Optimizing E Lending

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  • 1. E-Lending Optimizing The Internet Channel Company LOGO
  • 2. Gen Y Gen Y makes up 70 million or 20% of consumers 77% are on-line  Raised in a world dominated by technology and instant gratification ‘The wealth of information available in seconds from the Internet…have given Gen Y members the notion that if they do not get what they want from one source, they can immediately go to another.’ Insights NAS
  • 3. The Rest Of The World 50% of LSI’s 35,000 monthly loan applications are web based!
  • 4. Keys To Optimization 1. Provide an interactive and concise experience 2. Automatically populate member data 3. Give automated approvals 4. Present webchat functionality on approvals 5. Underwrite non-automated approvals immediately 6. Call all applicants that would like to be contacted
  • 5. The Result  Additional revenue from existing and new members that prefer to conduct their business on line. Higher loan officer productivity as members complete the application  Better pull through and closing rates  Lower operating expenses  Improved cross-sales
  • 6. Application Functionality Interactive, personalized experience Pre-populated member information Unique application path based on member loan type and purpose Streamlined to avoid unnecessary questions Robust enough to support online decisioning
  • 7. Online Decisioning Single most important driver of pull through rates Applicants approved online are 3 times more likely to close loan Instant, credit-verified approvals lowers origination costs Over 55% of consumers indicate receiving an instant approval is important in lender selection* *Gomez Advisors
  • 8. System Integration Data should seamlessly flow between internet app and lender’s LOS Decreased labor costs Reduced error rates Accelerated processing time
  • 9. WebClose Allows an approved member to engage a loan officer in a real-time chat, 24/7  Rate and payment options are discussed  Payment protection coverage is sold  Loan closing information and dates are confirmed  member is “taken off the market” The
  • 10. WebClose Process Member applies for a loan and is approved online  customized “screen pop” congratulates the member A on their approval and promotes the opportunity to engage in a web-chat to confirm loan terms  loan counselor presents loan terms and cross- LSI sells loan enhancements  Loan closing details are presented to member and immediately transmitted to credit union
  • 11. WebClose Process
  • 12. Non-automated Underwriting Member applies and does not meet credit criteria for an automated approval or automated decline Member receives a screen-pop indicating a loan officer is reviewing the application Simultaneously LSI underwriter receives notification that a loan is in the queue  Loan is approved based on lender’s additional criteria  Member is notified of approval in 10 minutes
  • 13. WebReach Greatly enhances the effectiveness of your e-lending program Willing members are contacted via phone after they have submitted a loan application via your website This follow-up call enables our lending professionals to: confirm payments and terms cross-sell additional credit union products approve more loans by “building the loan”  up closing set thank members for applying Receive additional revenue from cross-sells and supplemental loans Differentiate yourself from the competition
  • 14. WebReach Process  Member submits application at credit union web site and indicates that they would like to be contacted LSI loan officer receives the loan application and decisions the application using financial institution guidelines  loan officer contacts the member with an approval and cross- LSI sells additional products.  Loan officers work to “build the loan” on non-approved applications
  • 15. Optimal e-lending Member Application Decision Discussion TEXT
  • 16. Bottom Line More Ways to Reach Consumers = Greater Lending Success! LSI’s E-Lending program gives credit unions more contact options to secure loans online and improve lending efficiency and capabilities. Contact your account executive or lsisales@nlpc.com for more information.