Headquartered in Washington, D.C., Agriculture Federal Credit Union (AgFed) has been serving the needs of its members nationwide for almost 90 years. As consumer expectations for quick access to capital and seamless digital experiences grew, AgFed knew they had an opportunity to grow its membership while expanding its share in personal loans.
However, as a smaller credit union with an older member base, their own members did not have a need for personal loans, and AgFed was looking to increase their approval rates without taking on more risk. Thus, they knew they needed to partner in order to acquire new members and compete through an improved personal lending experience.
Once the pandemic struck, AgFed was faced with more challenges: larger credit unions were only growing in size, making it more difficult to compete, and member experiences needed to be all digital. At the same time, internally, AgFed’s labor-intensive processes were costing more in resources than they were getting in returns. Leaders at the credit union knew it was time for a drastic change.
continue reading »