LAS VEGAS—CU Direct has filed for a patent on a loan beacon device. Beacon technology uses low-powered, low-cost transmitters such as Bluetooth that can notify nearby smart devices, most especially phones, of specific information and offers, such as when a person is inside an auto dealership or a store.
The CU Direct device transmits information out to anyone who has that app on their phone, said CEO Tony Boutelle.
"So we can put this in dealerships, branches, in other merchants to communicate loan offers to your members and let them know they are approved for credit,” said Boutelle, acknowledging the device remains in its early infancy. “It’s not a new technology, but it’s new to the lending space and we filed a patent on Monday for this loan beacon concept. We think it will be down the road something to improve the member experience.”