Phone-Based Loan Applications Now Available for CU Members to Support Continued Growth in Lending
Two Credit Union industry leaders today debut their newly enhanced joint solution, CIMple® Loan by Phone. The solution is an answer to the growing trend in lending for credit unions and their members. It can be implemented by any credit union, including Non-Shared Branching credit unions, nationwide. It is a phone based loan program for millions of credit union members.
Ontario, CA, January 28, 2010 --(PR.com)-- FSCC and PSCU Financial Services Offer Phone-Based Loan Applications to Support Continued Growth in Lending
Officials at Financial Service Centers Cooperative, Inc. (FSCC) and PSCU Financial Services today debuted their newly enhanced joint solution, CIMple® Loan by Phone. The solution can be implemented by any credit union, including Non-Shared Branching credit unions, nationwide.
PSCU Financial Services has been servicing the call center outlet for FSCC’s Shared Branching operations for over six years. Any member of a credit union participating in Shared Branching through FSCC can call 1-866-MY.CU.NOW and get balance information, make account transfers and complete a loan application. Taking the loan application via this phone number is what is now branded as CIMple Loan by Phone. CIMple Loan by Phone can also be implemented by any credit union participating in the CU Service Centers Network nationwide. It is a low cost way to generate applications and there is no monthly minimum payment since the credit union simply pays for the loan applications taken.
“We have years of experience in conducting loan applications by phone. What is new is that this service is packaged into the FSCC offering at a very cost effective rate. Any credit union can expand 24/7 lending by simply putting this phone number on their web site and promoting it in their branches,” said Peter Schmitt, Executive Director, PSCU Financial Services. “Since we have access to each caller’s deposit account information, our Contact Center staff can quickly and easily walk them through the application process.”
FSCC officials recognize the need in our 24/7, mobile economy for more options in member service, but they also see a need in providing those options as cooperative ventures that can make the offerings more cost effective for credit unions. “The loan by phone service is a simple way for credit union members to apply for a loan and access a variety of other financial services all while making one simple phone call. Our partnership with PSCU Financial Services has made it easy and efficient for members to access a full suite of services as part of a one-stop shopping experience. This, in turn, provides for higher member satisfaction and the ability to capitalize on more income generating opportunities,” says Sarah Canepa Bang, President/CEO, FSCC.
The officials also noted that PSCU Financial Services’ Contact Centers are the loan application engine for the very successful CUStudent Choice private student lending program.
Callahan’s third quarter 2009 First Look data indicates that the credit union industry has originated 6.2 percent more loans year-to-date than during the same period in 2008. Also, the industry’s amount of outstanding loans has grown by 3.8 percent over the same period. That growth shows that there is a lot more potential loan growth out there for credit unions to capture.
“Credit unions have shown that they are not only processing loans for members, but their loan inquiries and applications are increasing,” added Ms. Bang. “With this rise in consumers turning to credit unions for their lending needs, we saw an opportunity to support this growth with an easy and affordable tool that credit unions participating in shared branching can implement quickly and easily.”
About Financial Service Centers Cooperative, Inc. (FSCC)
FSCC is the nation’s largest and most convenient credit union Shared Branching Network providing nearly 6,300 full service deposit-taking locations in the U.S. and four foreign countries. FSCC’s innovative use of technology allows it to offer 24/7 access for financial services at more than 2,200 7-Eleven® Vcom® Units. FSCC credit unions represent $141 billion in assets. Since 1999, FSCC has returned over $14 million to its members through patronage dividends, rebates and return of capital. For more information, please visit www.fscc.com or call 888-372-2669 ext. 1235.
PSCU Financial Services
PSCU Financial Services is the nation’s largest credit union service organization (CUSO) and serves more than 1,300 financial institutions nationwide. Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment, home and mobile banking, and contact center solutions. As a non-profit cooperative, the company is owned by more than 600 member credit unions representing over 14 million accounts and 940,000 online bill payment subscribers. Its 24/7 Contact Centers located around the country handle more than 17 million inquiries a year. These Contact Centers perform member servicing and new member acquisition, cross-selling and automated lending solutions as well as support for debit/credit/prepaid cardholders and online bill payment and home banking subscribers. For more information, visit PSCU Financial Services’ website at www.pscufs.com.
Contact:
Bonnie Kramer
EVP/COO, FSCC
(888) 372-2669 ext. 1220
bonnie.kramer@fscc.com
Merry Pateuk
PSCU Financial Services
(800) 932-7728
mpateuk@pscufs.com
###
Officials at Financial Service Centers Cooperative, Inc. (FSCC) and PSCU Financial Services today debuted their newly enhanced joint solution, CIMple® Loan by Phone. The solution can be implemented by any credit union, including Non-Shared Branching credit unions, nationwide.
PSCU Financial Services has been servicing the call center outlet for FSCC’s Shared Branching operations for over six years. Any member of a credit union participating in Shared Branching through FSCC can call 1-866-MY.CU.NOW and get balance information, make account transfers and complete a loan application. Taking the loan application via this phone number is what is now branded as CIMple Loan by Phone. CIMple Loan by Phone can also be implemented by any credit union participating in the CU Service Centers Network nationwide. It is a low cost way to generate applications and there is no monthly minimum payment since the credit union simply pays for the loan applications taken.
“We have years of experience in conducting loan applications by phone. What is new is that this service is packaged into the FSCC offering at a very cost effective rate. Any credit union can expand 24/7 lending by simply putting this phone number on their web site and promoting it in their branches,” said Peter Schmitt, Executive Director, PSCU Financial Services. “Since we have access to each caller’s deposit account information, our Contact Center staff can quickly and easily walk them through the application process.”
FSCC officials recognize the need in our 24/7, mobile economy for more options in member service, but they also see a need in providing those options as cooperative ventures that can make the offerings more cost effective for credit unions. “The loan by phone service is a simple way for credit union members to apply for a loan and access a variety of other financial services all while making one simple phone call. Our partnership with PSCU Financial Services has made it easy and efficient for members to access a full suite of services as part of a one-stop shopping experience. This, in turn, provides for higher member satisfaction and the ability to capitalize on more income generating opportunities,” says Sarah Canepa Bang, President/CEO, FSCC.
The officials also noted that PSCU Financial Services’ Contact Centers are the loan application engine for the very successful CUStudent Choice private student lending program.
Callahan’s third quarter 2009 First Look data indicates that the credit union industry has originated 6.2 percent more loans year-to-date than during the same period in 2008. Also, the industry’s amount of outstanding loans has grown by 3.8 percent over the same period. That growth shows that there is a lot more potential loan growth out there for credit unions to capture.
“Credit unions have shown that they are not only processing loans for members, but their loan inquiries and applications are increasing,” added Ms. Bang. “With this rise in consumers turning to credit unions for their lending needs, we saw an opportunity to support this growth with an easy and affordable tool that credit unions participating in shared branching can implement quickly and easily.”
About Financial Service Centers Cooperative, Inc. (FSCC)
FSCC is the nation’s largest and most convenient credit union Shared Branching Network providing nearly 6,300 full service deposit-taking locations in the U.S. and four foreign countries. FSCC’s innovative use of technology allows it to offer 24/7 access for financial services at more than 2,200 7-Eleven® Vcom® Units. FSCC credit unions represent $141 billion in assets. Since 1999, FSCC has returned over $14 million to its members through patronage dividends, rebates and return of capital. For more information, please visit www.fscc.com or call 888-372-2669 ext. 1235.
PSCU Financial Services
PSCU Financial Services is the nation’s largest credit union service organization (CUSO) and serves more than 1,300 financial institutions nationwide. Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment, home and mobile banking, and contact center solutions. As a non-profit cooperative, the company is owned by more than 600 member credit unions representing over 14 million accounts and 940,000 online bill payment subscribers. Its 24/7 Contact Centers located around the country handle more than 17 million inquiries a year. These Contact Centers perform member servicing and new member acquisition, cross-selling and automated lending solutions as well as support for debit/credit/prepaid cardholders and online bill payment and home banking subscribers. For more information, visit PSCU Financial Services’ website at www.pscufs.com.
Contact:
Bonnie Kramer
EVP/COO, FSCC
(888) 372-2669 ext. 1220
bonnie.kramer@fscc.com
Merry Pateuk
PSCU Financial Services
(800) 932-7728
mpateuk@pscufs.com
###
Contact
financial service centers cooperative, inc
Rozana Audisho
909-753-1233
www.fscc.com
Sarah Canepa Bang, (909) 753-1205, sarahcbang@fscc.com
Rozana Audisho
909-753-1233
www.fscc.com
Sarah Canepa Bang, (909) 753-1205, sarahcbang@fscc.com
Contact
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