Cuery Use Case: Loan Generation

🔑 Grow your loan portfolio with your members’ needs in mind.

Every credit union today is looking to make more loans. Do you know which of your members is most likely to borrow from you? Wouldn’t it be great if you knew if your members had loans at financial institutions besides yours, especially if you offered a lower rate?

No credit union wants to make bad loans. Knowing your members’ credit scores, credit risk and proclivity to borrow is important in today’s tight lending market. It’s fair to say that many of your credit worthy members are borrowing money from a variety of your competitors—and probably with terms that are less favorable than yours. In fact, they may not even know how much they might be saving if those loans were through their credit union. Or maybe they already have a car loan with you—are you staying on top of when that loan matures? Should you offer them a pre-approved loan for their next car?  Do they have a car loan with a different financial institution—can you “steal that loan”?

loan-generation

Having a 360-degree view of your members and knowing their life stage, their spending patterns and behaviors, their credit score and other data will help you make wiser lending decisions, uncover lending opportunities that you may not have been aware of, and spend smarter with your scarce marketing dollars by knowing where and when those opportunities exist. Make more loans and spend less time and $ to make them by using the data you already have but haven’t been able to mine. You can and Cuery can help you get there.

“Before we engaged Cuery, we were looking at other data analytics companies. They were quoting us six figures and telling us there would be quite a bit of work on our end. And the way Cuery prices the different data source connections make a big difference. Cuery costs less but we get way more than with other guys.”

– WyHy FCU CIO Eric Valla

How We Can Help

To put it simply, Cuery allows you to take advantage of one of your most valuable assets to provide broad business value: your data. We help solve your many of your key business challenges, like:

  • Increasing member product usage & profitability
  • Improving strategic decision-making
  • Increasing back office efficiency
  • Ability to compete effectively

Want to see a demo, tailored to your needs?

Just fill out a short questionnaire to help us cater the demo to your credit union.

“I know this term gets overused, but the single source of truth gives us that ability to data mine and make decisions more quickly using the Cuery tool.”

– WyHy FCU CIO Eric Valla

What else can Cuery do?

💳 Increase Credit Card Usage

If your credit union offers a credit card to members, are you maximizing its full potential to generate interest income and interchange income—two great sources of income that many credit unions haven’t fully leveraged?

Many credit unions outsource their credit card servicing to a third-party provider. Gaining access to member data credit card usage and combining that with other member data can be either complicated or, if done at all, a manual process. Using a data analytics solution can help maximize credit card revenue in two streams. Having a holistic view of your members and knowing their spending patterns, behaviors, credit score and other data will help you identify opportunities to increase credit card revenues. Cuery can help you use your data to increase member credit card usage, giving your credit union the lift it needs right now.

Yep, Cuery can.

🛒 More Products Usage

Members come to your credit union (and stay) for the products and services you offer to them. That could start with a checking account and be supplemented by a savings account or a credit card. Without a complete picture of what other products and services your members may need, you’re missing opportunities to provide them with other profitable products and services, like a car loan, a mortgage, a home improvement loan, or even a loan for an RV, motorcycle or recreational vehicle.

Perhaps more importantly, you’re not serving them in a way that builds a deeper, stronger, and possibly financially healthier relationship. Members expect that you “know them,” well enough to suggest and offer products and services that they will benefit from. Cuery can help you increase your credit union’s member relationships, product penetration, product usage and overall profitability.

Yep, Cuery can.

Interested in seeing if Cuery can help your credit union with these solutions and much, much more?

If you’re under $800M in assets, contact us for a zero-salesy conversation about your unique needs.

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