After adopting CreditSnap’s Soft Inquiry and Instant Offer based lending solution, Gesa Credit Union experienced a 60% month-over-month increase in new credit card bookings and 30%+ increase in auto loans

OPPORTUNITY

Gesa Credit Union, one of the largest credit unions in Washington State, recognized the need to enhance its member acquisition strategies and boost its loan portfolio growth. The challenge and opportunity were two fold: to streamline the credit application process and enhance the overall member experience. With a focused aim to elevate credit card bookings and expedite auto loan approvals, Gesa Credit Union proactively sought innovative solutions to meet the evolving needs of its members.

SOLUTION

The transformative solution saw the seamless integration of CreditSnap into Gesa Credit Union's existing Loan Origination System (LOS) and core banking systems. This strategic move increased loan production through three key drivers:

‍1. Increased Application Volume: Soft Inquiry based lending journey implies “No Credit Impact to check how much credit limit you can qualify for”. This message on the website and this message distributed through email campaigns created a strong top of the funnel application volume that consistently generated elevated level of application volume

2. Increased Conversion: Instant Offers capability, combined with instant Balance Transfer capture capability, made the journey very fulfilling and the Capital One style user experience resulted in strong conversion rate

3. Higher Approval Rates with Positive Risk Bias: In this age where almost everyone has a credit card, applicants are apprehensive of credit impact from a new credit application. Soft Inquiry led lending experience removes this friction and attracts many good applicants to apply for a credit card without the risk of negative credit score impact. With a better ratio of applicants with better risk profiles, Soft Inquiry technology led to higher approval rates.

IMPACT

The adoption of CreditSnap yielded remarkable results for Gesa Credit Union:

60% Month-Over-Month Increase in New Credit Card Bookings: The streamlined credit card application process, combined with pre-approved offers, resulted in a significant surge in new credit card bookings. Members found it easier and more convenient to apply, contributing to the impressive 60% month-over-month increase.

Over 30% Increase in Auto Loan Approvals: The enhanced loan origination process, powered by CreditSnap's data-driven insights, enabled Gesa Credit Union to make faster and more informed auto loan decisions. This led to a consistent and substantial increase in approved auto loans.

For additional information, please don't hesitate to reach out to us at community@creditsnap.com. Witness the power of our innovative platform in action, make a hassle-free demo request now!