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.
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 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.
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.
Click here to learn more about the composable origination capabilities powered by the Blend Builder Platform.
This blog post contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally relate to future events, future performance or expectations and involve substantial risks and uncertainties. Forward-looking statements in this blog post may include, but are not limited to, our expectations regarding our product roadmap, future products/features, the timing of new product/feature introductions, market size and growth opportunities, macroeconomics and industry conditions, capital expenditures, plans for future operations, competitive position, technological capabilities and strategic relationships. The forward-looking statements contained in this blog post are subject to risks and uncertainties that could cause actual outcomes to differ materially from the outcomes predicted. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other comparable terminology that concern Blend’s expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all. Further information on these risks and uncertainties are set forth in our filings with the Securities and Exchange Commission. All forward-looking statements in this blog post are based on information available to Blend and assumptions and beliefs as of the date hereof. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this blog post. Except as required by law, Blend does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.