Small Banks and CUs Benefit from Online Traffic

More smaller banks and credit unions are adopting online, integrated point-of-sale technology to grow in the current down market. For example, Louisiana Federal Credit Union of LaPlace, La., decided that offering an online mortgage application would not only enable the organization's two-person mortgage team to increase their application volume, but would also help LFCU become a bigger player in the local mortgage market. As a result from 2004 to 2009, LFCU has used Mortgagebot's PowerSite technology to triple its annual mortgage volume without having to add staff. Similarly, Illini Bank, a $248-million-asset commercial bank with 12 locations near Springfield, Ill., had actually exited the mortgage business until realizing that a lack of mortgage products was costing them business to competitors. The bank implemented PowerSite Consumer as its direct-to-consumer mortgage website - enabling self-serve borrowers to quickly apply for mortgages online. Illini Bank has benefited significantly from its online solution, citing an average annual increase in application volume of 71% over the last three years.