In today's digital age, offering members more digital convenience is not just a goal for credit unions – it’s a mandate. With the right financial technology, credit unions can become more deeply integrated into the daily lives of their members, fostering loyalty and generating revenue. One such innovative solution is CU NextGen’s Pay A Loan.
Introducing Pay A Loan
Pay A Loan is a cutting-edge payment tool housed within the credit union’s digital banking experience. It simplifies the loan payment process by allowing members to make payments using funds from virtually any account, including external accounts. This integration enhances convenience and flexibility, making the loan payment experience seamless and efficient.
The Innovation Behind Pay A Loan
Developed from the ground up, Pay A Loan integrates external payment sources, enabling account linkage, secure storage, and scheduled payments. Utilizing open banking, micro-deposit, and NACHA file support, Pay A Loan ensures top-tier security and efficiency. This innovation represents a paradigm shift in loan payments, blending state-of-the-art technology with user-centric design to set a new standard for financial tools.
Unlike off-the-shelf solutions, Pay A Loan is customizable to meet each credit union’s unique preferences. This adaptability ensures that the solution meets immediate needs while allowing for future enhancements, offering functionality and flexibility.
The Value of Pay A Loan
At its core, Pay A Loan is about providing value to members. The solution offers a more straightforward loan payment experience, enhancing convenience, security, and efficiency. By integrating external payment sources, members can make loan payments directly from the credit union’s platform without logging into multiple external accounts. Scheduled payments ensure timely transactions without manual intervention, empowering members to manage their financial commitments easily.
Pay A Loan enhances member satisfaction and confidence in credit unions, capturing more member transactions and deepening relationships. This increased engagement translates into significant value, including fee income.
Pay A Loan in Action
Our credit union partner, Meritrust CU, faced challenges during a critical digital banking conversion. Struggling with existing, off-the-shelf payment vendor options, they turned to CU NextGen for a customized, more functional solution. CU NextGen developed Pay A Loan as an agile, reliable tool for credit unions and their members.
For Meritrust, Pay A Loan delivered measurable value right away:
First 90 Days: 31,000 transactions
Convenience Fee per Transaction: $4
Total Fee Income: $126,000
Projected Fee Income for First 12 Months: $500,000
Continued Innovation
With the success of the first use case of Pay A loan, CU NextGen extended the capabilities to include an external website integration featuring an express checkout tailored for indirect members. This enables credit unions to engage with indirect members and generate fee income while offering a fast, secure, and user-friendly payment experience.
Payment Innovations
Pay A Loan is a proven solution to seamlessly meet critical digital banking needs. By prioritizing security, control, and accessibility, Pay A Loan significantly elevates the overall value for members and credit unions.
To learn more about how Pay A Loan can benefit your credit union, contact us at cuxentgen.com/contact.