CU*Answers and eDOC Innovation collaborating to create CD-secured loans without employee intervention

CU*Answers programmers, including the CUSO’s Imaging Solutions, core processing, and online banking teams, have teamed up with partner CUSO eDOC Innovations to build integration that will allow members to get a CD-secured loan online and without any intervention required from the credit union. The work on 1-click loans will set the stage for further opportunities for credit unions to offer quick and easy loan offerings to qualified members.

Through the process, members will be able to accept an offer for the loan inside of It’s Me 247 Online Banking based on predetermined criteria. From there, the system will create the required loan note form to be signed and forward it to eDOC Innovations for presentation for eSignature right inside of online banking. After they eSign the note, eDOC Innovations will notify the CU*BASE core system, enabling funding. All of this is done without a staff member needing to push buttons or talk to members. This will be the first of several types of loans that will be able to be offered in this fashion as the teams build this out in the coming months. Other types will include credit card loans and share secured loans.

John Beauchamp, VP of Professional Services, Imaging Solutions shared: “The great part about this is a member can get a loan right through to disbursement at 11PM on a Sunday night, a holiday or any time! Member convenience is not just a bonus, it’s coming to be an expectation to remain competitive in our service driven economy. And this feature will create more opportunities for credit unions to earn that may otherwise have been missed.” CU*Answers anticipates the function to release mid-2020.