Credit union members have embraced CUNA Mutual Group’s Smartphone Loan technology, boosting total loan requests submitted via mobile devices to more than $1 billion since it launched two years ago.
“Reaching this milestone demonstrates how loanliner.com®, Smartphone Loans, and the new AskAutoTM Smartphone application work together to provide credit unions with a convenient way for their members to apply for loans when and where they desire,” said Steve Hoke, director of loan growth products at CUNA Mutual Group and product leader for loanliner.com, Smartphone Loans, and the AskAuto app.
Launched in July 2011, the Smartphone Loan technology (2:46 min.) allows loan applicants who are credit union members to begin the loan application process from wherever they are – an auto dealership, their kitchen table, or sitting in their car – on their Smartphones. The technology is a mobile version of CUNA Mutual Group’s loanliner.com product, which is used by more than 550 credit unions nationwide.
“We knew credit unions wanted to increase their loan volumes and attract younger members,” said Hoke. “This Smartphone Loan technology accomplishes both, especially when combined with our AskAuto app.”
The AskAuto app (2:40 min.), launched in spring of 2013, gives credit unions a way to reach their members on the car dealer’s lot when they may be looking for an auto loan.
With 56 percent of U.S. consumers now owning a Smartphone*, the emergence of mobile lending is changing the way credit unions do business. Today, on behalf of their credit union customers, CUNA Mutual Group receives $2.4 million in loan requests through loanliner.com each day via mobile devices.
“Credit unions are expected to provide lending services through their members’ preferred channel, and for a whole new generation, that channel is mobile,” said Hoke.
CUNA Mutual Group’s mobile technology will continue developing in response to credit unions’ lending needs by delivering innovative ways to help grow lending portfolios, generate income, and protect more members.
“Investing in credit unions and their lending future is our top priority,” Hoke said.