Posts Tagged ‘loan’

The Launch of Loan Switch

September 12, 2013

EverythingCU.com’s new product, Loan Switch, is finally here!

Loan Switch is a brand new online product that enables your current members to refinance all of their loans that they have with other financial institutions, with you; all at the same time.

There has never before been a product like this, and it is only available to credit unions.

If your CU has the ability to compete on loan rates, promote a loyalty program or has a great loan department ready to re-capture loans; Loan Switch is for you.

• Loan Switch arms your member with the information they need in order to WANT to refinance with your CU
• Makes it ONE CLICK for your members to start the refi with your CU!

We can’t wait for you to demo Loan Switch because we are incredibly excited about its ability to simultaneously save your members money AND bring loans into your CU! The best way to understand why we think Loan Switch is a breakthrough in capturing loans that members have at other institutions is to just demo it yourself so that you can see exactly how it works. Click here to demo Loan Switch now!

Click here to view more information about Loan Switch, including pricing.

Email Matt with any questions or for further information about Loan Switch: matt@everythingcu.com

After you’ve to submit your loan info in the demo, Matt will play loan officer and send you a response. When you receive the response email, be sure to log in to your personal checklist with the username and password supplied. Then you’ll see how easy it is for the member to start the refi with just a mouse click. Once you’ve had a chance to demo it, let us know what you think!

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Making online forms as easy as possible

May 14, 2013

I’m in the process of writing an article for CUES’ CU Management magazine, about KickStart Online Lending Generator and Holy Rosary CU’s results. Editor Lisa Hochgraf had some excellent questions for me which prompted me to do a little bit more research into the universal conclusion that removing barriers and streamlining online forms from the user’s perspective leads to better results and increased sales.

So I thought I would share with you some of the eye-popping research that I discovered (and thus why Carol and Holy Rosary CU are getting wonderful results with KickStart – i.e. 10.49% growth in their loan portfolio over the past 6 months):

• Google’s Marissa Mayer: Speed Wins

The $300 Million Button

How Amazon’s website usability affects consumer product choice (This is a lengthy research paper)

In addition to the above research on the importance of streamlining the user/member/customer experience to improve sales, we’ve done some streamlining of our own. One item that proved to ourselves that we get better results when we make things easier online is that when we took the step of pre-filling out our own Online Switch Kit demo for you, dozens and dozens of you tried it out, compared to nearly no one trying it out when it was not pre-filled. It seems simple, but often times the little things can make a BIG difference!

So in our continuing quest to make our own forms and demos even easier to try out, we’ve now also pre-filled out the already-simple KickStart Loan Request form to make it even easier for you to test that for yourself. Kick the tires on KickStart yourself right here: KickStart test site

I’d love to hear your thoughts on this – did you find you got better results when your streamlined your online processes, forms, applications, and navigation? Was there ever a time when making things easier for your members online was a bad thing?

KickStart in action

March 7, 2013

Carole Wight, CEO of Holy Rosary CU in Kansas City, Missouri, recently shared with us an email exchange she had in regards to an inquiry into her use of EverythingCU.com’s KickStart online loan application:

Question: Once they fill out the on-line app, what is the process/member experience from there? 

Carole: Usually we are able to match the account number with the online application. We pull some quick loan data and promptly call the member back. Usually we have the information we need to move the loan to closing when we call so we are WAY AHEAD on the process.

Question: How has the process/member experience changed from before the on-line app? 

Carole: Before online application, they either didn’t call us because they were at work by the time we were open, or the process dragged on. They would call us initially and we would have to pull their credit and get back to them. All this took time and many times the loan was lost. Either because they never called or we didn’t have the jump we needed to catch the loan.

Question: How has it helped the staff in getting or processing a loan? What % of your loans go thru the on-line app comparative to the traditional process? 

Carole: That is a very interesting question. I don’t have a fancy system that captures numbers for me like this. I wish I did and I am getting ready to go there but I am searching for solutions. I would say 10%-20% of our applications come from KickStart. That is just a guess. NOW, if you ask me which of the most have the most successful close rate, I would say that KickStart helps us get closes. My staff like it because they have tons of information when they start to talk to the member. We have more loans because of KickStart.

If you have any questions in regards to KickStart, please feel free to email me at any time!

A special offer to Kickstart your loans

February 12, 2013

We here at EverythingCU.com are constantly looking for ways to help credit unions and their members, and we are so proud of our KickStart Online Lending Program and the results that Carole Wight at Holy Rosary CU are getting with it, that we’ve decided to make it even more easy to try it out at your CU. We are so thrilled that day after day, Carole is regularly getting quality loan apps brought right to her team’s email inbox, and we’re amazed that KickStart is largely responsible for the 10.49% increase in their loans over the last two quarters.

Matt came up with a promotion idea that we’ve decided to implement, and it goes like this:
Starting March 1, 2013, and running through March 1, 2014, EverythingCU.com is offering a FREE SIX MONTHS of KickStart for everyone who renews their EverythingCU.com Executive Membership OR for anyone who purchases a new Executive Membership.

Why are we doing this? Because we are seeing Holy Rosary CU get incredible results with the product, and we want every CU to know that this product is a can’t-lose proposition. While we can’t guarantee your loan portfolio will also grow by 10.49% over two quarters like Carol’s has, we think it’s worth a try. Once you develop results with KickStart, we think you’ll be as thrilled to continue it as Carole and Holy Rosary are.

If you’ve been considering getting into online lending, now is the time. If you’re unhappy with how cumbersome your current online lending process is, and think your results could be better with a more member-centric process, then give it a try during this limited-time free period.

As with many promo offers, we have a few disclaimers:

  • Promo runs from 3/1/2013 to 3/1/2014.
  • You must contact us that you want to have KickStart implemented for your CU after you order or renew Executive Membership; enrollment in KickStart is not automatic.
  • After six months; unless you choose to discontinue KickStart, it will renew on an annual basis at the regular price.
  • Custom programming for further functionality is not included with this offer, however we will match your web site’s look and feel.
  • EverythingCU.com reserves the right to post your NCUA 5300-report lending portfolio increase and use it as testimonial for the effectiveness of KickStart.

If you’ve been thinking of getting into online lending, this is your chance. To take advantage of this offer, simply order or renew your EverythingCU.com Executive Membership, and then send an email to Matt that you would like to get started with KickStart at no cost for 6 months.

If you’re not looking to implement or improve your online lending right now, but do know of a CU that doesn’t have online lending yet, we’d be grateful if you directed them to this article so they can climb on the KickStart train!

Announcing the EverythingCU.com Loan Report

January 31, 2013

Exciting news…. we are proud to launch a brand new product here at EverythingCU.com. Building on the long-running success of our Marketing Budget Report, we’ve now built a super-dandy Loan Report.

This Loan Report has all of the same great peer group comparisons as the Marketing Budget Report (virtually any number of peers from 10 to 5000, compare by Assets, Number of Members, or Total Loans), and compare by State, Region, or the USA.

But this new Loan Report has FAR more comparison data because the NCUA 5300 has much greater detail about loans.

This nifty new Loan Report lets you view these loan breakouts:

• Total Loans
• Mortgages
• Other R.E.
• New Auto
• Used Auto
• Credit Cards
• Unsecured
• Business Loans
• All Other Loans

And in addition, for each of these loan breakouts, we offer a full variety of View Modes:

• Rate
• Average Size
• Percent of Total
• Loans per Member
• Growth Rate
• Charge-offs
• Total Expense
• Net Worth ratios
…. and several more

But don’t take my word for it, try out the demo! In demo mode, you will be able to view only the Total Loan category in the “Current” View Mode. But all of the data is there if you would like to purchase it.

We think this report will be especially valuable for CEOs and VPs of Lending, but it is also great for CFOs, VPs of Marketing who are concerned with the CU loan portfolio, anyone on the ALM or Supervisory commitees, board members, and branch managers. So be sure to tell everyone at your CU who would benefit!

As with all of our products, purchase of the Loan Report makes it available to ALL registered employees at your CU. If they are not already registered, you can Invite Them Here.

Check it out and let us know what you think!

KickStart results are in… and they are outstanding

January 7, 2013

KickStart is EverythingCU’s new online lending product. Carole Wight, President of Holy Rosary Credit Union in Kansas City, MO is using KickStart, and is thrilled with the results.

With the release of the latest 5300 NCUA report through the Third Quarter of 2012, we now have some hard numbers that show Carole’s outstanding loan growth improvement with the help of her new KickStart Lending tool.

Holy Rosary’s Total Loans (Acct 025B in the 5300 report) over the last several quarters looks like this:


Dec 31, 2010: 4,758,649
Mar 31, 2011: 4,647,966
Jun 30, 2011: 4,623,701
Sep 30, 2011: 4,719,143
Dec 31, 2011: 4,918,250
Mar 31, 2012: 7,623,506 <– Merger with a smaller CU
Jun 30, 2012: 7,607,091
Sep 30, 2012: 7,906,605 <– 1st full qtr w/KickStart

So as you can see via the numbers above, aside from their merger, KickStart has helped them see significant growth in the loan portfolio for the first time in quite a while. Besides the 4Q of 11, and the merger in 1Q 12, loan growth has been almost non-existent or even negative. Now armed with KickStart, Carole and her staff are able to serve members who want loans who can’t make it into the branch for whatever reason, or who want to apply for a loan during non-business hours. This most recent quarter represents loan growth of the portfolio by $299,514, which is a 3.94% increase. If that rate of growth continues, the CU will see a $1.2 million increase on a yearly comparison basis, which translates to a 15% increase on a starting loan portfolio of $7.6 million.

You can understand how excited we are for Carole to be having such fantastic success with KickStart, and for her members that are being served even better than they were before. It’s a joy for us to see Carole’s happiness with the service backed up by the proof of the NCUA 5300 report.

Thank you Carole for being such a great KickStart client! We are so thrilled that it’s working excellently for you, your staff, and your members! We are eagerly looking forward to more credit unions adopting KickStart and helping even more members apply for their loans online quickly and easily.

For more information about KickStart, just click here.

Zucchinis and credit unions: Not strange bedfellows

November 30, 2009

I love it when credit unions display their awesomeness.

And recently, UMassFive College FCU did just that.

I was driving about Western Massachusetts, when I heard a news story on our local NPR affiliate, WFCR, about UMassFive College FCU and their new CSA loan. Here’s the one-minute radio segment about it: Credit Union loans for farm shares

This statement may raise some or all of the following questions from you:

1.) What does CSA stand for, and what is it?
2.) What is a CSA loan?
3.) Why is it a perfect match that a Credit Union should offer a CSA loan?
4.) Why is this a brilliant business strategy on the part of UMassFive College FCU?
5.) What could UMassFive do to promote their CSA loans even further?
6.) Why do I care?

Q. What does CSA stand for, and what is it?
A. CSA stands for Community Supported Agriculture. Basically it’s a cooperative farm, in a similar way that a credit union is a cooperative financial institution. Customers each purchase a share of the food that is made by the farm. For example, one share might cost $700 for the year. During the spring, summer, and fall, you come to the farm and grab that week’s share of food, the contents and amount of which will vary during the harvest season. Typically, you get a box full of fantastic fresh produce each week. Here’s an example of what Simple Gifts Farm’s produce share consists of. The photo on the right is a typical summer week’s share from Doe Run Farm, a CSA in Tennessee.

What is the advantage of a CSA? Terrifically fresh and local food. Savings over what it would cost if purchased from a grocery store. Half-shares are also often available from a CSA, which get you half the amount of a full share of the farm harvest each week, usually at somewhat more than half the cost of a full share. Often times, membership in a CSA also requires a few hours per month helping to box up the week’s harvest.

Q. What is a CSA loan?
A. A CSA loan is a loan for the cost of one year’s share. While many people might be interested in buying local, and supporting local agriculture for a variety of reasons, many of the people interested in doing it can’t afford a lump sum payment of $600-$700. So in this case, UMassFive College Federal Credit Union is offering their members a NO-INTEREST loan, payable over 6 months, to finance buying a share in the CSA. So instead of $700 in one payment, the consumer would be able to pay $117 a month for six months. For many families, they may lower their total grocery bills while receiving a plentiful amount of fresh fruits and veggies.

Q. 3.) Why is it a perfect match that a Credit Union should offer a CSA loan?
A. The sixth of the Seven Cooperative Principles states that cooperatives should cooperate with each other. Both credit unions and CSAs are cooperatives. Both are (usually) dedicated to local cooperative principles. It’s a perfect fit.

Q.) Why is this a brilliant business strategy on the part of UMassFive College FCU?
A.) Because great businesses differentiate themselves, which creates a brand unique to that business. Credit unions are the only type of financial institution which can partner with CSAs in this way, authentically. (Banks could do it, but they’d be seen as copycats. Realistically, offering these types of loans is not on any bank’s radar screen.) This loan does many things at once: Strengthens the credit union’s brand as a local cooperative, actively doing things to strengthen the community which they serve. It also helps the CSA by making it possible for more people to afford to buy shares in it. It helps the member by spreading the payments for a CSA share out over several months.

There are other benefits of of buying local food, (belonging to a CSA is one way to do it), from which the Credit Union’s brand image is enhanced by association: CSAs help reduce the nation’s overall energy consumption and greenhouse gas emissions by reducing the fuel needed to package and transport food through the wholesaler to supermarket supply chain.

Offering interest-free CSA loans is not going to add significant dollars to the CU’s bottom line, nor is it going to cost them a significant amount. But their reputation is enhanced immeasurably, and management and the board must be taking the position that the PR gained, and thus future business, will more than offset the small amount of the cost of the program. Already, being interviewed by the local NPR affiliate is fantastic marketing, which had no cost.

Q. What could UMassFive do to promote their CSA loans even further?
A. Right now, their CSA loan page has a link to a local food site. I’m not sure if UMassFive is promoting this in their lobbies and teller lines too, but if not, they should. Also, they could provide a more direct link to the CSAs that are in the same area as the majority of their members. And of course, they should get in touch with all of these area CSAs and make them explicitly aware of their interest-free loans. UMassFive could also create a CU/CSA-day event, inviting representatives of the CSA to bring samples to the CU, and make it a festive occasion, bringing both more awareness to the CSAs themselves, and to the fact that UMassFive supports them. Also, UMassFive could publicize the WFCR story about their CSA loans nationally, which if successful, will increase the pride that its members have in it.

Q. Why do I care?
A. Long before I knew what a credit union was, as a child, my mother belonged to a food coop. Now that I’ve made a profession helping credit unions, it’s great to see a credit union that is doing something that makes a lot of sense from a business and community-enhancement standpoint. And by so doing makes the world a better place.

Oh yeah, and my mother is a not only a member of UMassFive College FCU, she’s also a member of CSA Simple Gifts Farm in North Amherst. And on Thursdays in the fall, she often brings my son there to help gather the week’s share.