Source: Code Green
In an effort to grow loans and help its members make smart borrowing decisions by providing payment examples suited to their needs, Virginia Credit Union ($2 billion; 203,000 members; Richmond, VA) has implemented Code Green's new, interactive RateCast "loan calculation slider" to its website.
RateCast allows members to adjust settings for loan terms, APR, and amount to see various monthly payment scenarios as they move the slider. Virginia Credit Union has been testing the technology and recently introduced it for its members.
Virginia Credit Union is using Code Green's RateCast for a variety of lending purposes, such as car loans, personal loans and equity loans. Car loans, for example, display the credit union's minimum APR, minimum amount, terms, etc., which then shows different payment examples for different rates.
"Our goal is to provide our members with all the information they need to help them make smart borrowing choices," states Beth Cronin, Online Services Marketing Specialist for Virginia Credit Union. "We want to be a trusted resource for our members to help them make those important financial decisions. We believe RateCast helps us in achieving this goal."
Cronin came up with the idea to enhance the calculator tools on the credit union's website to generate more loans by providing members with the ability to create different payment examples based on current rates and terms. She then employed the services of Code Green, which also developed the credit union's online branch locator tool, BranchMap, to build the application.
Coincidentally, Code Green was already developing the new RateCast system when Cronin contacted the tech provider for assistance. Among its many features, RateCast supports the kind of interactive loan marketing for which she was looking. Its central "rates management system," for instance, allows all the credit union's rates and fees to be edited in one place.
"It's so intuitive and easy to use," Cronin says. "It's visually appealing, and a more attractive and simple way for members to review their options for a particular loan."
Cronin sees RateCast primarily as a resource for members to review various loan scenarios on their own. In the near future, however, she sees the possibility of the crededit union's MSRs using it for helping members. They can have a great discussion how loans work and how they can work toward a monthly payment that works for them.
"The interactive quality and ease-of-use of RateCast keep our members returning to the website," says Glenn Birch, Public and Media Relations Director for Virginia Credit Union. "It's a valuable tool for our members, enabling them to make the most sensible borrowing decisions."
"We're very excited for Virginia Credit Union to be using RateCast," says Jason Green, CEO and founder of Code Green, which develops other apps such as BranchMap and CU Web Hunt. "It's an empowering, real-time tool that adds value to their credit union, as members can easily input various lending scenarios to see what works for them. It's a great resource. In addition, it's an easy-to-use program and provides benefits to both the credit union and its members. We look forward for more credit unions in the future to experience the many benefits RateCast is providing Virginia Credit Union right now."