Alliant’s new online loan platform further advances credit union’s digital banking capabilities
CHICAGO, IL (June 26, 2018) — Alliant Credit Union is making it easier for consumers to apply for loans digitally, at their convenience and from wherever they are. As part of the credit union’s continued digital banking evolution, Alliant has launched a new digital loan application platform, vastly improving and simplifying the customer experience from start to finish.
“The new system has allowed us to streamline our loan application and funding processes in order to make things easier for our members in an increasingly digital world,” said Jason Osterhage, Alliant Senior Vice President of Lending. “As a digital credit union, we want our members to be able to conduct all of their banking through online and mobile channels, and that includes applying for loans and opening accounts.”
With the new consumer loan origination system (CLOS), credit card applications can now close in less than half an hour, and auto loans can be funded the same day. And, Alliant is now able to make near real-time loan rate changes, easily update decision rules, and seamlessly integrate with multiple credit bureaus, which ultimately helps Alliant approve more applications.
With the new CLOS, consumers can:
· Apply for credit cards, new and used vehicle loans, home equity loans, RV loans and unsecured loans
· Track the progress of their application at any time
· Upload all necessary documents
· Communicate securely with Alliant representatives inside the application itself
· Fully self-serve and complete consumer loan funding without talking to an Alliant rep, if they so choose
Osterhage said CLOS is just the latest example of how Alliant has embraced its digital-first mission.
“Our extensive research and careful user experience design has made it possible to implement solutions like CLOS to positively impact our members in a tangible, forward-thinking way,” Osterhage said.
The new consumer loan origination system has processed more than 90,000 applications and funded nearly $600 million in loans for Alliant members.
About Alliant Credit Union (IL)
Alliant Credit Union is a not-for-profit financial cooperative with more than 850,000 members and nearly $19 billion in assets. Alliant was named one of CNBC's Top Credit Unions for 2023 and one of Money.com's Best Banks for America. Headquartered in Chicago and founded in 1935, Alliant is the largest credit union in Illinois and one of the largest credit unions in the United States. As an all-digital credit union, Alliant's mission is to provide members with a tech-forward banking experience coupled with consistent, superior financial value while simplifying and enabling how people save, borrow and pay.