Rick Uhlmann
608.665.8940
rick.uhlmann@cunamutual.com
Alicia Bell
469.287.3709
alicia.bell@fiserv.com
WASHINGTON -- CUNA Mutual Group announced today it has reached an agreement with Fiserv (NASDAQ: FISV) that will make mobile lending technology available to approximately 350 credit unions and potentially more than 2.5 million of their members.
The agreement between CUNA Mutual Group and Fiserv will create a pilot program for users of the Portico® account processing solution that offers seamless integration between CUNA Mutual Group’s industry-leading Smartphone Loan technology, powered by loanliner.com® , and the Fiserv 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. 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.” said Albert Ku, senior vice president, Credit Union Solutions at Fiserv.
Members of Portico credit union clients participating in the program will have access to enhanced mobile lending capabilities that include prefill of their member data and faster decisioning. When they log on to the loan applications from their smartphone, they will be connected to CUNA Mutual Group’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 will use the underwriting response to return a response to the member/applicant in seconds. From there, the loan application will be sent to Fiserv’s Loancierge™ system for finalization, loan document preparation, booking and funding.
“CUNA Mutual is dedicated to helping credit unions make the most of every lending opportunity. The Smartphone Loan program enables members to apply for loans through their mobile devices with greater convenience. 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,” said Dan Murray, vice president, Lending, CUNA Mutual Group. “In addition, credit unions will benefit from the industry-leading compliance expertise that loanliner.com technology delivers.”
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. For six of the past eight years, Fiserv ranked No. 1 on the FinTech 100, an annual international listing of the top technology providers to the financial services industry. For more information, visit www.fiserv.com.
About CUNA Mutual Group
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s website at www.cunamutual.com
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.