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Members are mobilizing at a rapid pace
loanliner.com® Mobile Loan Apps Go From $1 Billion to Topping $2 Billion Mark in 11 Months
MADISON, WI (September 5, 2014) — One in four credit union members applying for vehicle loans through CUNA Mutual Group’s loanliner.com® are using mobile devices to the tune of $4 million in loans daily.
Credit unions using loanliner.com have just topped $2 billion in mobile loan applications, and accomplished it in just 11 months after surpassing the $1 billion milestone. When CUNA Mutual Group launched its Smartphone Loan™ technology in 2011, it took more than two years to reach $1 billion in loan applications.
“The bottom line is the pace at which members are buying into mobile lending is increasing at a very rapid rate,” said Steve Hoke, director of Loan Growth products, CUNA Mutual Group. “If these growth numbers say one thing it is credit unions must deliver what members want through their delivery channel of choice, and more and more members are choosing mobile.”
Hoke added: “Credit unions late into the mobile game are losing more members than they’ll ever know about. Those members will move on and they’ll never come back.”
Kauai (HI) Community Federal Credit Union ($360 million in assets; 32,000 members) has seen a significant increase in internet loan applications and Justin Ganaden, vice president, Lending, attributes it in large part to loanliner.com’s Smartphone Loan technology.
“Because of our demographics, many members access the internet through their smartphones, as many do not have home computers. We’ve seen a big increase in internet applications over the past year and more than half of them are from smartphones. It also helps that the loan application on the web is optimized for smartphones,” Ganaden said.
Another credit union that identified a need for mobile loan technology early on is NuMark Credit Union of Joliet, Ill. ($198 million in assets; 27,000 members). NuMark recognized many segments of their membership would enjoy the convenience of conducting business on their smartphones.
“Adopting Smartphone Loan technology and AskAuto® has benefited NuMark; we are all about loans,” said Kari Endres, marketing director. “This technology is part of our long-term strategy to remain relevant with our members. We want to be there for our members as they shop for cars. It’s not just Gen Y we’re reaching, consumers of all ages are choosing mobile as a way to do business.”
AskAuto is a downloadable smartphone application offered through CUNA Mutual Group’s loanliner.com that provides credit union members vehicle information and loan application assistance to simplify their vehicle-buying experience.
CUNA Mutual Group’s Smartphone Loan technology is a mobile version of loanliner.com, which is used by nearly 600 credit unions nationwide. The loanliner.com application system leverages CUNA Mutual’s LOANLINER® Document Solutions lending compliance expertise to ensure the application presented to the member complies with all appropriate state and federal regulations and required disclosures. The loanliner.com application system interfaces with credit unions’ loan origination systems to provide an underwriting decision back to the member in seconds and then transports application data back to the loan origination system.
CUNA Mutual Group was founded in 1935 by credit union pioneers, and our commitment to their vision continues today. We offer insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStage®-branded consumer insurance products; and investment and retirement services to help our customers succeed. More information is available on the company’s website at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.