MADISON, Wis. – CUNA Mutual Group said its AdvantEdge Analytics has now evolved into AdvantEdge Digital, and is offering a suite of software as a service (SaaS) solutions.
According to the company, in addition to existing data and analytics solutions, AdvantEdge Digital is delivering a proprietary, consumer-centric digital lending solution to the credit union industry. The digital lending solution provides a transparent, seamless experience to both members and loan officers, and expands access to the loan application process for more consumers, CUNA Mutual Group added.
“Members expect real-time, contactless and self-service delivery of financial services, and we are committed to building, buying and partnering to bring additional capabilities to consumers,” said Dan Kaiser, president of AdvantEdge Digital. “By building this new digital capability as part of our evolution to AdvantEdge Digital, we will help even more members by harnessing the power of analytics and the digital lending experience. We’ve worked extensively with our credit union partners and their members at every step of building this solution. With a broader mindset and a suite of nimble, iterative SaaS solutions, we are excited to help credit unions unlock their digital potential, helping more members achieve financial wellness.”
Also Included
CUNA Mutual said the digital lending solution includes automated document upload to cut down on back-office paperwork, provides a dashboard to clarify loan status and integrate cross-sell opportunities, and frees up the loan officer to spend more time with members.
“It also provides a seamless member experience. Through features like the Loan Simulator, the digital lending solution demystifies the lending process for members and provides simple, step-by-step guidance and real-time responsiveness,” the company stated.
Co-created alongside several of AdvantEdge Digital’s early credit union partners, the new digital lending solution incorporates learnings from extensive lending officer feedback, according to the company.
Two Case Studies
Among the credit unions using the solution is the $599-million 121 Financial Credit Union in Jacksonville, Florida.
While piloting the solution, 121 Financial reported the average time for online users to sign up for a 121 Financial membership had been cut in half – from 12 to six minutes, the company said, adding the average loan application abandonment rate dropped by nearly 20 percentage points.
“We’ve never seen results like this; it’s a great start,” said Adam Wade, vice president of marketing and analytics at 121 Financial. “March 2021 was our best month for top-of-the-funnel leads since I joined the credit union.”
AdvantEdge Digital also reported the $970-million Neighborhood Credit Union in Dallas also plans to integrate its lending solution into its omnichannel delivery strategy in the second half of the year. Neighborhood CU largely serves underserved communities.
“The individuals we serve rely heavily on smartphones for meeting their day-to-day needs,” said Carolyn Jordan, senior vice president of remote services and member development at Neighborhood CU. “It’s mission-critical for Neighborhood Credit Union to provide adaptive, frictionless online and mobile experiences to members and prospects. A welcoming first impression is just as important in a digital channel as it is in person.”
Analytics Solutions Remain
AdvantEdge Digital reported it continues to offer data analytics solutions, such as Financial Performance Management, as well as strategy consulting services.
Future offerings will focus on leveraging the power of data to create solutions such as persona-driven business intelligence, real-time reporting and predictive analytics modeling, CUNA Mutual said.