WASHINGTON — Fiserv Inc.'s 350 client credit unions using thePortico core processing platform will soon have an opportunity toparticipate in a mobile lending pilot program the company islaunching in partnership with CUNA Mutual Group.

|

The two organizations announced the new program at CUNA'sGovernmental Affairs conference Monday at the Washington ConventionCenter.

|

In addition to convenience, mobile applications have better oddsof being completed and submitted to the credit union, said DanMurray, CUNA Mutual vice president of lending. Only 20% ofLoanliner online applications are completed, he said, but mobileapplications have a 50% completion rate.

|

Additionally, mobile applications appeal to younger members: theaverage age of members applying for loans using smartphones is 32,compared to an average borrower age of 47 for all credit unionloans, Murray said.

|

Fiserv's Porticosystem and CUNA Mutual's Loanliner program will work togetherto prefill member data into the application, and provide instantapprovals.

|

Fiserv's Access Advantage services will provide the data, pullthe credit report, and evaluate the data again credit-union definedunderwriting. The service will work on all smartphones and tablets,said Alicia Bell, Fiserv director of credit unioncommunications.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.