An early adopter of LeadMe, which allows financial institution marketing and lending departments to generate, track, organize, and respond to incoming opportunities. increased its loan volume by 15% within two months.

The $171 million, Alexandria, Va.-based InFirst Federal Credit Union employed Berkeley, Calif.-based Shastic's LeadMe to convert one in every three opportunities delivered by the lead generation tool into funded loans or new accounts. Within the first two months, InFirst FCU reached a full return on their investment.

“Shastic helped streamline our internal process for acquiring and consolidating loan opportunities,” Jeff Parish, CMO of InFirst FCU, said. “We developed set procedures within our retail and loan departments to take full advantage of the real-time delivery of leads. It allowed us to immediately identify and act on warm prospects, and optimize our operations to maximize revenue.”

The LeadMe system for credit unions and banks helps acquire and convert loan opportunities across multiple channels by providing real-time personalized offers to prospects through a price estimator. It then collects contact information and delivers it in real-time to loan officers, so they can respond to the opportunity. Loan officers can use the workflow to view, sort, and act on these opportunities.

The real-time workflow combined with personalized offers produces a significant competitive advantage and a substantial increase in sales, according to Shastic.

Shastic pointed out the rapid growth of companies like LendingClub, SoFi, Prosper and LendUp come from their ability to offer prospects convenient ways to receive a personalized offer instantly through a payment estimator or a lead form. However, traditional institutions lack similar tools, and as a result, end up losing out to alternative lenders, especially with younger borrowers who shop for loans online.

Many traditional financial institutions use bulky processing tools like loan applications as the first point of entry for a top-of-the-funnel opportunity. However, because extensive forms are a major barrier to entry for many interested borrowers, the result is a very high abandonment rate. Shastic's LeadMe solves this problem by placing a true sales tool as the entry point in the sales process, capturing early interest by generating personalized loan offers.

By replacing an unwieldy processing tool with the Shastic sales tool, specifically designed for maximizing conversion at the entry point, financial institutions can reduce waste and substantially increase loan volume in a cost-efficient way

Instant Insights /

Lead Generator Increases Early Stage Lending for Credit Union

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