LAS VEGAS – Auto lending service CUSO CU Direct has acquired Intuvo, a Scotts Valley, Calif.-based provider of marketing automation software. CU Direct President/CEO Tony Boutelle announced the news during the opening general session at the Drive '15: CU Direct Lending & Marketing Conference Wednesday in Las Vegas, Nev.
Intuvo's platform will integrate with the Ontario, Calif.-based CUSO's Lending 360 Loan Origination System's cross-sell engine, bringing targeted mortgage marketing tools to CU Direct's credit union clients, as well as onboarding and cross-selling programs for new members whom credit unions acquire through indirect loans, Boutelle said.
"We're very excited about the new partnership between the two companies," Boutelle said. "We look forward to working with the Intuvo team and to offering our clients cutting edge marketing automation products that will help them grow loans and improve member satisfaction."
The acquisition connects CU Direct with a number of large Intuvo credit union clients, such as the $13.6 billion BECU in Tukwila, Wash., the $1.7 billion GTE Financial in Tampa, Fl., the $2.6 billion Chevron Federal Credit Union in Oakland, Calif. and the $5.7 billion American Airlines Federal Credit Union in Fort Worth, Texas. Intuvo's system currently interfaces with its clients' core banking software and loan origination systems.
According to a CU Direct news release, Intuvo's automated email marketing, direct mail marketing and sales force automation has helped its clients increase their lending business by up to 30%.
"Joining CU Direct is the next chapter in the amazing history of our company," Jeff Shood, president and co-founder of Intuvo, added. "CU Direct's team is filled with like-minded individuals focused on changing the way consumers interact with their lenders. With the backing of CU Direct, we'll be able to launch a suite of new solutions and make a huge impact in the lending space."
During the general opening session, Boutelle also emphasized that when it comes to lending today, "getting to 'yes' faster" – or, reaching the loan funding point – should be a key goal for credit unions. He noted that automated loan approvals result in a higher funding rate (67%) in comparison to manual loan approvals (49%).
Drive '15 takes place May 20 to 21 at the Cosmopolitan in Las Vegas.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
