CUNA Mutual Introduces Smartphone Loan Technology

CUNA Mutual unveiled the mobile version of its loanliner.com product, which is used by more than 500 credit unions nationwide, at the America’s Credit Union Conference in San Antonio this week. Credit union members will be able to start their loan application process on their smartphones.
 
The insurer says its 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,” said John Putman, director of lending business systems at CUNA Mutual and product leader for Smartphone Loans. “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.

This is just one of many upgrades to loanliner.com since its launch in 2002. One upgrade in 2009, the Consumer Lending Platform (CLP) initiative in 2008 to upgrade Loanliner.com's functionality and improve customer usability, was recognized as 1^st place in the customer experience category in INN’s INNovators 2010 award program. To watch Mark Molitor, VP, IT Sales, Marketing & Corporate Support, CUNA Mutual Group, discuss theaward-winning customer experience project, click here.