CuneXus and Equifax (NYSE: EFX) today have teamed up to offer CuneXus credit union customers a better view of their members’ financial wellness and help ensure they are receiving the most relevant offers in a timely and effective manner. The CuneXus CPLXpress platform will leverage insights and predictive analytics from the Data-driven Marketing capability that ‘Only Equifax’ can provide in the pre-screen and segmentation phases of the loan process, allowing for a near-instant loan activation process that can help remove many of the hassles and obstacles to consumer lending.
The amount of friction in digital application processes can make or break a financial institution’s success. In fact, Equifax data shows that some financial institutions are seeing as high as 70% in digital transaction abandonment. The CuneXus CPLXpress platform analyzes hundreds of internal and external data points, helping credit unions proactively deliver perpetual, personalized loan offers that are already approved and readily available for creditworthy members. By leveraging Equifax digital marketing data intelligence, these institutions are now able to generate more relevant offers and, at the same time, find the sweet spot of lower risk accounts with high open rates. Equifax data also enables lenders to assess the competitiveness of their pre-approved offers compared to the market, refine credit policies and make improvements for performance in subsequent campaigns.
“The Equifax partnership with CuneXus is designed to help credit unions eliminate the loan application process entirely with the unique ability to identify eligible account holders that are pre-approved and present them with digital, menu-like options,” commented Joy Wilder Lybeer, US Information Solutions (USIS) Chief Revenue Officer and Senior Vice President of Global Partnerships at Equifax. “This user-friendly experience promotes full transparency and helps institutions optimize their portfolio of existing and new members.”
This partnership combines advanced data analytics with seamless workflow integration, empowering credit unions to intimately understand their account holders’ financial standing, anticipate their needs and extend personalized pre-approved loan offers to members in as little as 10 seconds. Financial institutions who implement this proactive approach create a new level of consumer transparency and awareness, ensuring they are top of mind anytime consumers enter a purchase market.
Georgia’s Own Credit Union, a $3.2 billion-asset credit union that uses solutions from both Equifax and CuneXus, has a unique perspective on the partnership. Renee Jones, Director of Product Management at the credit union commented, “Making the Equifax and CuneXus capabilities available to CuneXus customers provides lenders with access to a level of personalization and intelligence that can be game changing. The duo has enabled us to transform the way we support our members. We are now able to better segment our members based on their overall lending profile, boost cross-sell capabilities, deepen penetration of services, exceed our member satisfaction goals, and more. Our efficiencies and improved member satisfaction prove that this partnership supports our differentiators and impacts our bottom line.”
Dave Buerger, co-founder and president of CuneXus, added, “Financial institutions have a unique and timely opportunity to win over a new generation of business with a local positioning that offers a sense of ease and transparency people crave. Now it’s time to add a next-level service that can outshine financial alternatives. This partnership with Equifax can strengthen the level of insight that lenders have, allowing them to evaluate and adjust current offers to appropriately target members based on their specific financial needs. This level of support is what consumers need to stay on track with their finances and will ultimately drive customer retention.”
Additional information on the CuneXus CPLXpress platform can be found at CuneXusonline.com. For more information on Equifax data-driven marketing capabilities, visit Equifax.com.