CSPI Aurora Advantage Qualifies as Top 4 Finalist in Callahan & Associates, Inc. 2023 Digital Innovation Series
Think of it as Shark Tank with a credit union spin, and it’s just been renewed for another season. The 2023 Digital Innovation Series from CreditUnions.com and Callahan & Associates is underway. Every year since 2018, this series has offered a select group of suppliers 10 minutes each to impress an audience of credit union decision-makers. It’s simple: Each vendor pitches its offerings and attendees vote on their favorites. Our team at CSPI is proud to announce that our Aurora Launch, digital account opening and lending platform, qualified Aurora Advantage as a TOP 4 FINALIST!
Learn more about Aurora Launch in a brief interview with Emily Twillman, our Director of Branding and Sales Engineer at CSPI.
Describe your digital innovation.
Emily Twillman: CSPI’s Aurora Launch online account opening and lending platform creates a frictionless member experience and improves operational efficiencies by simplifying your team’s engagement. We use core data and soft-inquiry credit pulls to pre-qualify your members. Then, we present instant offers and cross-sell opportunities based on your credit union’s credit policy. With built-in OFAC, KYM, in-session e-signatures, and instant account funding, members can apply and open an account in a matter of minutes.
What opportunity or challenge does it address?
ET: With the threat of fintech’s trying to gain traction on wallet share and low staffing numbers, it’s important for credit unions to continue focusing on a digital-first strategy beyond their digital banking platform that will also allow efficiencies to offset growing workload demands.
Many credit unions today offer a digital form for the initial application but then require members to visit the branch to complete verification processes. We understand members’ lives are busy and time is valuable. Aurora Launch provides a complete end-to-end digital solution with 365/24/7 enrollment capabilities, built-in KYM, and verification with automated workflows designed to accelerate loan volume while allowing your credit union team to remain focused on building relations and identifying opportunities.
How does it increase member value?
ET: CSPI’s Aurora Launch digital account opening and lending solution increases member loyalty and helps attract new members by streamlining the onboarding process while providing members personalized insight to their purchasing power with instant offers and quick loan approvals. We believe members will benefit from the convenience of applying for a new account from any location, on any device, at a time that best suits their schedule. The simplistic application and onboarding process can be completed in a matter of minutes verses a matter of days.
With retail prices continuing to scale upward and members tightening their budgets, it’s likely many will seek personal loans to make ends meet or consider refinancing in effort to lower their monthly expenditures. Both of these options support the prime opportunity for credit unions to better engage with members by anticipating their needs and conveniently presenting pre-approved account cross-sell offers throughout the application process, enhancing the borrowers engagement.
What differentiates this innovation from competitors?
ET: The key to revenue growth in this digital day and age is capturing the attention of your client or prospect and making it easy and lucrative for them to engage and grow relationships. When you have an intuitive workflow and it is delivered in simple digital steps, the credit union’s brand is seen as effective, smart, and easy to do business with.
Aurora Launch doesn’t ask the applicant for the loan amount they are seeking. Instead, we run a soft credit inquiry and then provide the member with the amount they are pre-approved for, avoiding a denial or negative experience. Users can then select the loan amount they have been pre-approved for and the term of the loan based on lowest interest rate or lowest payment amount to best fit their financial wellness needs.
Similar to an Amazon experience, we provide account cross-sell and upsell opportunities for additional account types and loans, refinancing, and products such as GAP insurance or mechanical repair based on the credit union’s customizations. With Aurora Launch, the credit union finds peace of mind knowing all new accounts and offers are presented based on the credit union’s credit policy.
Aurora Launch makes this simple on the front end, and we deliver it to the credit union with intelligent workflows and processes meeting regulatory requirements on the back-end. It encompasses a seamless full-circle digital solution (opening to funding to document storage) that is built for adaptation as your credit union’s strategy changes, yet also delivers on account growth and retention of engaged digital members.