New Partnerships & Tech Helps With Member IDs, Loan Origination

Enhanced identity management, a streamlined digital loan origination experience, and a gap-filling property records research solution are at the center of three recent tech announcements that could help credit unions.

Two CUSOs — Denver-based CULedger, focused on delivering a premier network of one-to-one financial exchanges, and Columbus, Ohio-based Sherpa Technologies, aimed at simplifying digital transformation solutions, — reached a Letter of Understanding to collaborate with Sherpa’s verification partner, ID-Pal.

The LOU enables the CUSOs to collaborate on the development and delivery of a more efficient, secure authentication method and digital identity to credit union members. By utilizing CULedger’s MyCUID, which give credit union members a lifetime, portable digital identity, members will receive a tokenized credential created instantly using the ID-Pal verification process. ID-Pal, an award winning Know Your Customer solution enables credit unions to verify a new member’s identity within seconds.

Members can use this credential to authenticate themselves at any time via any channel, from in-branch to mobile banking. The credential provides this authentication not only to the member’s own credit union, but to any other CULedger network-enabled credit union or business.

This new methodology eliminates the need for user IDs and passwords, or lengthy challenge question and answer sessions often imposed by contact centers when a member calls into their credit union for assistance

“We partnered with ID-Pal because it is a compliant, end-to-end solution that offers a comprehensive and seamless verification and member experience. Additionally, we chose to become an investor in CULedger due to its promise to deliver innovative digital experiences and open platforms to the credit union industry,” Sherpa Technologies president/CEO Keith Riddle said.

John Ainsworth, president and CEO of CULedger, said. “The joint solution with Sherpa and ID-Pal provides credit unions the opportunity to integrate a next-generation verification process for members, while providing meaningful improvements to the new member experience and a significant operational expense reduction for credit unions.”

Berkeley, Calif.-based Shastic announced a major partnership with loan origination system provider, MeridianLink to deliver an innovative SMS and tracking integration inside the application.

The integration, built on Shastic’s Elle platform, a relationship-centric application designed for two-way communication, allows credit unions the ability to text applicants as they are filling out an application on the web or inside mobile banking. The platform aims to reduce high application drop off rates, upgrade existing systems to improve productivity, close more loans, and increase account opening.

Elle integrates with MeridianLink’s LoansPQ and XpressAccounts technology suite to simplify the digital experience. With application tracking integration, credit unions can see each applicant’s up-to-the-minute progress. The Elle platform can also take actions on this data by triggering Robotic Processing Automation SMS messages when people become inactive in the submission process.

“Elle is intuitive with how it automates text messaging communication when a person enters an application,” Doug Glagola, vice president of enterprise solutions for MeridianLink, said. “This partnership is important because it helps solve an ongoing problem – high drop off rates and abandoning an application before it’s completed.”

“For MeridianLink clients, this is a tool to convert incomplete applications and improve the user experience,” Joseariel Gomez, Shastic CEO, held. “By design, this integration shortens the time for people to get through a digital application.”

Recently, Shastic also completed similar partner integrations with other loan and new account origination system providers to offer a better digital experience.

Irvine, Calif.-based CoreLogic, a property information, analytics and data-enabled technology provider, unveiled PanoramIQ, an intelligent property solution offering a more complete property data view.

According to CoreLogic research, 27% of property records nationally have gaps within public-record data. Traditionally, a lender or mortgage professional need to manually gather information on a property through multiple sources and then compare to see what information is correct, which can be timely and costly.

Using a proprietary methodology, CoreLogic brings thousands of disparate property data sets together through PanoramIQ. Utilizing a combination of public and proprietary property datasets, a unique property ID, machine learning and advanced analytics, PanoramIQ supplies lenders, mortgage industry professionals and government entities with more complete property insights, allowing clients to make better decisions in a timely and efficient manner.

Shaleen Khatod, executive, data and advisory solutions at CoreLogic said. “As mortgage and refinance volumes continue to decrease, it’s important for those in the mortgage industry to have instant and reliable information on a property so they can identify high-quality leads and make timely and competitive underwriting decisions.”