Two years after its launch, CUNA Mutual Group said total loan requests submitted via mobile devices through its Smartphone Loan technology have surpassed the $1 billion mark.
Launched in July 2011, the technology allows loan applicants who are credit union members to begin the loan application process from wherever they are on their smartphones, according to CUNA Mutual.
The technology is a mobile version of company’s loanliner.com product, which is used by more than 550 credit unions nationwide, CUNA Mutual said.
“We knew credit unions wanted to increase their loan volumes and attract younger members,” said Steve Hoke, director of loan growth products at CUNA Mutual. “This Smartphone Loan technology accomplishes both, especially when combined with our AskAuto app.”
With the AskAuto app, by scanning the vehicle identification number, a member learns basic vehicle information, including average retail cost of the new or used vehicle and EPA mileage estimates, according to CUNA Mutual.
The application saves this information along with the member’s notes and ranking preferences to allow for a comparison between vehicles before deciding to purchase. Once a decision is reached, the member can also submit a credit union loan application through the AskAuto app.
CUNA Mutual said with 56% 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 clients, the company said it receives $2.4 million in loan requests through loanliner.com each day via mobile devices.