Using technology to reduce friction in the lending process

Credit unions have been leaders in consumer trust for decades, earning a reputation as safe, reliable partners for generations of members. To maintain that high level of consumer trust, credit unions must ensure their technology keeps pace with consumers’ expectations for seamless digital interactions.

Credit unions’ consumer satisfaction ratings marginally decreased in 2022, while banks and fintechs saw a slight lift—largely due to their modern digital and mobile banking capabilities.

Now, credit unions have a unique opportunity to regain ground with tech-savvy members. To do so, they’ll need to lean into consumer-focused loan products while upgrading the technology that powers their underwriting business.

When borrowers shop for more favorable loan conditions, many turn to credit unions. To fully capitalize on borrowers’ increased interest, credit unions must remove barriers to entry, such as counterintuitive, time-intensive application processes.

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