Product integration and processing speed are imperatives for credit unions seeking to survive and thrive in today’s uber-competitive lending marketplace.
Twenty-five years after sparking a revolution in credit union auto lending, CU Direct has launched a new platform and brand that addresses those challenges and opportunities by pulling together indirect, consumer, and mortgage lending capabilities on a single platform and under a new brand.
Origence gets its name from the combination of “origination” and “experience.” Here, Brian Hendricks, chief marketing officer for CU Direct and Origence, details more about the new integrated lending platform.
Please describe your new brand. What does Origence represent in your CUSO’s evolution, and is the CU Direct brand now being retired?
Brian Hendricks, Chief Marketing Officer, CU Direct/Origence
Brian Hendricks: Origence is a new brand CU Direct launched specifically for our financial institution solutions. Since our inception 25 years ago, CU Direct has continually evolved, developing industry-leading products and services to help credit unions win. This culminated in 2019 when we announced our enterprise platform strategy for lenders — providing credit unions with a single enterprise origination solution for consumer loans, mortgages, and indirect lending.
We truly believe this is the future of lending, and the new Origence brand allows us to tell our story and share our solutions in an exciting new way.
CU Direct has a rich history and will remain a technology CUSO, serving to drive our two market-facing brands: Origence for financial institutions and CUDL for auto dealers. CU Direct is a thriving company, and our credit union shareholders will continue to be shareholders of the CUSO and company entities.
Please describe the new single enterprise origination platform. What solutions does it comprise, and can they be purchased and deployed individually or in any combination?
BH: The Origence enterprise origination platform provides lenders a single solution for consumer loans, mortgages, home equity, indirect lending, and new accounts. The platform encompasses end-to-end lending capabilities, from application to closing and every step in between.
Solutions include a game-changing point-of-sale and digital application experience, automation-driven LOS, marketing automation and CRM, and analytics. And with our unrivaled modular architecture, you can have Origence drive your entire origination process, or seamlessly use the module or modules that work best for your team.
How have CU Direct’s products increased member value for client credit unions over the years, and how do the new brand and platform amplify that value?
BH: CU Direct has focused on transforming the lending industry from the very beginning. Today, we serve more than 1,100 financial institutions nationwide, helping originators fund more than $215 billion in loans over the past 25 years. Through our commitment to leading-edge technology, we’ve disrupted longstanding processes to enhance the member experience and optimize performance. With the Origence brand, we are bringing the idea of origination plus experience to the forefront of what we do as a company.
Our vision is to create the ultimate origination experience. We are focused on making it easier for members to interact and engage, so credit unions can form closer bonds and deliver better loan experiences. When we combine that with our ability to inject purpose-built technology and innovation, you’ll see that we’re also able to increase lending efficiency, lower costs, and provide the capability to process all types of loans.
This is paramount to credit union success. Origence provides origination solutions for all loan types that help our clients achieve continued growth. It’s an end-to-end lending solution that delivers innovation, efficiency, and better member experiences.
How do the new brand and platform help CU Direct address current and future opportunities and challenges around meeting members’ indirect, consumer, and mortgage lending needs?
BH: Origence solves for the many pain points we believe hold back lenders:
We’re reimagining the user experience from POS to closing by streamlining and automating the entire lending journey, connecting lenders and borrowers in new and exciting ways.
We’re helping credit unions increase efficiency through automation, focusing on cycle time reduction, staff productivity, and unified systems.
We’re opening up new opportunities for profitability by replacing manual steps in the origination process with an automated enterprise solution.
We’re integrating a marketing and CRM system into our POS and LOS. This helps keep borrowers on track and engaged, increasing purchase close rate and throughput.
And most importantly, we have introduced a platform strategy for the future of lending. This means a credit union can facilitate and manage all types of lending — including indirect, consumer, and mortgage, as well as account origination — without the tech-sprawl and multiple vendors and integrations that are so common in our industry.
What differentiates the member experience that Origence offers from that of competitors in the credit union space?
BH: Our new POS experience for consumer and mortgage originations is nothing short of revolutionary for our industry. It’s the first-ever dynamic application for all loan and account origination types. For credit unions, this single platform breakthrough represents a better user experience for members, and greater efficiency and lower costs for lending teams.
Further, we are focused on the entire lending spectrum experience from the top of funnel, where borrowers begin the lending journey. That includes online, at a car dealership, or in a branch. In the back office, Origence brings new efficiencies and speed to underwriting, processing, and funding. The network plus the platform create a unique solution in the market to generate loan and member growth.
Brian Hendricks is Chief Marketing Officer for CU Direct and Origence. Anyone interested in learning more about Origence can visit our new website at www.origence.com. We are also active on Twitter @CUDirect and on LinkedIn.
Origence, a CU Direct brand, is a financial technology provider dedicated to creating new approaches to the loan origination experience. The company’s enterprise origination solution, the Origence platform, powers mortgage, consumer, indirect, and home equity lending for financial institutions. The platform includes marketing automation and POS (point-of-sale) capabilities to deliver greater sales opportunities. By bringing automation front and center to the digital lending process, Origence makes life easier for lenders and consumers alike. The company is headquartered in Irvine, CA. For more information, visit www.origence.com. Follow us on Twitter and LinkedIn.