CU*Answers announces Retailer Direct Loans

Clients now have a competitive advantage with indirect relationships!

CU*Answers recently announced its new Retailer Direct loan application strategy available to all CU*BASE clients. Retailer Direct was developed from client input received via the Loan Delivery Channel Focus Group. It is designed to provide credit unions indirect loan relationships with any retail outlet, such as auto/ RV dealers, hospitals, appliance and furniture stores. The retailer will have a dedicated loan channel link directly to a credit union’s lending “factory”. A key differentiator from traditional indirect systems is that there is no competition from competing lenders since a secured loan application is delivered to a credit union.

“We are very excited to partner with CU*Answers on this great new offering. Retailer Direct will place us well ahead of the competition by providing us a unique edge with dealers in the indirect marketplace” claimed Dean Wilson, CEO of Wauwatosa Credit Union (Wauwatosa, WI).

The program is centered upon a system that utilizes a secure and encrypted 128bit SSL XML gateway connection. This allows the credit union retail partner to securely log on and complete a web enabled loan application through either a customized retailer web site, or directly from a credit union’s existing web site. A customized retail web site would offer a unique “look and feel” and incorporate any desired marketing messages that a retailer would like displayed.

Once the application has been electronically submitted, it can go through either an automated loan decision modeling process, or may be routed through a credit union’s normal loan channels. All necessary membership and loan documents may be displayed and printed at the retailer’s location.

CU*Answers VP of Lending, Geoff Johnson says “this is a fantastic way to gain future retail business partners and increase your membership numbers at the same time. Best of all, the requirement for having to re-key data often associated with indirect relationships has been totally eliminated!”