This recipe outlines a big-picture vision for the key projects we’re working on around our online loan origination and application processes.

Project 1: Managing the Queue

The goal of the first project is to clean up the CU*BASE loan queue by developing smarter routing for completed versus incomplete apps generated by the online LOS. When the member abandons an app partway through the process, you will be able to review it in the queue as now, or send it a new queue as a lead for your marketing team to work, or simply delete it.

This project also changes the way the CU*BASE LOS handles unsecured LOC and credit card products. Instead of terms, you’ll define a percentage to be multiplied by the disbursement limit to calculate the payment. Then when creating a new loan request, the term field will be removed and this percentage will be used instead.

Status as of August 2023: Project #55639 is in QC testing and we are hopeful it can be completed for the 23.10 release or shortly thereafter.

Project 2: A New Online App

Employing the APIs already in place and in use daily by over a dozen third-party LOS players, we’re going to create a brand-new, mobile first online app user experience with a design in sync with our new online banking platform. The same UX will be presented for both member (authenticated) and non-member apps.

New look for the online app!

Introduced at the 2023 Leadership Conference, with the new Loan Manager you can apply a new look and feel to your online loan app today!

Create a credit card storefront!

Loan Manager also lets you create a new visual look and feel to promote your credit card products in online/mobile banking. Check out Loan Manager in the store today!

The new structure will include on/off/required flags for as many app segments as possible, configurable via CU Publisher. You’ll be able to set the flags differently for authenticated members vs. non-members.

We’ll also be adding an “I’ll finish later” store-and-return mechanism so members can pause and come back to the app later (available for authenticated member apps only). You won’t see the app in the loan queue until the member officially submits it.

While we design the new look and feel, we’ll also be taking care of some long-requested improvements to the application data and flow, including:

• Change the way that payments are quoted for LOC and credit card products (see project 1)
• For payment due date, use the existing default from the loan product (to force credit cards to use your standard due date, for example)
• Smarter collateral handling:
  • For unsecured loans, instead of collateral let the applicant explain why they need the loan (will store in the application comments)
  • For secured loans, collateral fields can still be required, but offer an “I’m still looking” option so they can instead describe why they need the loan (also stored in the application comments)
  • Add “VIN or other ID” input field for vehicle and other collateral
• Add single insurance/disability or single debt protection coverage into the initial payment estimate
• Adjust marital status options to change “single” to “unmarried” and also add “separated”; display will be conditional based on a CU’s configuration setting
• Collect employer and income info for co-applicant
• Ask “how would you like to be contacted about this app” to be stored in app comments

Status as of August 2023: There are actually a couple of projects under this umbrella. The first project (#58515) has been completed and includes Loan Manager and the new look and feel option for the existing app that was introduced during this year’s Leadership Conference.  The second project (#61760), which is currently in development, will introduce a new credit card app as a companion to the credit card storefront feature also introduced at the conference. A third project (#TBD, still in design) will introduce a new vehicle loan app with its own storefront, to incorporate all of the changes made in the credit card app as well as additional collateral handling improvements.

Project 3: Online Approvals and Fulfillment

Building on the structure that we create in project 2, our long-term plans for our online LOS include the ability to run an application through the new FUEL (Sync1) decision model and allow for auto-approvals for authenticated apps. We’ll also incorporate forms for e-Signing, similar to our 1Click Loan Offers products.

And for the icing on the cake, our Digital Card Issuance (DCI) and Push Provisioning initiative will ultimately allow you to offer credit card apps via the online LOS that handle the entire process online, from application to decision to account creation, through card ordering and immediate provisioning to an online wallet.

See the separate Kitchen recipe for news about this project

Chefs for this recipe: Dawn Moore and Geoff Johnson