ALEXANDRIA, Va.–InFirst FCU here is reporting a 15% increase in loan volume over a four-month period as the result of Shastic’s omni-channel lead generation platform, which includes mobile and social media channels. The solution seeks to capture the interest of digital visitors and turn them into prospects for loans
The $17-million InFirst FCU introduced the Shastic solution in June of 2016 and from July 1st through Oct. 31st said the tools received 5,835 visitors, 2,460 of whom interacted with the interactive tool to estimate their loan payments or credit card savings. Of those visitors, 76 made an inquiry through Shastic’s lead collector, which represents a 3.1% conversion rate from engaged visitor to lead, the company noted.
In addition, of those 76 prospects, 25 took out a loan or credit card with InFirst. “This represents a funding ratio upwards of 33%. The funded loan balance originated by Shastic during the first four months of use was $219,496 . Based on the investment made into Shastic by InFirst, this represents a staggering ROI of 9,968%,” Shastic said.
“Shastic’s tools also provided a consistent member experience across all major digital platforms and devices, streamlined the entire lending process, and provided better visibility into the credit union’s ROI from each different digital channel,” the company said.
InFirst FCU, in partnership with Shastic, completed the remote installation of Shastic’s omni-channel platform onto the financial institution’s online, mobile banking and social media channels, which was completed in less than an hour, the two organizations reported.
“With the addition of Shastic’s omni-channel lead generation platform, the institution’s mobile banking, online (website) and social media (Facebook) channels now provided an interactive and user-friendly way for members to engage with financial products in a series of easy steps,” Shastic said. “The tools also allowed InFirst FCU to capture the interest of these members by collecting their contact information and estimate data, and feeding it to loan officers in real-time for follow-up. The lead generation tools provided a way for InFirst FCU to determine how many engaged members (and non-members) were actively looking at their products through digital channels, and who they were. Because InFirst FCU did not have an online loan application, Shastic also provided InFirst FCU’s members the added benefit of a way to submit basic information online so that they could initiate the application process.”
Most importantly, of those 76 prospects, 25 took out a loan or credit card with InFirst. This represents a funding ratio upwards of 33%. The funded loan balance originated by Shastic during the first four months of use was $219,496 . Based on the investment made into Shastic by InFirst, this represents a staggering ROI of 9,968% .
InFirst also gained four new members who initiated their membership application through Shastic’s tools.