CU*Answers, the 100% credit union-owned cooperative CUSO, has enhanced its online banking product to automatically send an email notification to the credit union lending department when the application changes status. Credit unions will set this feature up by setting specific underwriting codes to notify key staff.

When the credit union member either starts a new loan application or completes one online an email will automatically go to the lending department notifying them that there is a new loan application in the CU*BASE^® lending queue. CU*Answers already has this feature for its Retailer Direct product, a product that facilitates indirect lending from any type of third party lending partner (e.g. orthodontists, HV dealers, Harley Davidson dealerships, hospital or other doctor offices, etc.).

Per a CU*Answers representative this will be a great feature for credit union lending departments as it grants the ability to contact members and follow up on loan applications even faster than before. “As we know with members, they want responses faster than ever. We live in a world that is “I want it now,” so if a member or potential member applies for a loan, a follow up call within the next 15 minutes is very important. The alternative for the member in their mind is to go somewhere else for the loan because I don’t know if I am approved or I can get the loan. Giving them an immediate response will them know if they qualify, if they don’t and if qualified what the next steps are. This keeps the loan with the credit union instead of a potential other financial institutions.” The representative added that coupled with the automated decision models included with CU*BASE, quick response is easily accomplished.