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CLIENT CASE STUDY: $1.2 Billion Asset Credit Union Implements CrediSphere®
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Institution Type:
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Credit Union
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Institution Description:
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$1.2 billion in assets, federally chartered credit union
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Number of Locations:
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8
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Customer Challenge:
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This large California credit union was experiencing steady growth in membership and
looking for ways to increase member satisfaction and service. Their existing credit
origination system was scheduled to be discontinued by the vendor. The aim was to
replace the system with one that would fully integrate with other disparate systems,
while still leveraging their current scoring model. The credit union, not equipped
with Internet connectivity, had in place an online credit application solution through
a third party vendor.
Customer Goals:
- Fully integrate with other disparate systems, and maintain their current scorecards.
- Allow customers and dealers accessing their website the ability to submit an application
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- Accommodate entry of pre-approval applications.
- Eliminate cost associated with third party online credit applications.
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Description of X/Net Solution:
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The credit union chose X/Net's CrediSphere® Extended Edition in order to accommodate
the large number of interface requirements and depth of customization required.
Strong integration capabilities allow connections to:
- Fiserv's Summit Spectrum, including pre-population of applicant information
- Fair, Isaac's LiquidCredit® decision engine
- Calyx Software's Point® System for Real Estate applications
- Credit insurance calculations (for credit life & disability and GAP insurance)
CrediSphere was customized to accommodate entry of pre-approval applications,
saving processing time by eliminating many data entry steps.
CrediSphere reduced
costs by eliminating the need for a third party online credit application. The
new system provided loan application data entry by credit union members and
dealers via X/Net's Consumer Internet Web Access and Dealer Internet Web
Front End.
The credit union was able to maintain their application risk model (ARM) vendor.
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Solution Software:
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- X/Net's CrediSphere Extended Edition, powered by MetaSage®
- X/Net's Dealer Web Access
- X/Net's Consumer Web Access
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