FintechOS enabled one of the longest-standing credit unions to embed loan products directly at the retail point-of-sale for an international equipment manufacturer in under 6-months.
Background
Serving 50,000 members and with over $1B in assets, this Midwest credit union was selected to be the sole financing provider for the retail customers of an international equipment manufacturer. To deliver the required experience, the credit union needed to provide the ability for customers to apply for and receive financing for a purchase in the showroom. With the FintechOS platform the credit union was able to deliver on this vision, going from concept to market in under 6-months.
Challenges
Presented with the opportunity to embed loan products directly at the retail point-of-sale for an equipment manufacturer, the credit union was hampered by the technical limitations of its existing Loan Origination System (LOS), MeridianLink. The credit union needed a technology partner that could deliver new LOS capability, deployed within the retail showrooms of the manufacturer, and integrated with their legacy core system, Fiserv DNA. Timelines were tight: the first showrooms needed to go live within 6-months.
Solution
FintechOS provided the credit union with a complete front-to-back user experience and loan origination capability to support its new business, built on the FintechOS platform. Starting with the in-store digital experience, through to the origination and funding of the loan, the FintechOS-enabled solution was integrated with Fiserv DNA and designed to facilitate the rapid loan growth that this new program is providing to the credit union.
Of particular importance to the success of this initiative was the quality of the user experience. Leveraging the FintechOS platform’s Product Factory and Studio, which enable non-technical teams to create and launch personalized products and customer journeys using a no-/low-code approach, a custom origination journey was configured, tailor–made for use by sales reps in the showroom to guide customers through securing a loan.
The flexibility of the FintechOS credit decisioning engine was also extremely important. FintechOS includes over 150 pre-integrated third-party services and data sources that banks can use to incorporate external innovation into their products and customer journeys without the need for separate integration. In this case, the credit union used FintechOS to integrate with Experian and combine credit scores with other information captured during the origination process. As a result, credit decisioning was completely automated. To further streamline the experience, integration with DocuSign for digital signatures was included.
Results
Partnering with FintechOS, the credit union delivered on its commitment to go live within 6-months. The result was a win-win-win, with the manufacturer’s first showrooms booking over $500,000 in new loans in the first two weeks. For the credit union, this means new members and an opportunity to market other products and services. For the end-customer, this means the ability to more easily finance the equipment they need to be successful.
The Future
Building on the success achieved with FintechOS, the manufacturer is looking to support other divisions and products with similar solutions. Similarly, the credit union has plans to develop partnerships with other equipment and retail customers that could benefit from a point-of-sale lending solution.
