Navy Federal Credit Union selects Blend to power deposit accounts

One of the things we love most at Blend is building and investing in our product. We know that having the best technology means we can solve the most difficult challenges for our customers with speed and agility. This mindset creates lasting partnerships with some of the most innovative financial institutions on the planet, and allows us to power their growth over time.

Earlier today we announced a major partnership deal with Navy Federal Credit Union, the largest credit union in the country. They’re expanding the use of Blend’s platform to cover membership and deposit account products, in addition to their existing mortgage and equity products.

With this project, Navy Federal will be leveraging Blend’s full Composable Origination Platform, which we recently unveiled at our March 14 event.

This is a marquee partnership for us, and one that I’m exceptionally proud of because it validates the power and flexibility of our underlying Builder technology.

We’ve spent the past three years developing Builder, which underpins our Composable Origination Platform and will power innovation for all our customers in the future – including in the mortgage space, where even more automation and flexibility is needed over time given the shifts happening in the industry.

Through this new solution, Navy Federal will increase the automation of processes and unify workflows across different acquisition channels. And for Navy Federal, the data-driven user interface will allow them to open accounts in just minutes, from identity, fraud and eligibility verification to membership confirmation, decisioning and new-account funding.

It is deals like this that demonstrate our vision of building a much more digital, instant and personalized way of banking.

I’m particularly excited to do this with Navy Federal, as I have long admired their legacy of providing stability and longevity amidst financial volatility—something that’s top of mind for many in our industry today.

I want to acknowledge that this excitement and optimism is transpiring at a complicated moment. Amid the current macro volatility and banking industry concerns, markets are discounting long-term efforts in favor of short-term results. And like many of you, this is something we’re feeling at Blend.

But we will continue to be guided by the same principle we’ve been holding true since we started over a decade ago. While we can’t control near-term market sentiment, what we can control is building technology that generates significant value to our customers through any part of the market cycle.

Our Instant Home Equity product is another example that late last year helped us service the surge in demand from homeowners for a home equity solution amidst rising interest rates and increased home values.

Thanks to Builder, our team at Blend was able to help lenders adapt to changing borrower expectations in real time and deliver a proactive, personalized, and effortless Home Equity experience as the market shifted. Meanwhile, lenders were able to lower origination costs, drive pull-through, get loans closed faster than ever before, and even improve utilization, all while replacing rote work with automation.

We see our investment in Blend Builder as a big driver of this value-creation that will fundamentally change what rapid delivery looks like across any banking product.

And the beauty of our platform model is that we win together. We have always built with our customers top of mind, above all else, and will continue to do so. This means that our business grows along with yours, accruing benefits to customers and their borrowers.

So much like Navy Federal’s legacy has been to provide financial stability and security to millions of servicemembers and their families, we at Blend aspire to be the technology partner you need to help you drive growth, increase productivity, and deepen customer relationships.

I couldn’t be more excited to showcase our new technology to our customers over the next few months and demonstrate the innovation we can drive in any market cycle.

Nima

Click here to learn more about the composable origination capabilities powered by the Blend Builder Platform.

Forward-Looking Statements

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