Origence: The Benefits of a Single Platform

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As credit unions continue to navigate the evolving financial landscape, one of their greatest opportunities is enhancing the member experience to make it more efficient and enjoyable. This opportunity becomes a crucial necessity when dealing with multiple systems for various financial products. A single origination platform offers a solution to this problem, bringing numerous benefits to the credit union and its members.

Unified Member Experience

A single origination platform provides a unified member experience by streamlining processes, making it easier for members to open accounts or apply for loans, and creating a more cohesive and satisfying experience. For example, the process of opening a deposit account can be vastly different from applying for a home equity loan, which can be frustrating for members. By integrating all financial products into one platform, credit unions can ensure that the look, feel, and overall user experience remain consistent across all touchpoints, enhancing member satisfaction and reinforcing the credit union's brand identity.

Improved Operational Efficiencies

From an operational standpoint, a single origination platform can significantly reduce inefficiencies. Credit unions often deal with high acquisition costs and the risk of losing potential members due to cumbersome and time-consuming processes. With a single platform, data can be reused across different products and services, eliminating the need for repetitive data entry and reducing the potential for errors.

Enhanced Cross-selling Opportunities

Cross-selling is a crucial strategy for credit unions to increase their wallet share. However, it can be challenging to cross-sell products effectively without a single origination platform. A unified platform allows credit unions to present relevant cross-sell opportunities at the right time, such as offering a promotional deposit product when a member is applying for a credit card.

This integrated approach to cross-selling ensures that members receive timely and relevant product recommendations, enhancing their overall experience and increasing the likelihood of them engaging with additional services. It also helps credit unions better manage risk by providing the credit union with a complete view of the member’s financial activities and obligations.

Seamless Integration and Data Reuse

A single origination platform allows for seamless integration across various systems within the credit union, enabling the reuse of critical data, such as member data and fraud checks, across different products and services. This integration reduces the time and effort required for each new application. For example, if a member has recently undergone a fraud check for a loan application, the same fraud report can be used for other loan products within the same session, speeding up the approval process and potentially reducing costs for the lender.

In today’s competitive financial environment, credit unions must prioritize member experience and operational efficiency to stay relevant. A single origination platform addresses these needs by providing a cohesive, streamlined approach to managing financial products. By unifying the member experience, improving operational efficiencies, enhancing cross-selling opportunities, and enabling seamless data integration, credit unions can better serve their members and achieve their strategic goals.

Ready to transform your credit union's member experience and operational efficiency? Discover how Origence’s innovative loan origination solution can help you achieve your goals today.

Sean Ferguson is vice president of product strategy for direct lending and account opening at Origence and focuses on transforming technology solutions to create exceptional user experiences.

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Origence is a preferred business partner of Cornerstone Resources, a wholly owned subsidiary of Cornerstone League.