Credit union members as owners of their financial cooperatives enjoy special perks. Credit unions allow real people to be flexible in making decisions, often allowing borrowers to obtain loans that they could not obtain elsewhere. Through personal touch credit unions build deep relationships with the people they serve which is essential to the credit union’s overall strength and stability. Today’s member-owner builds relationships with brands through digital channels so it is essential that credit unions enhance their digital member experiences.
For example, our fintech portfolio companies, Zest AI and WithClutch have teamed up to offer a digital account opening and lending solution through a fully automated, frictionless end-to end user experience. Fintech like Zest AI and WithClutch enhance the member experience by providing technology to open deposit accounts and view offers to borrow from credit unions through auto loans, personal loans, HELOCs, and credit cards within minutes and without talking to a single person.
Furthermore, AI automation is proven to be a powerful tool that helps credit unions be even more inclusive – and profitable. With digital account opening, credit unions can raise more deposits more quickly. With automated lending, credit unions are enabled through fintech partnerships to provide their members with loans faster and without bias. Plus, automation allows for the fast processing of massive amounts of data to identify hidden, yet actionable member service opportunities.
The Zest AI + WithClutch solution includes a member platform that is easy to use and tailored to each credit union. The technology automates ID verification and fraud detection following best practices and the industry leading data services. Subsequently, the platform performs a soft credit pull and cross-references the member’s credit report to the credit union’s rate sheets. The platform opens a deposit account, gathers deposits, and underwrites loan applications in real-time and without the need to ever talk to a credit union employee.
Consumers are choosing digital first experiences across industries. The amazonification of buying habits has radically changed consumer expectations. Credit unions must offer highly intuitive digital solutions to meet and exceed member needs. Through automating underwriting like a fintech, credit unions can process member requests faster, safer, and more inclusively than ever before.
For credit unions, the timesaving opportunities offered by automated ID verification, fraud detection, and underwriting can be tremendous. The technology provides credit unions with additional deposits and ready-to-fund loan applications directly in their existing LOS. With this saved time, the credit union can create greater value for members and dedicate more time to boosting service.
Plus, it’s a great way for credit unions to future-proof their operations, stay relevant, and continue to modernize their offerings, helping them to attract more members while becoming more efficient, convenient, and member-friendly.
Credit unions are embracing fintech and moving past the fear that automation could lead to bad decisions or weaken the member experience. Automated deposit account opening and lending removes barriers to exceptional member service, empowers the member to take action, and is the exact type of digital offering every credit union needs to maintain and grow credit union membership.
Interested in hearing firsthand how credit unions are benefiting through collaboration with this innovative technology? Chief Lending Officers, Todd Peeples from All In Credit Union and Brett Christensen from America First Credit Union share their experiences in a webinar called “How to Create the Ultimate Digital-First, Automated, Fair Lending Experience”. Listen here.
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