Evolving technologies and rising consumer expectations for fast, frictionless experiences highlight an opportunity for credit unions to advance their decisioning and stand out in a crowded market.
How a credit union is optimizing their decision-making process
With over $7.2 billion in assets and 330,000 members, Michigan State University Federal Credit Union (MSUFCU) aims to provide superior service to their members and employees. Initially reliant on manual reviews, the credit union needed a well-designed decisioning strategy that could help them grow their loan portfolio, increase employee efficiency, and reduce credit risk.
The credit union implemented Experian’s decisioning platform, PowerCurve® Originations, to make faster, more accurate credit decisions on their secured and unsecured personal loans, leading to increased approvals and an exceptional member experience.
“Day one of using PowerCurve produced a 49% automation rate! We have received amazing feedback from our teams about what a great product was chosen,” said Blake Johnson, Vice President of Lending, Michigan State University Federal Credit Union.
After implementing PowerCurve Originations, MSUFCU saw an average monthly automation rate of more than 55% and decreased their application processing time to less than 24 hours.
Read the full case study for more insight on how Experian can help power your decisioning to grow your business and member relationships.