Problem
Consumer loan shopping behaviors have undergone a major shift. The rise in fintechs and digital banks who provide a seamless, transparent experience – like getting a pre-qualified rate before submitting an application – has cut into market-share that was historically dominated by credit unions. Our client, a credit union in Texas with over 20,000 members and $400 million in assets, had already invested in digitizing their offering. While their digital marketing efforts led to increased engagement, conversions were stagnant at 40%.
Solution
The client implemented Plug-n-Play Rate Check in about 4 weeks, including configuring eligibility, footprint, UI, disclosures through Konduit online portal. The bank used CSV to upload credit attributes and make selections for their auto refi product. Plug-n-Play sat on top of their existing MeridianLink online application. Within a month they saw results, with conversions rising to 60%. By improving transparency and aligning with consumer behaviors, our client successfully upgraded their members’ experience and increased digital loan volume.