WASHINGTON — Fiserv Inc.’s 350 client credit unions using the Portico core processing platform will soon have an opportunity to participate in a mobile lending pilot program the company is launching in partnership with CUNA Mutual Group.
The two organizations announced the new program at CUNA’s Governmental Affairs conference Monday at the Washington Convention Center.
In addition to convenience, mobile applications have better odds of being completed and submitted to the credit union, said Dan Murray, CUNA Mutual vice president of lending. Only 20% of Loanliner online applications are completed, he said, but mobile applications have a 50% completion rate.
Additionally, mobile applications appeal to younger members: the average age of members applying for loans using smartphones is 32, compared to an average borrower age of 47 for all credit union loans, Murray said.
Fiserv’s Portico system and CUNA Mutual’s Loanliner program will work together to prefill member data into the application, and provide instant approvals.
Fiserv’s Access Advantage services will provide the data, pull the credit report, and evaluate the data again credit-union defined underwriting. The service will work on all smartphones and tablets, said Alicia Bell, Fiserv director of credit union communications.