MADISON, Wis.--(BUSINESS WIRE)--CuneXus, the first digital storefront for financial institution’s customers and members, found that credit unions experienced a 17.3% increase in average number of loans granted over a 12-month period after implementing its product. This comes from an analysis to uncover the statistically significant impact CuneXus’ products have on participating credit union operations/financials versus non-participant peers.
The increase in loans spiked especially higher than industry averages in Q2 of 2020; as the credit union industry average fell with the pandemic, personal and targeted offers from CuneXus accelerated. Analysis found that the CuneXus alignment had the strongest impact within Home Equity Lines of Credit and unsecured loan growth for participating credit unions. Credit cards, new and used auto loan growth increased at a steady rate during this same time, however, it is uncertain if CuneXus was an influencer or moderate supporter of this growth. Also, it appears that credit unions with greater than $2B+ experienced notably higher average performance rates than their smaller counterparts, the results may be attributed to more qualified members.
“Partnering with CuneXus has given our credit union the ability to extend guaranteed loan offers to members in as little as 10 seconds,” said Jaynel Christensen, vice president of lending for Frankfort, Ky-based Commonwealth Credit Union. “An added benefit is the mobile borrowing experience that makes it easy for members to transact when and where it’s most comfortable for them. CuneXus has become a vital part of our sales and growth; we will leverage their strategy to continue to support our members.”
CuneXus uses a financial institution’s customer information and lending criteria, as well as customer credit history, behavior, and location to identify and align potential loan offers—with no application necessary. Targeted offers are presented to consumers via the institution’s online and mobile banking access, with aligned branch and call center member support.
“This impact analysis proves we’re providing an invaluable service to the credit unions we serve,” said Dave Buerger, co-founder & president of CuneXus. “We’re helping these institutions increase loan volume and revenue at a double-digit increase, while giving them a competitive advantage and an opportunity to deepen relationships with their members.”
CuneXus, is the first-to-market with a digital storefront for financial institution’s customers and members, addressing the need for a personalized, on-demand banking experience. The platform eliminates the loan and deposit application process, providing consumer transparency and a simple 10-second activation experience. The CuneXus digital storefront has served over 145 of the largest lenders in the country to grow wallet share, create sales enabled branches, execute new account holder acquisition, and grow non-interest income. CuneXus client institutions represent over $400 billion in combined assets and 20 million U.S. consumers.
For more information, visit www.cunexus.com.