How Scion can enrich your Marketing efforts
Growth and Lending are synonymous in the Credit Union industry. It was a no-brainer that one of our breakout sessions at cuEngage Live focused on “lending for success; paving the way for sustainable growth”.
John McCandless, Senior Professional Services Engineer, at Wellington IT led this session, following the great insights uncovered by David Hewson from ILCU and Pat Corcoran from RW Pierce.
Supercharge your common bond analysis
Scion hosts a wealth of valuable data, which can be depicted visually via our Business Intelligence tool cuInsight. But when your core system can feed a dedicated common bond analysis tool, this supercharges your Marketing efforts.
RW Pierce can provide your Credit Union with membership penetration, membership demographics, loan demographics, consumer behaviours, and much more.
The integration between RW Pierce and Wellington IT will facilitate an automated monthly data extract from SCION to ensure that Holmes is kept up to date with essential member and loan data. This automated process, monitored by Wellington IT Shared Services, guarantees timely data extraction and delivery to RW Pierce for processing. Credit Unions will not be required to engage in ongoing involvement as Wellington IT and RW Pierce will handle automated file processing queries.
What to do with your data?
Now you’ve got this great, personalised data. How can Scion help market your offerings to your members?
Scion boasts a program called “Account Monitoring”. With Account Monitoring, the opportunities are endless.
An example of Account Monitoring in action is shown below:
Other examples of Account Monitoring include
Pre-notification of payment of Current Account Fees
“Thank you for paying off your loan” communications (and market a new loan – honouring GDPR consents of course!)
“Thank you for taking out a loan” communications
Holiday and Christmas loans campaigns
Tools to further boost lending
When SEPA Instant Payments come into effect in 2025, Credit Unions will be able to fully facilitate “lights out lending”. This means a member could apply for their loan online and, if approved, receive the funds in a matter of minutes.
This transformative new offering is available as part of our digital tools, including Automated Decisions ,Open Banking, auto approval and auto payout.
Open Banking
Open Banking grants instant access to members’ financial history and habits (outside of the Credit Union) and also links into Automated Decision Engines to provide a true, compliant decision.
Open Banking also provides quick and easy experience for your members – no longer need to find and upload bank statements and less risk of member going elsewhere for a loan.
Overall, Open Banking boosts the quality of your loan book with verified data and reduces risk.
Automated Decisions
Open Banking directly feeds into Decision Engines, resulting in a quicker approval of loan applications, based on accurate and up-to-date information – increasing the quality of your loan book.
Automated decisions coupled with Auto-payout of loans will revolutionise how Credit Unions market loans, especially in order to attract the next generation member.
Your Credit Union’s risk appetite
Automated decisions are not about automatically saying no; they’re about automatically saying yes. It’s about automating those lower risk loan applications to provide an excellent service to your members whilst staff spending precious time on the loan applications that need more analysing. As the Credit Union, you can measure your own risk appetite and set the rules in place for Auto-payout.
Below is an example of a low-risk loan that could be facilitated via Auto-payout.
Conclusion
Although the introduction of SEPA Instant Payments will enable instant credit, you can’t afford to wait!
Tools like Open Banking and Automated Decisions are readily available right now for Credit Unions to avail of, and also monitor and measure their success, providing reassurance when the time comes for lights-out lending.
If you’re interested in learning more about Open Banking or Automated Decisions, please complete the form below.
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