital FCU ($4.4 billion; 370,309 members, Marlborough, MA) is replacing an outsourced solution to provide a quicker, enhanced member experience at a reduced cost. According to Diane Richard, Vice President of Consumer Loans for Digital Federal Credit Union “Thirty-two percent of our members do their loan applications online,” Richard says. “So it’s very important that this process works well and is efficient. And fiVISION’s web loan module does just that. Its automation simplifies the whole process for our members by doing most of the work for them.”
For example, the module provides members with different loan scenarios to provide them with a final payment before they fill out the application. This allows members to customize their loans to meet their budgets before doing anything. “Today, our members know exactly what they want in a loan in relation to their budgets,” Richard explains. “With this module, they don’t have to go through the entire loan application process to discover their monthly payment. All that information is
provided up front. We see this as enhancing the member’s experience, which brings additional value to our credit union.” fiVISION developed its web loan module with a goal to make it easy for members to select a loan particular to their needs and get a quick approval. Additionally, if the interested individual is not a member, then he or she can quickly and easily enroll in the credit union so they can get their loan. As a result, credit unions can close more loans and generate more members by making the process of getting the loan and enrolling much quicker and easier – and getting both tasks completed in one session.
fiVISION’s web loan module ties together the online loan approval process and the online member enrollment process. In most cases, these are separate today, as many pre-approved web loans never get closed because the applicant gets bogged down in the redundant membership enrollment process. fiVISION uses data from one to make the other easy.
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