DUBLIN, Ireland–Some of Ireland’s credit unions are reporting a 10-fold interaction with younger adult members since they began rolling out digital loan service initiatives earlier this year.
Since its launch, the "Facebook Loan" initiative has already been a “huge success for several credit unions throughout the country, now accounting for up to 15% to 20% in loan inquiries per month for some credit unions,” according to the Independent.
Key aspects of the new digital lending initiative involve a 30-second inquiry online, followed by call-backs from dedicated lending officers to ensure all the terms and conditions are explained and agreed, the Independent reported.
“Following an initial successful pilot project, this has now become an established channel for credit unions, with close to half of consumers using the facility to take out a loan never having borrowed from a credit union before,” the Independent reported.
The initiative is being overseen in Ireland by the Solution Centre, which is managed by the Credit Union Development Association (CADA), which recently hosted an event with Enterprise Ireland to provide those in Ireland’s credit union sector with an opportunity to meet some of the global leaders in fintech, according to the Independent.
The expansion into the digital platform follows a survey of 1,000 people throughout Ireland that found that approximately one-in-two people would prefer to apply for access to credit with a lending institution using an online channel, such as Facebook, if given the choice, rather than attending the branch and meeting with a bank or credit union employee.
"It’s clear the movement’s leading credit unions have embarked on a transformative digital journey," Kevin Johnson, CEO of CUDA and the Solution Centre, was quoted by the Independent as saying.