America’s Credit Union Helps Members Manage Loans with CU RateReset
May 7, 2019
When America’s Credit Union wanted an innovative solution to help members manage their loans, they chose CU RateReset’s application for its loan management capabilities. The Washington-based credit union was the first credit union to offer CU RateReset’s solutions to their membership.
“CU RateReset is the simplest way to help our members extend their loan payments, take quick advantage of preapprovals, and transfer credit card balances seamlessly,” said America’s Credit Union Director of Consumer Lending, Kelli Kinney.
CU RateReset provides credit unions with solutions for loan retention, loan resets, loan generation, and digital preapprovals. Each solution enhances the member experience and provides a digital solution to retaining loans a credit union already has on the books.
The credit union began by implementing CU RateReset’s Digital Preapproval Credit Card, which allows members to select options, submit documents, and launch preapproved credit card offers. Another CU RateReset product, Auto Reset, which the credit union brands as Payment Personalizer, has helped America’s Credit Union extend and preserve auto loans. According to Kinney, it has also helped the credit union put up impressive results, as shown below.
Auto Reset – Payment Personalizer
- Average Number of Loans Reset for Each Campaign 47
- Average Total ROI on Loans Reset for Each Campaign $215,000
- Average Loan Volume Reset for Each Campaign $1.15 million
- Average Extension in Months for Each Campaign 17.3 months
- Average Member Payment Decrease for Each Campaign 38.4 percent
- Average Basis Point Increase for Each Campaign 0.48
The credit union also launched KNOCK KNOCK, a web application that enables members to request loan and CD interest rate resets, new loans and CDs, balance transfers, or additional cash from the credit union.
“KNOCK KNOCK provides the credit union with a digital means to make offers to members using email, text, social media, traditional mail, secure email — any way they want,” said CU RateReset Co-Founder and CEO, Keith Kelly. “The offer is then reviewed by the member, who can choose which options they like best, and finally, can execute the documents necessary to complete the transaction. Members have no need to call, come into a physical site, or wait for further decisions to be made.”
Since the launch, the credit union’s acceptance rate is more than 60 percent of members who view an offer. The credit union also contracts with CU RateReset to offer LoanGEN for Auto—to recapture member and nonmember auto loans and reduce their monthly payments.
“With much of our membership being active-duty soldiers at Joint Base Lewis–McChord, CU RateReset allows us to provide a completely mobile option for acquiring credit, and a seamless way to adjust loan payments to be more affordable,” says Kinney.
“These solutions allow members to be in control and have the terms and choices completely transparent,” Kelly said. “They’re simple to implement and cost-effective.”
To learn how CU RateReset’s digital lending solutions can benefit your credit union, contact Northwest Credit Union Association Strategic Partnerships Manager, Kaitlin Ramos. To learn about Strategic Link’s partnership with CU RateReset, visit its webpage.