How credit unions can use technology to reduce friction in the lending process

by Origence

Credit unions have been leaders in consumer trust for decades, earning a reputation as safe, reliable partners for generations of members. To maintain that high level of consumer trust, credit unions must ensure their technology keeps pace with consumers’ expectations for seamless digital interactions. Credit unions’ consumer satisfaction ratings marginally decreased in 2022, while banks and fintechs saw a slight lift — largely due to their modern digital and mobile banking capabilities.

Now, credit unions have a unique opportunity to regain ground with tech-savvy members. To do so, they’ll need to lean into consumer-focused loan products while upgrading the technology that powers their underwriting business.

When borrowers shop for more favorable loan conditions, many turn to credit unions. To fully capitalize on borrowers’ increased interest, credit unions must remove barriers to entry like nonintuitive, time-intensive application processes.

Enter the modern loan origination system (LOS). With the right technology, you can modernize your lending processes to keep pace with digital-native competitors, enabling you to retain members and attract new borrowers. 

Borrowers want loan applications to be intuitive, fast, and secure. That means you need to make it possible for borrowers to easily and securely apply for loans from their mobile devices. Sending loan applications and personal documents through unprotected methods, like email and unencrypted web forms, is no longer sufficient in an age of rampant cybersecurity attacks.

A modern LOS includes native features and integrations that guarantee a frictionless and secure experience for borrowers and a streamlined process for lenders. But it’s not just about getting applicants in the door — a cutting-edge LOS can help you increase approval rates without assuming more risk. AI and auto-decisioning tools use models designed to identify borrowers with nontraditional credit profiles so you can say “yes” to more applicants, even in a tough economy. Key LOS features include an intuitive, mobile-first UX, automation capabilities, integration with next generation tools like AI and beyond.

Download this complimentary white paper to learn more about what credit unions can do serve the evolving needs of their customers. Topics covered include:

  • What a modern LOS looks like and an overview of key features
  • How to upgrade the borrower experience
  • Enhancing collaboration in the borrower process
  • The benefits of automation
  • Success story examples
  • And more!

Position your credit union for future growth through the adoption of advanced loan origination technology. Going forward, these solutions will be particularly beneficial as more borrowers turn to credit unions for consumer-friendly loan options. With a modern LOS, you can confidently extend credit to more borrowers, enabling you to foster growth for your institution and your community. Learn more with this complimentary white paper download.

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