New Digital Capabilities for Credit Unions Expand Consumer Access to Data-Driven Lending Solutions
CUNA Mutual Group’s AdvantEdge Analytics has evolved into AdvantEdge Digital, now offering a suite of software as a service (SaaS) solutions. In addition to existing data and analytics solutions, AdvantEdge Digital is delivering a proprietary, consumer-centric digital lending solution to the credit union industry. The digital lending solution provides a transparent, seamless experience to both members and loan officers, and expands access to the loan application process for more consumers.
“Members expect real-time, contactless and self-service delivery of financial services, and we are committed to building, buying and partnering to bring additional capabilities to consumers,” said Dan Kaiser, president of AdvantEdge Digital.
“By building this new digital capability as part of our evolution to AdvantEdge Digital, we will help even more members by harnessing the power of analytics and the digital lending experience. We’ve worked extensively with our credit union partners and their members at every step of building this solution. With a broader mindset and a suite of nimble, iterative SaaS solutions, we are excited to help credit unions unlock their digital potential, helping more members achieve financial wellness.”
The digital lending solution includes automated document upload to cut down on back-office paperwork, provides a dashboard to clarify loan status and integrate cross-sell opportunities, and frees up the loan officer to spend more time with members. It also provides a seamless member experience. Through features like the Loan Simulator, the digital lending solution demystifies the lending process for members and provides simple, step-by-step guidance and real-time responsiveness.
Co-created alongside several of AdvantEdge Digital’s early credit union partners, the new digital lending solution incorporates learnings from extensive lending officer feedback. Among those partners is 121 Financial Credit Union, a $599 million, 47,000-member credit union based in Jacksonville, Florida. While piloting the solution, 121 Financial reported the average time for online users to sign up for a 121 Financial membership had been cut in half – from 12 to 6 minutes. Even better, the average loan application abandonment rate dropped by nearly 20 percentage points. “We’ve never seen results like this; it’s a great start,” said Adam Wade, vice president of Marketing and Analytics. “March 2021 was our best month for top-of-the-funnel leads since I joined the credit union.”
Neighborhood Credit Union of Dallas, Texas, also plans to integrate Advantage Digital’s lending solution into its omnichannel delivery strategy in the second half of the year. The $970 million, 55,000-member credit union serves people traditionally underserved by banking institutions. “The individuals we serve rely heavily on smartphones for meeting their day-to-day needs,” said Carolyn Jordan, senior vice president of remote services and member development. “It’s mission-critical for Neighborhood Credit Union to provide adaptive, frictionless online and mobile experiences to members and prospects. A welcoming first impression is just as important in a digital channel as it is in person.”
AdvantEdge Digital continues to offer data analytics solutions, such as Financial Performance Management, as well as strategy consulting services. Future offerings will focus on leveraging the power of data to create solutions such as persona-driven business intelligence, real-time reporting and predictive analytics modeling.
About AdvantEdge Digital
AdvantEdge Digital, a CUNA Mutual Group company, partners with credit unions and delivers a suite of SaaS solutions to unlock your digital potential. We help you grow and compete, with a consumer-centric digital lending experience, analytics tools to access real-time insights and more. This collaborative, data-driven approach transforms your team and empowers consumers to create a brighter financial future—Informed. Enabled. Energized. To learn more about AdvantEdge Digital and our dynamic solutions, visit www.AdvantEdge.Digital.
About CUNA Mutual Group
Built on the principle of “people helping people,” CUNA Mutual Group is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit www.cunamutual.com.