Give your members the rate they deserve
Risk-Based Lending Programs
Is your FI tired of offering the same rates for everyone, but having to decline a large number of applicants based on a complete credit assessment? What if you could offer rates that were based on the credit worthiness of the applicant in a simple online application? Guess what – you can.
Challenge
Most online lenders only offer a single rate for each of their lending products and require members to come in-branch for a credit history check, often leading to a large number of declines. So, how do we streamline the online application process, increase approvals and give members the rates they deserve?
Solution
ASAPP created a better lending application experience with a dynamic lending decisioning engine that sets rates in real-time based on individual’s credit worthiness. The result? A more accessible, frictionless lending journey offering an optimal rate, both for the member and the credit union.
We applied this approach to Northern Credit Union’s first “Rates as Low as” mortgage campaign. Our strategy utilized ASAPP’s lending decisioning engine to allow us to go to market with dynamic pricing that auto-adjusted based on information provided on the member application.
Result
Our “Rates as Low as” campaign was recognized by industry peer groups as the first of its kind in the Canadian Credit Union system powering both online and in-branch application activity. Take a look at the key results:
- Increased number of online mortgage applications
- Fewer abandoned online applications
- Increased satisfaction by both online and in-branch applicants
- Increased satisfaction by staff using the tool with members, largely citing the ability to provide a faster lending decision
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