A credit union team built a virtual lending application, leading to increased member satisfaction and staff productivity, reduced costs, and a 30 percent year-over-year increase in loan applications.

A popular holiday loan program was taking a toll on credit union staff productivity and member satisfaction. Staff spent an average of 15 minutes processing each loan application; members had to enter information that the credit union already had on file.

The credit union team built a virtual lending application, powered by Architect from Fiserv, that pulled member information from the account processing system.

Authenticated members could simply verify information rather than keying it in, reducing the time it took to complete a loan application by 80-90 percent. The time to process an application also decreased – by about 65 percent.

In addition to improved member experience and boosted staff productivity, the transition to the virtual channel brought a 30 percent year-over-year increase in loan applications. In 2014, it received $3.1 million in loan applications. In 2015, that number climbed to $4 million. And in 2016, it was $7.2 million.

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