These four innovators are pushing the envelope toward new levels of efficiency and service in credit union lending.
In 2018, CreditUnions.com launched a one-of-a kind contest that showcases the ways in which inventive suppliers are transforming the credit union industry.
Presented by CreditUnions.com and sponsored by Callahan & Associates, the Innovation Series gives four suppliers 10 minutes to impress a captive audience of credit union decision-makers. Suppliers pitch their cutting-edge solutions. Attendees vote on their favorite.
The 2018 Innovation Series spotlighted solutions of the Mobile and Lending variety. The 2019 Innovation Series includes Mobile, Lending, and Member Experience. From vendors large and small, products and services featured in this year’s Lending category are using analytics, machine learning, and other automation to make for efficient, intuitive credit union lending — from application to closing.
Describe your innovation.
Dave Buerger: Our cplXpress lending and marketing automation platform enables credit unions to provide their members a new benefit of membership: “perpetual loan approval.”
The software uses advanced data analysis to completely eliminate the loan application process for creditworthy members, granting them ultimate transparency into their personal borrowing power and “one-click” access to highly personalized, pre-approved loans at every digital and physical touchpoint.
What opportunity or challenge does it address?
DB:Companies like Amazon, Uber, and Apple have set the consumer expectation of a personalized, mobile-first, one-click experience, but the financial services industry has been slow to react and has fallen woefully short of these expectations.
CuneXus is first-to-market with a proven technology that beautifully and completely addresses this need. Simultaneously, our solution also solves the need for lenders to more quickly and efficiently process loans.
Clients nationwide report significant gains in both loan volume and back-office efficiency. For example, one client’s average processing time for personal loans, from request to funding, dropped by 60%, from 25 minutes to 10 minutes, and auto loan processing times dropped by 80%, from 40 minutes to eight minutes.
How does it increase member value?
DB:At CuneXus, we live by the mantra “Think 1-Click.” We believe accessibility, personalization, and speed are the keys to optimizing the customer experience. We’re proud to assert that no other solution provides a faster path to funds, but rapid funds availability is just one of the member benefits. There’s much more.
A member can log in to online or mobile banking at any time and see exactly how much money they have available to them right now, across every consumer loan category the credit union has to offer. They can select from available loan terms and rates, indicate how much they’d like to borrow from their available funds, and then activate the loan with a few taps.
Ten seconds. It doesn’t get any easier or more stress-free than that. Why should a high-value, low-risk borrower fill out an application? The credit union has everything it needs to make a responsible lending decision. These members expect and deserve a better experience.
What differentiates this innovation from competitors?
DB: Competitors focus on streamlining the loan application process; our solution completely eliminates it, enabling a 10-second loan activation experience. No other solution on the market leverages ongoing data analysis to bypass the loan application step.
Our Comprehensive Pre-Screened Lending Strategy (CPL) and the Perpetual Approval experience it enables is the secret to providing an unrivaled digital lending and borrowing experience.
The strategy seems to be resonating with the industry, as we’ve rapidly grown to serve 100 financial institutions representing more than $180 billion in combined assets and more than 10 million consumers. The platform is currently generating more than $8 million in approved loan requests daily.