For our latest FI Highlight, we spoke with Ken Bloomfield, Vice President Digital Sales and Service at Harborstone Credit Union. Ken discussed how Harborstone Credit Union’s new loan service is helping create loyalty among customers and improving bottom-line results.
In a few sentences, can you tell us about Harborstone Credit Union?
Harborstone Credit Union has 18 branch locations in King, Pierce and Thurston counties in Washington. We serve more than 73,000 members, so we’re big enough to offer a wide variety of products and services, yet small enough to offer a pleasant and personable atmosphere.
You recently launched CUneXus Comprehensive Pre-Screened Lending (CPL) Solution. Can you tell us more about that program and partnership?
We were interested in the CUneXus CPL solution, from a sales and service perspective, to improve member service and bottom-line results that translate into more value for our members. The CUneXus CPL solution expanded a traditional, quarterly, pre-screened, auto preapproval campaign to a pre-screened multi-loan offering that members can access at any time using online banking. With the new solution, we now provide the convenience for members to accept offers the way they want to, when they are in-market, rather than in some predetermined mailing cycle.
What types of successes have you seen since the launch?
We determine ROI by incremental lift in all loan types offered, not just a change in consumer behavior or channel migration. Having that in mind, the initial results look great, and we expect to have a good sample of results in early 2015 to better evaluate the effectiveness of the solution.
Why did you feel it was important to provide your members with an enhanced loan service?
Like many other credit unions, we extended pre-screened preapproval offers to our members each quarter for auto loans. We were aware that this method could be improved, as a very small percentage of consumers are in the market for financing a vehicle in any given month and many of our members prefer electronic communication. With the CUneXus CPL solution, we are able to offer pre-screen preapprovals on multiple loans – when and where it’s most relevant for members. This increases the convenience and overall trust from members, in turn creating loyalty to our financial institution.
Has the campaign opened new cross-sell opportunities?
The solution delivers on the omni-channel approach, which has helped increase cross-sell efforts. For example, when a member reaches out to us for a loan, whether in person or by phone, staff have the right tools to determine if the member is already preapproved; and for which types of loans.
Do you have any future plans to expand this solution to your members?
Yes, soon. We are planning to expand this solution for use with mobile devices.
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