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CuneXus Study Reports Improved Loan Portfolio Growth for Participating Credit Unions

By May 3, 2021October 15th, 2021Financial Lending

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May 3, 2021

CuneXus Study Reports Improved Loan Portfolio Growth for Participating Credit Unions

More than 17% increase in loans granted in a year following implementation, per analysis

MADISON, Wis.–(BUSINESS WIRE)- – CuneXus, the first digital storefront for financial institution’s customers and members, found that credit unions experienced a 17.3% increase in average number of loans granted over a 12-month period after implementing its product. This comes from an analysis to uncover the statistically significant impact CuneXus’ products have on participating credit union operations/financials versus non-participant peers.

The increase in loans spiked especially higher than industry averages in Q2 of 2020; as the credit union industry average fell with the pandemic, personal and targeted offers from CuneXus accelerated. Analysis found that the CuneXus alignment had the strongest impact within Home Equity Lines of Credit and unsecured loan growth for participating credit unions. Credit cards, new and used auto loan growth increased at a steady rate during this same time, however, it is uncertain if CuneXus was an influencer or moderate supporter of this growth. Also, it appears that credit unions with greater than $2B+ experienced notably higher average performance rates than their smaller counterparts, the results may be attributed to more qualified members.

“Partnering with CuneXus has given our credit union the ability to extend guaranteed loan offers to members in as little as 10 seconds,” said Jaynel Christensen, vice president of lending for Frankfort, Ky-based Commonwealth Credit Union. “An added benefit is the mobile borrowing experience that makes it easy for members to transact when and where it’s most comfortable for them. CuneXus has become a vital part of our sales and growth; we will leverage their strategy to continue to support our members.”

CuneXus uses a financial institution’s customer information and lending criteria, as well as customer credit history, behavior, and location to identify and align potential loan offers—with no application necessary. Targeted offers are presented to consumers via the institution’s online and mobile banking access, with aligned branch and call center member support.

“This impact analysis proves we’re providing an invaluable service to the credit unions we serve,” said Dave Buerger, co-founder & president of CuneXus. “We’re helping these institutions increase loan volume and revenue at a double-digit increase, while giving them a competitive advantage and an opportunity to deepen relationships with their members.”

About CuneXus:

Our specialized sales and marketing systems focus on data-driven application-free lending that helps lenders maximize the profitability of existing customer relationships. CuneXus provides turn-key access to a powerful, award-winning consumer lending strategy that has been proven to optimize operational efficiency, cut costs, increase sales volume, and enhance customer experience and satisfaction. CuneXus’ pioneering technologies are at the forefront of the transition to a new era of customer empowerment through on-demand lending and borrowing.

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