Taking advantage of a need and the season, a few years ago, the $961 million Cheyenne, Wyo.-based Blue Federal Credit Union introduced a holiday loan program that worked almost too well.
The terms required no credit check, membership for at least 90 days, a $1,200 maximum and a 12-month term. "We greatly underestimated the popularity of this product," Blue FCU COO Andrew Shaw, said. "Members loved it, but it soon became an operational nightmare for us."
According to the credit union, initially, members needed to visit a branch to request the holiday loan. The slow process resulted in unhappy members waiting in the branch for longer than expected. As it had done in the past with other antiquated processes, the credit union approached Aurora, Colo.-based technology resource company DaLand Solutions to discuss relieving the program's pain points.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
