Credit unions have built a reputation for prioritizing member experience above all else. Staying committed to members’ financial well-being includes always looking for inventive new ways to make their lives easier.
“We approach things from a long-term point of view and put the member first,” said Ron Senci, executive vice president, lending and member engagement at Elements Financial Credit Union. “It’s not about how much money we can make, but about how much value we can provide.”
To create seamless experiences for members, credit unions don’t just aim to provide exceptional service — they also strive to give their members the right tools to navigate their unique financial journeys.
Consumer expectations are changing
As the financial landscape evolves and digital services become standard, consumer expectations are increasing. Consumers place an enormous amount of trust in the financial institutions they choose — and they expect innovation in return.
Despite the fact that 88% of credit union members are highly satisfied with their credit unions, about one in five say they would still leave their credit union for a bank that offers more innovative solutions.
That’s why digital tools that offer speed, ease, and transparency are more important than ever. “Our members rely on us to provide an opportunity to connect, no matter what medium they are currently using,” explained La Vinia Ferris, a mortgage loan officer at Navy Federal Credit Union.
In addition to easier correspondence with their loan officers, members also want cross-channel access to their banking information, fast turnarounds for mortgage approvals, and a simpler way to sign documents and check their application statuses. That’s where Blend’s comprehensive platform can help.
Blend streamlines the loan and deposit account process
Blend simplifies complex lending and banking processes for credit union members. Instead of bouncing between different online portals to complete loan and deposit account applications or sign documents, members can use one easily accessible platform for all their banking and loan application needs.
“As a lender, it’s really important for us to be consistent in the member experience,” said Prabha KC, a loan officer at Navy Federal Credit Union.
With Blend’s intuitive self-service platform, not only can members fill out applications and connect directly to asset and payroll accounts, they can also receive pre-approval letters for certain products in a matter of minutes.
“Another lender won’t be able to get that pre-approval letter for two or three days,” explained Noelle Davis, a loan officer at Navy Federal Credit Union. However, with Blend, Davis and her team can generate pre-approval letters and send them out instantly, “so members are able to submit their offer as soon as possible.”
Credit union members can also access information about the status of their applications anytime and anywhere thanks to Blend’s convenient application hub.
“We wanted one platform to support all products in mortgage lending, consumer lending, and deposit accounts,” said Senci. “Choosing Blend was clearly the best choice, thanks to our collaborative, long-term partnership.”
The result: A faster, smoother path to closing
Tailored technology gives credit unions the power to enhance their member experience and gain efficiency on the backend. With Blend’s cloud banking platform, credit unions see an increase in application approvals.
“Not only are we providing a consistent member experience thanks to Blend, but our members are also completing their applications more quickly and converting at higher rates,” Senci explained.
With Blend’s wide variety of tools for loan teams — from the LO Mobile App and LO Toolkit to the features built into our Consumer Banking and Mortgage Suites — loan officers can gather data at a glance and update documents from anywhere, enabling them to work more efficiently. That efficiency is critical to condensing standard processing timelines. Elements Financial, for example, decreased their average member’s mortgage application-to-fund time by five calendar days with Blend.
With more time on their hands, credit union staff can focus on interfacing with their members. “The time savings through origination, processing, and underwriting has allowed us the opportunity to serve more members, capture more business, and streamline our process,” explained Julio Rios, vice president of mortgage lending at UWCU.
Level up the member experience
Credit unions have always had stellar service, but as the demand for digital tools grows, many are looking to offer more convenient tech solutions to their members. Being customer-first is built into Blend’s DNA, which is why many credit unions are turning to Blend. With a unified platform that works across devices, credit unions can provide members with seamless lending and banking experiences — and dedicate more time to serving their communities.