WASHINGTON (3/20/12)--CUNA Mutual Group announced Monday it has reached an agreement with Fiserv to make mobile lending technology available to about 350 credit unions serving more than 2.5 million members.
The two companies will create a pilot program for users of the Portico account processing solution to integrate CUNA Mutual Group's Smartphone Loan technology, powered by loanliner.com, with Fiserv's account processing and loan origination solutions.
"The agreement between Fiserv and CUNA Mutual Group is one more way we're responding to the digital transformation taking place in the financial services industry," said Albert Ku, senior vice president, Credit Union Solutions, Fiserv. "This pilot program is evidence of how both of our organizations are thinking about members' use of technology in virtually every phase of their lives," he said.
Members of Portico credit union clients participating in the pilot will have access to enhanced mobile lending capabilities, including prefill of their member data and faster decisioning. When members log on to the loan applications from their smartphones, they can connect to CUNA Mutual's loanliner.com mobile technology.
The two organizations' software will interface with Fiserv's Access Advantage services to obtain member data, pull the desired credit bureau report, and evaluate the collected data against credit union-defined underwriting rules. The loanliner.com smartphone technology can use the underwriting response to respond to the member/applicant in seconds. From there, the loan application may go to Fiserv's Loancierge system for finalization, loan document preparation, booking and funding.
"The Smartphone Loan program enables members to apply for loans through their mobile devices with greater convenience," said Dan Murray, vice president, lending at CUNA Mutual. "In addition to streamlining the application process for the member, the solution offered through this pilot program will enable credit unions to grow loans, membership and non-interest income," he added. Credit unions also will benefit from loanliner.com's compliance expertise, he said.