CU RateReset Helps Give Credit Union Members More Control Over Their Loans
Northwest Credit Union Association Strategic Link business partner, CU RateReset, is a solutions provider that helps credit union members reset the term of a loan when they need to due to life circumstances.
CU RateReset’s technology advances have made it possible to reimagine the loan experience for credit unions and their members. The company is focused on improving member engagement and satisfaction by creating digital self-service solutions that eliminate the cumbersome steps of the past for credit unions.
Ken Leonard, President and CEO of America’s Credit Union in Washington state, said CU RateReset’s services have become an invaluable “lifeline” to the credit union’s success in building membership relations.
CU RateReset’s goal is to help credit unions establish bi-lateral communications with their members, so that they may present them with relevant offers based on what is going on in their lives. Their latest service, KNOCK KNOCK, is a digital solution that allows the credit union to present specific offers to the member, whether it is an offer to reset an existing loan or renew a CD.
“RateReset’s technology provides the mechanism to put our members in control of their mortgage,” Pentagon Federal Credit Union CEO, James Schenck, said. “The RateReset Protection feature is consistent with our long-standing goal to provide products tailored for PenFed’s members and their families. This product empowers our members while also improving the overall member experience.”
With CU RateReset, credit unions can pre-approve their members for a product and send it through a digital channel and have the member consider it, make choices, and execute the documents to close the loan, accept a new credit card, or open a new CD.
They can add additional funds to an existing CD at renewal, or fund a new CD online. Members can run their own pre-screen for a credit card or personal loan. If it is approved, they can make choices and execute the appropriate documents, with no need to come into a branch or interact with the call center.
“With the fast pace of innovation in our industry, the successful credit unions will be the ones that identify the right partners to assist them in harnessing the innovation and leveraging it to grow and add member value. We believe our partnership with CU RateReset will help us accomplish this goal,” Alliant Credit Union CEO, David Mooney said.