CU NextGen, a CUSO bringing next-generation technology to credit unions, was just announced as the winner of the CreditUnions.com 2023 Innovation Series awards in lending. CU NextGen’s lending innovation is solving credit union members’ needs in real time and providing a future-focused alternative to pay-day loans. Housed in a credit union’s online and mobile banking systems, the automated microloan allows members to request a personal loan of up to $2,000 at any time of the day — seven days a week with no credit check. Powered by CU NextGen’s automation and AI technology, the loan instantly gives approval and funding. It provides members relief when they need it most while promoting financial wellness.
“The automated microloan is proving to have a substantial impact in the marketplace,” said CU NextGen CEO Kent Zimmer. “In one case study, a credit union partner who has been offering the solution to members for almost a year is now averaging $300,000 in microloans each month, which means that as they are meeting needs in real time, they are helping 200 members each month to reduce their reliance on predatory lenders.”
As part of the award submission process, CU NextGen hosted a webinar that included a 10-minute presentation about its innovation, an automated microloan, and on its significance for members and the industry. With its unique benefits and impact, CU NextGen’s automated microloan won over the panel of industry executives who declared it the lending winner. CreditUnions.com presented two additional awards in digital and member experience.