The Cloud

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Visions Federal Credit Union Leverages SilverCloud’s Credit Union Software to Gain Double-Digit Growth in Mortgage Loans

 

Who: Headquartered in Endwell, NY, Visions Federal Credit Union was founded in 1966 and currently serves 180,000 members with 44 branches and over $3.5 billion in assets     

When: Visions Federal Credit Union implemented SilverCloud’s Top Content Widgets in March of 2015.

What: SilverCloud’s Top Content Widgets solution increased mortgage loan growth by 21 percent, doubling the credit union’s internal goals without counting the increase in HELOC loans. As a result of SilverCloud’s Top Content Widgets, Visions Federal Credit Union also increased digital engagement and produced more qualified applicants.

The Challenge:

After 10 years of working with SilverCloud and employing their credit union software to reduce the technology-related and redundant calls that were clogging up their call center, Visions Federal Credit Union asked SilverCloud to assist them in tackling a few more goals they had set. They wanted to enhance customer engagement around mortgages in order to improve loan initiation — specifically via their digital channels.  In addition to increasing loan growth, Visions Federal Credit Union wanted to make the customer experience as seamless as possible by providing customers easy access to the answers they needed in order to move forward with obtaining a mortgage. Similarly, as Visions Federal Credit Union was updating their website, and more specifically their mortgage loan page, they realized they needed a better way to utilize content in order to entice members into initiating the loan process.

“We wanted to create a more seamless experience in obtaining mortgage loans. Mortgages are complicated and it is important to have answers to member questions immediately available to assist through the process,” said Tom Novak, e-Commerce Solutions Manager at Visions Federal Credit Union. 

The Solution:

Through SilverCloud’s Top Content Widgets, Visions Federal Credit Union was able to provide its members with a solution to assist with the complicated task of applying for a mortgage loan. By employing knowledge-based credit union technology, Top Content Widgets provide members contextually based answers to the questions most likely on their mind while researching mortgages.

Top Content Widgets are customized to be part of the bank or credit union’s website and provide answers based on real customer questions. The database of questions is updated constantly in response to real-time inquiries being asked by the institution’s customers.

“Through the addition of SilverCloud’s Top Content Widgets, we were able to increase our conversion of mortgage loans and allow our members to do banking on their terms — doubling our internals goals without counting HELOC loans,” said Novak.

 The Results:

After implementing Top Content Widgets, Visions Federal Credit Union saw a significant change in their members’ behaviors when seeking a mortgage loan, including an increase in qualified applicants — which allowed for a higher yield than in previous years. SilverCloud’s Top Content Widgets increased digital engagement by 15 percent and mortgage loan growth by 21 percent. Additionally, Visions Federal Credit Union saw that members were staying on their websites mortgage page longer than before.

“SilverCloud delivered more engagement and more qualified applicants, allowing the lending officers to focus on higher yields than in previous years. We were very pleased to more than double our internal goal with a 21 percent increase in mortgage growth,” said Novak.

 

About Visions Federal Credit Union

Visions Federal Credit Union is a nonprofit bank or credit union completely owned by its members. Celebrating its 50th anniversary in 2016, Visions serves more than 180,000 members with offices in communities throughout New Jersey, New York and Pennsylvania. Services include general banking as well as auto, home, personal and business loans. Visit www.visionsfcu.org for more information.

 

About SilverCloud

Portsmouth, NH-based SilverCloud is the self-service solution for premier banks and credit unions.  Successful banks and credit unions utilize SilverCloud’s bank and credit union software to improve service and increase productivity that leads to more growth. SilverCloud delivers easy-to-launch solutions that unify employee and digital service channels with consistent and accurate information. As a result, SilverCloud clients are more competitive, experience greater operational efficiency and are more compliant – all through bank or credit union-focused SaaS tools, content architecture and content services. For more information, visit www.silvercloudinc.com.

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