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Filenes Innovations for 2010 report available

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MADISON, Wis. (1/27/10)--The Filene Research Institute has released a report, “Key Findings: Blueprints for Innovation,” which provides a road map for credit unions looking for innovative ways to help their members generate wealth, build relationships in the community, and cooperate with other credit unions. The report provides 14 innovations that credit unions can adapt to their own institutions to help members in three ways:
* Build wealth, through Prize-Linked Savings, a Giving CD, and other programs; * Overcome debt; and * Borrow responsibly, with tools ranging from rent loans to auto loans.
The report also includes ways that credit unions can share information with other credit unions to increase their cooperation and collaboration. Among one of the member-centric ideas Filene noted is Prize-Linked Savings. Prize-Linked Savings pays out regular interest rates on savings and offers additional opportunities for returns in the form of prizes awarded to accountholders through periodic drawings. The report includes the story of eight Michigan credit unions that banded together last year to offer “Save to Win.” By pooling their resources, the credit unions offered a $100,000 grand prize to one member in January, and individual prizes to members on a monthly basis. More than 11,700 accounts were opened as a result. The program is being expanded this year, with more than 20 credit unions participating. For more information, use the link.

LoanLiner.com integrated on SAIL platform

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MADISON, Wis. and AUSTIN, Texas (1/27/10)--CUNA Mutual Group and Teres Solutions announced that they integrated CUNA Mutual’s online loan application system, loanliner.com, with Teres Solutions’ SAIL lending automation platform. The combined offering will allow loanliner.com credit unions to provide their members with instant decisions on loan applications submitted via the Web. Also, the credit unions can streamline their lending processes, from application submission to loan approval and funding. The integrated loanliner.com and SAIL platforms also will help then credit unions’ customers streamline other lending processes. This includes providing instant origination of loan applications in SAIL, which eliminates the need for manual re-keying. Credit unions also can manage applications submitted through loanliner.com using the SAIL workflow and intuitive interface, reducing the need for additional training and consulting, the companies said. CUNA Mutual Group recently released an upgrade to the loanliner.com system with significant enhancements. More than 12 million members have access to loanliner.com through 550 credit unions nationwide. In 2008, more than 550,000 applications were submitted using loanliner.com, representing more than $7.6 billion in requested credit and an estimated $4 billion in booked loans. More than 215 credit unions use Teres Solutions SAIL platform for their direct and indirect lending automation needs.

EasCorp introduces mobile check deposits

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BURLINGTON, Mass. (1/27/10)--Eastern Corporate FCU (EasCorp) and its wholly owned subsidiary, Vertifi Software, have expanded their remote deposit capture service to include mobile deposits. The new service, DeposZip Mobile, went live last week at Torrance (Calif.) Community CU. The service relies on downloadable software applications that can be used on smartphones. An iPhone application is available from the App Store and another application is being developed for Google’s Android platform. Vertifi developed the software as a plug-in to the credit union’s mobile banking service. Members use the built-in camera to acquire the check images. Checks are processed electronically through Vertifi, and deposits are posted to members’ accounts in real time. DeposZip was developed for desktop scanners in 2007 by EasCorp as the first remote deposit capture services for consumers and was made commercially available to and through financial institutions as a hosted service, EasCorp said.