Stop the stip

There is a better way

Members apply, your underwriters stipulate them. That’s the way it’s been from the earliest days of Credit Unions.

Unfortunately, just about everything and everyone else has changed. And if your application process isn’t measured in minutes, members are finding faster and cheaper loans somewhere else.

<10

minutes from application to approval for most
digital lending benchmarks

>70%

applications abandoned for taking too long or
requiring too much information

Get to YES faster for more members

You know more about your members than anyone else. The income, spending, and savings in their share draft accounts can reveal powerful insights that go far beyond traditional credit reports including ability to pay, additional indebtedness, and high risk behaviors – all in real-time. Approving more applications without frustrating stipulations and improving member care is as easy as 1-2-3:

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1. Put your data to work

Putting your best foot forward with every member starts by marshaling the wealth of the data they’ve already shared with you. It's all there on your core – and through open banking, other institutions and services are already accessing and utilizing this data even if you're not.

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2. Take a look around

If they’re coming to you for a loan, members are usually willing to share more information from their other financial accounts. Open banking enables quick and seamless access to any external accounts where members and indirect applicants consent to connect.

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3. Enhance your decisions

Leverage open banking insights generated in real-time to add new rules in your LOS that drive more automation and fewer stipulations. Free up valuable time for your underwriters to deep-dive on more marginal applications and spend less time working through standard checklists.

Discover open banking for credit unions

Learn what open banking means today for financial institutions, how credit unions are sharing their data in the open banking ecosystem without even knowing it, and how credit unions can start to unlock the power of all the data they've accumulated from decades of relationships with members.

Webinar: Open banking for Credit Unions

Featured speaker

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Craig Peterson

VP of Sales @ EDGE

>35 years serving Credit Unions with innovative solutions from TransUnion, CU Prodigy, Zest AI, and now EDGE