Carolina Collegiate FCU Launches Facebook Loan App
The $87 million Carolina Collegiate Federal Credit Union announced this week that it has adopted Calcubot, a Facebook widget that serves as a loan calculator for members and potential members, and as a loan lead generator for credit unions.
The Facebook application is provided by Berkeley, Calif.-based Shastic and Carolina Collegiate said it is the first in the state to offer the app.
"This new app will allow our members to input different scenarios into the Facebook-based loan calculator app to preview payment options and different loan options that best fit their needs" said Anne Shivers, CEO of the 13,000-member institution in Columbia, S.C.
"If members like what they see, they can apply for a loan directly from this new Facebook app, cutting out the need to even click back to our website,” Shivers said.
Calcubot’s consultative approach walks prospective borrowers through an interactive process tailored to the credit union's loan products, including allowing members to save loan estimates on Carolina Collegiate FCU’s Facebook page and solicit feedback from friends, family and advisers.
To create long-term engagement with members, Calcubot also provides an ‘Alert Me’ feature that monitors interest rate changes and notifies the member of savings opportunities, Shastic said.
According to Shastic, 83.6% of users of this new app complete an estimate and that 17.6% of those then go on to click the “Apply” button.
Carolina Collegiate is among about 50 credit unions that have signed up for Calcubot, the company said.
"This is an opportunity to take our Facebook page from a place for us to connect with our members on a personal level, and assist them with their loan options as well,” Shivers said.