MADISON, Wis. (9/13/12)--CUNA Mutual Group said it has garnered 40 new credit unions as Loanliner platform customers since it launched its smartphone loan application last year, and the service has drawn the attention of a publication for technology experts.
The app, which got its start at a kitchen table, has resulted in CUNA Mutual processing roughly 35,000 loan applications and generating more than $335 million in loan application volume, said InformationWeek (Sept. 11).
The app is browser-based instead of being a native app, and it supports Apple and Android devices.
To date, more than 550 credit unions have implemented the smartphone loan app, and CUNA Mutual has partnered with Fiserv, a global provider of financial services technology, to make the app available to an additional 350 credit unions, the publication said.
The app could be a key element for credit unions trying to attract younger members because the average age of a credit union member is 47 years old, while the average smartphone loan application user is 32, the publication said.
In the article, CUNA Mutual Chief Information Officer Rick Roy also discussed the challenges of introducing new technology. The article has run in CMP TechWeb and other technology publications. (See related News Now story, "CUNA Mutual Group No. 75 in InfoWeek 500.")