Every employee working at a financial institution knows that the key to growth is increasing customer wallet-share. But, finding new and innovative ways to engage your borrowers so they are interested in other products you offer such as a credit card, refinancing an auto loan, or loan consolidation can be costly and time consuming. Instead of creating a cross sell marketing campaign that can be missed or overlooked by your customers, TCI’s DecisionLender 4 Cross Sell offers a simpler solution that guarantees you will never miss an opportunity to cross sell your customers and members.

Introducing DecisionLender 4 Cross Sell: an innovative way to offer your customers additional loan products throughout the entire lending process or at any point of contact. Utilizing this tool at your multiple touch points with the customer/member will ensure you won’t miss an opportunity to offer them an additional loan product. The Cross Sell Module can be utilized for direct, indirect, or online lending.

Using the DecisionLender 4 Cross Sell Module for your online lending initiatives is a necessity if you are to remain competitive in the online/mobile marketplace. The amount of loans provided through smartphones is increasing dramatically each year, and according to AGC, 80% of all internet data is processed through our phones. By incorporating DecisionLender 4’s Cross Sell Module into your on-line lending program you will be able to offer additional products to your customers and members while they are requesting a loan via their mobile device. Thus, you will never miss a lending opportunity. To learn more about online lending with DecisionLender 4, see our online lending product: https://tcicredit.com/editions/internet-app/

So how does it work?

AT THE BRANCH

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Once enabled, the Cross Sell tab within DecisionLender 4 will start displaying notifications. These notifications serve as reminders that your customer/member is eligible for additional loan products.

While a branch manager is engaged with a customer/member, the notification tab will prompt the branch manager to see what additional loan products the customer/member is pre-qualified for. All qualified products listed in the cross sell tab are run through the decision model associated with loan type.

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If the borrower accepts your additional loan product offer, the cross sell listing will change from “active” to “redeemed” and will convert this cross sell opportunity into a new application and auto-populate the application with the borrower’s personal information. This new application will now follow the same work flow as any other application would for that loan type. For example, if you’re offering the customer/member a new credit card, the credit card cross sell is run through the credit card loan type rules.

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FOR INDIRECT

DecisionLender 4’s Cross Sell Module can also be utilized in the indirect lending process or for later follow-up. If an applicant is at a dealership and your institution receives the lending opportunity, DecisionLender 4 will capture the borrower’s information and notify you if this applicant is eligible for another loan product. This enables your institution to offer the customer a new credit card while they are at the dealership. Since DecisionLender 4 captures the borrower’s data, your institution can still compete for the borrower even if you lost the original application to a competitor. Easily call or email the borrower for follow-up and cross sell opportunities.

Searching with the Applicant Portfolio

The traditional way of offering a cross sell product has always been limited to
in-person interactions with customers during the direct lending process, or by cold calling customers from an old contact book or excel spreadsheet. This is remedied by our Applicant Portfolio. The Applicant Portfolio is a digital filing cabinet designed to simplify the search & retrieve experience, making it easier for you to look up past and present applications. Based on your search criteria, you can pull a report of people eligible for specific loan products, specific dates, or any other criteria of your choice.

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After entering a search on open and previous applications, a list of customers that match your search criteria will display. This list will help you identify potential cross sell opportunities. As displayed below, DecisionLender 4 Cross Sell will list any active, redeemed, declined, or expired cross sell opportunities alongside the total number of applications submitted by your borrowers.

 

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Upon selecting a candidate, the candidate’s details will display a list of possible cross sell opportunities. By utilizing the cross sell filter, you can hone in on specific loan types if that is your goal. For example, if your institution wants to increase the number of home equity loans in your lending portfolio, set the “cross sell type” to home equity loans. The list of qualified candidates generated by the Applicant Portfolio is run through the home equity decisioning model so you already know they’re qualified for this loan product. This greatly reduces the amount of time required to search through existing borrowers for cross sell opportunities and thus increases efficiency for all of your employees.

Cross Sell Module Features

With DecisionLender 4’s comprehensive cross sell tool you’ll be able to:

  • Increase your wallet-share with your clients/members to drive profitability.
  • Leverage data to identify additional opportunities and products available to qualifying clients/members at any stage of the lending process.
  • The Cross Sell Module is designed to track leads and generate reports on the performance of your cross sell program.
  • Configure the cross sell tool on-the-fly, to develop marketing campaigns aimed at specific loan products.
  •  Tech-savvy smartphone users are increasingly utilizing their phones to conduct business. Easily offer additional loan products to your borrowers while they utilize their phones to request a loan.
  •  Eliminate the manual process of sifting through applicants for possible opportunities by utilizing a dedicated search function designed for cross sell.

Simplify your cross sell process by utilizing the Applicant Portfolio, our digital filing cabinet, to track, maintain, and update customer/member opportunities. Never miss a cross sell opportunity during any point of customer contact. Run reports on customers/members with existing or non-existing loans to see where you’re leaving money on the table.

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