Featured Startup: CreditSnap
CreditSnap joined FintechAccel | CU in our invite-only showcase in Tampa, Florida, where top startups presented to sponsoring credit unions and innovation council members, followed by rapid 1-on-1 interactions to maximize access.
Pre-Qualification is that magic solution that delivers both cost savings as well as revenue upside. Our customers save on average 40% in application processing costs.
Problem
Without a pre-qualification platform, banks and credit unions decline at least 50% of loan applicants on average. Imagine not having to decline so many of them. Not only will you not alienate that customer but you will also save decline processing costs.
Solution
Fewer Declines – Reduce adverse actions by using Pre-Qualification before accepting the full application.
Start Conversation sooner – The average borrower is not ready to apply on Day 1. For example, would-be car buyers start thinking about their loans and loan rates about 4 weeks before the actual purchase, but they are not ready to submit the application that soon. A “no credit score impact” pre-qualification is the best way to engage with this audience, and subsequently, use communication channels to convert that customer.
Improve customer credit health – The better your customer’s credit health, the more business you can conduct with them. So why decline a customer and create a hard-inquiry instead of using the Pre-Qualify platform and a soft inquiry?