The promise of “perpetual loan approval” prompted voters to choose CUneXus as a Top Innovator for Lending in Callahan’s 2019 Innovation Series.
The cplXpress lending and marketing automation platform uses advanced data analysis to essentially eliminate the loan application process for creditworthy members, granting them transparency into their personal borrowing power and one-click access to highly personalized, pre-approved loans at every digital and physical touchpoint.
“The concept of perpetual loan approval could be a differentiating benefit of credit union membership, and this recognition, straight from credit union leaders themselves, further validates that our solution is timely and resonates with our target audience,” says Dave Buerger, co-founder and CEO of CUneXus in Santa Rosa, CA. “We’re honored to receive this award, given the caliber of the other finalists and their offerings.”
CUneXus was launched by credit union industry veterans convinced a re-invented application process for qualified borrowers could optimize the member experience. These leaders also recognized it was time for credit unions to change their loan processes or lose out against the fintechs that have changed the game nearly overnight.
It’s become obvious that the traditional lending and borrowing process is fatally flawed and hopelessly out of date.
“It’s become obvious that the traditional lending and borrowing process is fatally flawed and hopelessly out of date,” Buerger says. “Today’s consumer wants instant gratification.”
Credit unions already have the member data they need to pre-screen applicants and make responsible lending decisions about high-value, low-risk borrowers. The cplXpress solution eliminates the application process, providing always-on loan approval and funding with a few taps and a single click.
Simple. But not easy.
“Adopting a one-click loan process requires lenders to break out of their legacy mindsets and embrace the types of data-driven methods and automation technologies that have revolutionized just about every other industry,” Buerger says.
CUneXus provides a solution that tells members how much they can borrow and on what terms. On the back end, average processing times drop dramatically. One client’s average processing time for personal loans, from request to funding, dropped by 60%, from 25 minutes to 10 minutes. Auto loan processing times dropped by 80%, from 40 minutes to eight minutes.
To date, 100 financial institutions are generating more than $8 million in loan requests every day on the CUneXus platform. These are loans staying at a financial institution versus migrating to a fintech.
“Why bother applying elsewhere when you’re always approved at your credit union and the funds are just a click away?” Buerger asks.
This article appeared originally in Credit Union Strategy & Performance. Read More Today.