Thu, Sep 14, 2017
CUNA Strategic Services has formed a new strategic alliance with CU RateReset, which provides credit unions with a solution to retain existing loans and generate more loans while giving their members more power over products.
“CUNA Strategic Services is demonstrating our confidence in CU RateReset and the value its services can provide to credit unions by adding them to our line-up of trusted providers as well as establishing an ownership interest in CU RateReset,” says Eric Gelly, CUNA Strategic Services president.
“We are looking forward to bringing our credit unions solutions that will create an engaging member experience, improve operational efficiencies and increase revenue streams while retaining existing loans and broadening relationships with members. Collaborations like ours with CU RateReset are critical to assisting credit unions in their digital transformation,” Gelly said.
CU RateReset’s 3 primary solution programs are:
- CU RateReset helps members reset auto loans, mortgages credit cards, certificates and personal loans without the cost and hassle of refinancing. Credit unions select members for inclusion in the program based on their own internal requirements while CU RateReset automates the member outreach, reset and the closing documentation. CU RateReset also automates loan and CD retention so member advocates can focus on expanding existing and developing new member relationships.
- LoanGEN allows credit unions to re-capture member mortgages, auto loans, personal loans and credit cards at other financial institutions as well as showcase products to attract new members. Members can design their custom auto payment and move their existing loans over to the credit union.
- Digital Pre-Approval allows select members to receive pre-approved offers for credit cards, auto loan recaptures, home equity loans and new certifcates of deposit. CU RateReset creates a personal URL and it is then placed into an email, traditional mail, social media or text message.
“The current process for loan acquisition and retention is extremely inefficient and, in the case of loan retention, can be nonexistent, and presents a significant business opportunity,” said Joe Brancucci, CU RateReset president. “CUNA Strategic Services recognizes this opportunity and we are delighted to work together to leverage our strengths and bring greater innovation to the marketplace. This is a very positive development for our organizations and the credit union movement.”