Paperless platform will enable prospective borrowers to complete entire application and receive loan funds in fully automated fashion
Andera, a Software-as-a-Service company that simplifies account opening and lending for banks and credit unions, announced that Consumers Credit Union (CU) of Waukegan, Illinois has agreed to upgrade to oFlows, the first totally paperless platform for account opening and loan applications.
Founded in 1930 as Waukegan Cooperative Credit Union, Consumers CU holds assets in excess of $585 million, and has 54,000 members from across the nation. It has used Andera's online account-opening solution since 2007 and has experienced steady, profitable growth by offering exceptionally high interest rates to checking account applicants, regardless of where those applicants live and work.
In 2011, a 4.09% interest rate offer for Rewards Checking helped to bring in 7,500 new accounts, of which 3,113 came through the online delivery channel. The approval rate was higher than average at 68.5%; the credit union also used FortiFI, Andera's real-time fraud prevention tool, as an additional safeguard in the process.
The 4.09% rate expired in mid-2012, but for the full year more than 2,000 new member accounts at Consumers CU were originated online. Contact Center Manager Katy McCabe noted that online account-openers are particularly desirable members because they tend to carry higher deposit balances and to borrow more readily than branch-oriented members.
According to McCabe, the unique Consumers CU charter enables it to market nationwide. She added that the upgrade to oFlows will bring full automation to applying for lending products in addition to the existing capability for deposit products. Consumers CU will be able to meet the needs of its nationwide membership base, as those members want to be served at any time of day or night and from any location.
Andera CEO Charlie Kroll remarked, "People want to begin their banking and credit union relationships with the same ease and convenience that they experience when buying goods and services in stores and online. Technology makes that possible. It bridges the gap between these individuals' expectations and financial institutions' ability to meet those expectations."