SANTA ROSA, Calif.–CUneXus Solutions, a provider of omni-channel, application-free lending technology, demonstrated its expanded AutoXpress solution at FinovateSpring 2016 in San Jose, a premier gathering of financial technology leaders and investors.
AutoXpress allows lenders to deliver pre-approved auto loans to consumers based on the lender’s credit criteria and the customer’s credit, behavior, and location, sending “click-to-accept” offers to customers’ mobile devices the minute they enter a showroom door.
AutoXpress features integrated shopping and pricing tools from CUneXus partner Edmunds.com, personalization technology by MobileRQ, alternative loan availability from Crowdnetic, and insurance offers from CoverHound, the company said.
At Finovate, CUneXus co-founder and CEO Dave Buerger showed the crowd how DCU (Digital Federal Credit Union)—the largest credit union in New England, and the first to implement AutoXpress—is able to send members a pre-approved loan when they are in the market for a new car.
The crowd saw how a DCU member can receive a message (via MobileRQ) when entering a dealership, “Car shopping? Remember, you're already approved for $50k, and we've negotiated some great pricing on local inventory. Click to view pricing and take advantage of your pre-approved loan.” The member can then tap to login to the DCU mobile app.
A less-qualified members might also see offers from marketplaces lenders like Kabbage, through a partnership with Crowdnetic—extending DCU’s product portfolio and the customer can click on the loan offer.
The dealership and the customer are able to agree on a pre-negotiated best price supplied by PricePromiseSM from Edmunds.com as well as the trade-in value of the customer’s existing car. The customer then completes the purchase, and arranges to pick up the new car.
Once the purchase is completed, the customer is directed to CoverHound to find the best insurance quotes available. The entire transaction--shop, borrow, buy, insure—took place in under seven minutes, and everything happened within the DCU mobile app.
AutoXpress combines CUneXus’ comprehensive pre-screened lending technology (cplXpress)—with personalization features that are powered by MobileRQ, a pioneer in mobile application personalization. MobileRQ technology adds geo-targeting and contextual content delivery to DCU’s mobile lending solution, enabling the credit union to push notifications to customers within the AutoXpress app based on behavioral, time, and geographic triggers.
“AutoXpress represents the next step towards transforming lending into a more mobile, personalized, and customer-focused experience,” said Dave Buerger, co-founder and CEO of CUneXus. “The personalization features from MobileRQ make it an ultra-convenient end-to-end auto purchasing platform for customers, and a powerful revenue source for lenders.”