How it Works:
- Credit Union defines a list of pre-approved memberships, using soft-pull credit scores or other evaluation of existing creditworthiness (long-time members, members with no current credit cards, etc.).
- Using a new batch tool flood, a complete loan application into the lending queue for all accounts on their list.
- Optionally, the CU could use the same list of members and generate a Secure Message Center message to encourage the member to look at the offer next time they log in.
- When a member logs in to online or mobile banking, an offer will be presented in a way that makes it clear the loan is theirs for the taking, and that a simple click will open the account so they can immediately withdraw all or part of the available funds. Credit unions have the option for defined sales text will explain the account and terms to the member as part of making the offer (including links to a web page, PDF terms & conditions document, etc.).
- If the member says “no thanks” to the offer, then the application will simply be deleted from the queue, with no further action.
- If the member clicks to accept the loan, the CU*BASE account is immediately opened. The member will be directed either to the transfer wizard to make their first withdrawal, or to the account summary showing the new loan in their list of accounts.
- The app record status will be changed in the queue, showing which accounts need follow-up by credit union employees, printing forms, ordering the cards, etc.). Employees can use the electronic checklist as usual; when all tasks are complete the employee uses a “Mark Completed” command to remove the record from the special area and show it in the regular list of booked loans.
Lender*VP will assist you in activating One Click Loans and utilizing the new tool kit to qualify members for One Click Loan Offers.