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
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
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.