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.