EECU bet on new loan platform turns profitable

SANTA ROSA, USA: CUneXus Solutions has announced significant results achieved just 90 days following the launch of their cplXpress lending platform at $2.2 billion Educational Employees Credit Union (EECU), as it says.

During the program's initial three-month period, EECU processed over $24.5M in loan requests, nearly doubling its loan volume and earning over three times the loan revenue compared to the previous year, it added.

The company's cplXpress loan generation engine processes multiple data streams from the lender's database and from the credit bureau to generate highly-personalized sets of pre-approved offers that are unique to each lender's risk tolerance and portfolio.

One of CUneXus' early pilot clients, Educational Employees Credit Union (EECU) located in Fresno, California, serves a membership of nearly 230,000, making it one of the largest credit unions in the United States.

It's a growing credit union but faces increased competition in an economic recovery period from other lending organizations for the same consumers.

Consequently, maintaining customer loyalty and efficiently growing its loan portfolio are top priorities.

EECU launched the program to 31,000 credit union members in the second quarter, and cplXpress was profitable within seven days. The revolutionary multi-product and multi-channel pre-screened lending approach increased EECU's average revenue per accepted loan offer by over 70 per cent.

Michelle Hernandez, Communications Director at EECU, said: "When we watched the demo of the CUneXus platform we were instantly hooked! It was like going from black-and-white to color. Our loan pre-approvals have always been through snail mail, but now with cplXpress we can leverage our online banking, email, and mobile channels too. Our first loan pre-approval campaign using CUneXus was a huge success, and we're looking forward to brainstorming with them in the future concerning other lending opportunities."

CUneXus is also working with EECU to introduce additional features this fall, including online banking enhancements and integrated access to loan offers within the credit union's Digital Insight mobile banking app.