Plug-n-Play
Rate Check
Convert customers like a neobank
Customers expect to be able to check rates in under 2 minutes, before going through a lengthy loan application
Customers expect to be able to check rates in under 2 minutes, before going through a lengthy loan application
Increase online application conversion by 40% and decrease your origination expense
Achieve 25% cross-sell for leads using AI cross-sell module with proprietary data on credit and spend history
Unleash growth by enabling API connection for leadgens, marketplaces, and affiliates to send lead
How It Works
Plug-n-Play Rate Check sits on top of your online application and is used by 30+ banks and credit unions
1
Enable “Check my rate” button on existing application page for auto & personal loans, credit cards, HELOC, and small business loans
2
Customer inputs their information to check their rate (no SSN needed)
3
Customer sees pre-qualified offers based on bank’s credit eligibility and rate grid
4
Customer makes their selection and they are re-directed within bank’s current digital experience
Flexible and easy to get started
- Select from over 150 credit attributes, all three bureaus supported
- Self-serve portal to change credit eligibility, rate grid, and footprint using portal or csv files
- 3rd party integration for income, LTV, and identity verification
- Customize branding and disclosures
- Plug–n-play integrations to over 15 core platforms (Fiserv, Jack Henry, MeridianLink, Temenos)
- API access to your banking products by fintechs, POS, leadgen, marketplaces
Use Case
Auto refi lender improves conversion by 50%
“We had high engagement with digital channels – search and social media – but it wasn’t converting to applications. Once we added Plug-n-Play Rate Check to our online application process, we saw a 40% increase in booked loans.”
– CLO, $400 million Credit Union in Texas
– CLO, $400 million Credit Union in Texas
Problem
Consumer loan shopping behaviors have undergone a major shift. The rise in fintechs and digital banks who provide a seamless, transparent experience – like getting a pre-qualified rate before submitting an application – has cut into market-share that was historically dominated by credit unions. Our client, a credit union in Texas with over 20,000 members and $400 million in assets, had already invested in digitizing their offering. While their digital marketing efforts led to increased engagement, conversions were stagnant at 40%.
Solution
The client implemented Plug-n-Play Rate Check in about 4 weeks, including configuring eligibility, footprint, UI, disclosures through Konduit online portal. The bank used CSV to upload credit attributes and make selections for their auto refi product. Plug-n-Play sat on top of their existing MeridianLink online application. Within a month they saw results, with conversions rising to 60%. By improving transparency and aligning with consumer behaviors, our client successfully upgraded their members’ experience and increased digital loan volume.
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