BERKELEY, CA – Shastic has released of “LeadMe,” a real-time personalized offer system for financial institutions that acquires and converts top-of-the-funnel loan opportunities across multiple channels.
One CU using the solution is reporting a 15% increase in loan volume.
LeadMe allows marketing and lending departments at an institution to easily generate, track, organize, and respond to incoming opportunities, as well as recapture old prospects, the company said.
“LeadMe provides a real-time personalized offer to prospects through a price estimator,” Shastic said in a statement. “It then collects contact information and delivers it in real-time to loan officers, so they can respond to the opportunity . Loan officers can use the workflow to view, sort, and act on these opportunities. The real-time workflow combined with personalized offers produces a significant competitive advantage and a substantial increase in sales.”
The company noted in a statement that the rapid growth of companies like LendingClub, SoFi, Prosper and LendUp result from their ability to offer prospects convenient ways to get a personalized offer instantly through a payment estimator or a lead form. However, traditional institutions lack similar tools, and as a result, end up losing out to alternative lenders - especially with younger borrowers who shop for loans online, it added.
Among the adopters of Leadme are the $171-million InFirst FCU in Virginia, which increased loan volume by 15%, the result of converting one in every 3 opportunities delivered by Shastic into funded loans or new accounts, according to the company. Within the first two months, InFirst FCU reached a full return on their investment, it said.
“Shastic helped streamline our internal process for acquiring and consolidating loan opportunities,” says Jeff Parish, CMO of InFirst FCU. “We developed set procedures within our retail and loan departments to take full advantage of the real-time delivery of leads. It allowed us to immediately identify and act on warm prospects, and optimize our operations to maximize revenue.”