MADISON, Wis. (8/23/13)--CUNA Mutual Group's Smartphone Loan technology has reached a significant milestone, as credit union members have submitted more than $1 billion in total loan requests via their mobile devices in the two years since the platform was launched.
"Reaching this milestone demonstrates how loanliner.com, Smartphone Loans, and the new AskAuto Smartphone application work together to provide credit unions with a convenient way for their members to apply for loans when and where they desire," said CUNA Mutual Group Director of Loan Growth Products Steve Hoke.
CUNA Mutual Group noted it receives $2.4 million in loan requests each day through loanliner.com.
The Smartphone Loan technology allows credit union members to begin their loan applications on their phone from wherever they are. The technology is a mobile version of CUNA Mutual Group's loanliner.com product, which is used by more than 550 credit unions nationwide.
"Credit unions are expected to provide lending services through their members' preferred channel, and for a whole new generation, that channel is mobile," Hoke said. "We knew credit unions wanted to increase their loan volumes and attract younger members," said Hoke. "This Smartphone Loan technology accomplishes both, especially when combined with our AskAuto app."
AskAuto is a downloadable smartphone and tablet application that offers credit union members vehicle information and loan-application assistance to simplify their vehicle-buying experience.