CUNA Mutual Unveils Loanliner Upgrade At ACUC
SAN ANTONIO — Loanliner.com loan applications from CUNA Mutual soon will be available on smartphones thanks to a technology optimization for mobile web.
The new technology made its public debut this morning at CUNA's America's Credit Union Conference here. John Putman, director of lending business systems for CUNA Mutual and product leader for smartphone loans, said the company noticed a large number of applications at its Loanliner.com product were originating from smartphones. "This surprised us. And when we tried it on a smartphone we found it to be awkward."
In testing the new optimization with two Wisconsin credit unions, Summit CU and Royal CU, Putman said application completion percentages rose significantly. One CU saw completion rates climb to 38.6% from 24%, while the other had completions jump to 57.1% from 24%. He attributed this to the increased ease of use.
The Smartphone Loan technology interfaces with a credit union's loan origination system, CUNA Mutual said. It currently has 529 CUs using the Loanliner.com product, all of which will be able to use the smartphone version on June 29.
The biggest challenge, explained Putman, was making sure all necessary disclosures could be made available on a screen one-tenth the size of a laptop. "We took the Loanliner site and stripped away until it left people only what they need," he said. When applicants enter their ZIP code, the result is state-specific disclosures. Putman said all fields can be customized by each credit union. Noting the demo site only had three types of loans, new auto, used auto and personal loans, he said the expectation is equity loans probably will be too complex to take applications on a smartphone.
Coming next year: Android users will be able to scan the VIN of the car they wish to purchase.