An integrated online loan application and new member enrollment solution is netting $4.4 billion Digital Federal Credit Union about 65 applications a day, the Massachusetts-based credit union said.
Digital said it has collected about 1,600 loan applications worth $20 million since it launched the service on March 25 as the first user of a new Web module from fiVISION, an Indianapolis-based CUSO.
The software bypasses data entry screens and allows an applicant to become a new member and obtain a loan without retyping any personal or financial data.
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The module, which is deployed in-house as part of the credit union's online presence, provides applicants with loan options, including final payment choices, before they're asked to commit.
"With this module, they don't have to go through the entire loan application process to discover their monthly payment. All that information is provided up front," said Diane Richard, vice president of consumer loans.
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