Turning Abandoned Loan Applications into Opportunities for Growth
Hello and welcome! Today, we're going to delve into the world of credit unions and the importance of clean data when it comes to finding opportunities for more product sales within their membership and potential prospects who have started but not finished a loan application.
Imagine this scenario: a member of your credit union starts a loan application but gets sidetracked and never completes it. It happens more often than you might think. Whether they were uncertain about a question on the application or had doubts about loan approval, these abandoned applications are missed opportunities for your financial institution.
But fear not! With the help of the Opportunity Management workflow within the Lodestar data warehouse, credit unions can turn these abandoned loan applications into valuable opportunities. By combining loan origination data with Opportunity Management, financial institutions can breathe new life into stagnant applications.
So how does it work? The Opportunity Management process starts by bringing in application data from the loan origination system. The workflow then identifies applications that were started but not completed and creates opportunities for follow-up. These opportunities can be assigned to loan officers or other employees for personalized outreach and assistance.
When loan officers reach out to members to address any concerns they had during the application process and encourage them to complete their application, they not only improve the member experience but also increase the likelihood of converting abandoned applications into booked loans.
One of the key benefits of Opportunity Management and Lodestar is the ability to proactively engage with members, creating positive impressions and ultimately boosting revenue. In a competitive lending environment where nearly 7 in 10 online loan applications are abandoned, seizing these opportunities for growth can set your credit union apart from the competition.
So, credit unions, don't let those abandoned loan applications go to waste. Embrace the power of Opportunity Management and the Lodestar data warehouse to turn proactive outreach into tangible opportunities for growth. By leveraging clean data and personalized follow-up, you can transform abandoned applications into booked loans and drive success for your institution.
Thank you for joining us on this journey of turning abandoned loan applications into opportunities for growth. Stay tuned for more insights and tips from Lodestar Technologies on how to optimize your credit union's operations and drive success in the ever-evolving financial landscape.
Until next time, happy analyzing!