The $690 million Congressional Federal Credit Union said it generated just more than $1 million in new loans from 186 leads it collected using a Web tool from a Gaithersburg, Md., specialist in member-facing software for credit unions.
The loans were generated in the eight weeks the 44,000-member District of Columbia credit union ran its Great Loan Makeover campaign using the online load lead generator system from Code Green LLC, the company and credit union said.
The Loan Saver system sits on the website and allows members to instantly calculate how much they'd save by consolidating and transferring all their credit cards and other loans from other lenders. The system also alerts the credit union's lending team for followup.
The Great Loan Makeover campaign used Loan Saver as the hub for a variety of marketing channels including branch communications, online publications, direct mail, e-mail and ATM messaging.
“Our members found it easy to use and it increased our loan volume by 16% compared to the same period last year. Just as important, members have reported an estimated average savings of $2,400 over the life of their loans by switching to Congressional Federal,” said Sharmaine Bucknor, the credit union's director of marketing.
Code Green provides ATM and branch locator software and other marketing and data tech products to approximately 200 credit unions, including 25 contracted to use the Loan Saver solution, said its CEO and founder, Jason Green.
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