Twenty-five percent of credit union members who applied for autoloans through CUNAMutual Group's loanliner.com, used a mobile device to doso.
|According to the Madison, Wis.-based company, members appliedfor $4 million in loans per day and surpassed $2 billion in loanapplications in just 11 months after surpassing the $1 billionmilestone.
|By comparison, CUNA Mutual said that when it first launched itsSmartphone Loan technology in 2011, it took more than two yearsto reach $1 billion in loan applications.
|“The bottom line is the pace at which members are buying intomobile lending is increasing at a very rapid rate,” said Steve Hoke, director of loan growth products at CUNA Mutual.“If these growth numbers say one thing it is credit unions mustdeliver what members want through their delivery channel of choice,and more and more members are choosing mobile.”
|Hoke added, “Credit unions late into the mobile game are losingmore members than they'll ever know about. Those members will moveon and they'll never come back.”
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