Twenty-five percent of credit union members who applied for auto loans through CUNA Mutual Group's loanliner.com, used a mobile device to do so.
According to the Madison, Wis.-based company, members applied for $4 million in loans per day and surpassed $2 billion in loan applications in just 11 months after surpassing the $1 billion milestone.
By comparison, CUNA Mutual said that when it first launched its Smartphone Loan technology in 2011, it took more than two years to reach $1 billion in loan applications.
“The bottom line is the pace at which members are buying into mobile lending is increasing at a very rapid rate,” said Steve Hoke, director of loan growth products at CUNA Mutual. “If these growth numbers say one thing it is credit unions must deliver what members want through their delivery channel of choice, and more and more members are choosing mobile.”
Hoke added, “Credit unions late into the mobile game are losing more members than they'll ever know about. Those members will move on and they'll never come back.”
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