CUNA Mutual Debuts Smartphone Loan Technology At ACUC
From CUNA Mutual Group Public Relations
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SAN ANTONIO – Credit union members will be able to start their loan application process on their Smartphones using technology developed by and available through CUNA Mutual Group.
Unveiled today at America’s Credit Union Conference, the Smartphone Loan technology allows loan applicants who are credit union members to begin the loan application process from wherever they are – an auto dealership, their kitchen table or sitting in their old car – on their Smartphones. The technology is a mobile version of CUNA Mutual’s loanliner.com® product, which is used by more than 500 credit unions nationwide.
“By clicking into your credit union’s website, you’ll be able to easily access a loan application just as if you were sitting at your computer,” said John Putman, director of lending business systems at CUNA Mutual and product leader for Smartphone Loans. “This is not a mobile app that requires downloading, so the process is secure and simplified.”
CUNA Mutual’s mobile technology is in response to the growing number of people who use their Smartphones to conduct business, especially younger consumers. According to research the company conducted with University of Wisconsin-Whitewater last year, students said they would be more likely to join a credit union if access to products and services was available through mobile channels.
“We know credit unions want to increase their loan volumes and attract younger members,” Putman said. “This Smartphone Loan technology accomplishes both.”
The loanliner.com application system leverages CUNA Mutual’s LOANLINER® 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 union’s loan origination system 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 insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s Web site at www.cunamutual.com.
CUNA Mutual Group is the marketing name of CUNA Mutual Insurance Society, its affiliates and subsidiaries, including CUMIS Insurance Society, Inc. Product availability and features may vary by jurisdiction and are subject to actual policy language. Corporate headquarters are located in Madison, Wisconsin.