Shastic, the company that developed the Facebook loan calculator Calcubot, has announced a partnership with MeridianLink that will allow credit unions using that loan origination system to track loans begun on Facebook all way through closing.
Calcubot walks prospective loan customers through an interactive buying process tailored to a credit union's lending products, according to Shastic, a Berkeley, Calif.-based technology company that specializes in providing online loan generation solutions.
Prospects are recaptured through the use of social mechanisms centered on interactions with co-signers and smart alerts. Calcubot then leads prospects into the institution's loan application process and tracks conversions.
The $2.2 billion Keesler Federal Credit Union in Biloxi, Miss., has been using Calcubot to publicize their auto and other loan programs with younger members since mid-2012 and came up with a way to track how many loan applications the Calcubot entries generated, John Williamson, Keesler FCU web content manager, said.
The credit union has an optional field in its application where it asks the member for a code number that they could have only gotten from the Calcubot application, Williamson explained. This device allowed Keesler FCU to determine that members were filling out loan applications after using the Calcubot calculator.
“Combining MeridianLink, an industry powerhouse, with the innovations that Shastic brings to the market creates the potential for bringing lending to the next generation,” Ron Shevlin, senior analyst at Aite Group, said.
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