ATLANTA – Creditor Resources, Inc. has always focused on technology in serving the credit union market, but the company is taking it a step further with the launch of its new tech subsidiary, CRI Systems, Inc.
CRI Systems is offering software, IT consulting, disaster recovery services and call center functions designed to help credit unions save money and increase sales.
The company has three suites of software: CRIterion, InterLend and CentraLink.
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The venerable CRIterion solution is employee-facing software for lending, sales, and work flow automation. CRIterion's main advantage for credit unions is that it creates a fully customized workflow for all consumer loan and home equity products, said CRI Systems President Christopher Flint.
"What CRIterion does differently from other loan origination systems is to take the credit union's unique business process and build it into the software," said Flint. Currently, 180 credit unions use CRIterion.
He said CRIterion can do a complex loan application with custom underwriting from start to finish in under 10 minutes. A typical process at many credit unions would take twice as long. Flint added, as an employee is processing a loan application CRIterion is identifying sales opportunities in real-time.
If a member is applying for a car loan, CRIterion can pre-approve the member for credit cards and checking account overdraft protection and process those applications in conjunction with the car loan application at the same time
InterLend suite currently is an automated loan decisioning and insurance sales platform. In six months, InterLend will also enable opening new membership and deposit accounts on the Web.
If a credit union has a manual process for Web-based loans, InterLend could cut up to 80% of the cost of processing an application, according to CRI.
Flint said InterLend can improve insurance penetration on loan products by presenting an integrated insurance quote with the loan application. This allows member service representatives to cross-sell during the loan process.
CentraLink is a connectivity platform that links CRI Systems software with multiple third parties.
"It effectively eliminates duplicate data entry on any connected software," said Flint.
In offering technology, Flint said CRI Systems believes it differentiates itself from its competitors by providing more handholding before and after the sale.
"We consult with a credit union rather than leave you with a user manual and figuring things out yourself. It's very much of a consulting and problem solving approach to business challenges," said Flint.
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