Credit Unions thrive by serving their member communities with lower costs, lower rates and better service than banks can offer. These advantages are being eroded by the advent of online lenders and national banks that promise multichannel experiences at even lower costs. At the same time, increasing regulatory costs are shrinking margins. To stay competitive, credit unions must be able to provide:
Provide members with competitive online services
Decrease liability while increasing loan delivery speed
Introduce new lending products for consumer and small business members
With Cloud Lending Solutions, credit unions can put their members first as they establish more complete, 360 degree relationships. Our cloud-based solutions reveal the financial status of each member and provide the insight you need to seize new opportunities and intelligently expand. Your members will appreciate having online tools that make lending as easy and efficient as checking their account balance.
Small business lending (SBL) is an area where credit unions can grow their business along with member growth. To compete in today’s market, credit unions need to provide the same level of customer experience that the new generation of small business owners expect. Cloud technology can provide an exceptional experience to members by streamlining origination and underwriting.
Cloud Lending Solutions’ origination for SBL enables credit unions to digitize their back office operations and lower costs compared to current in-house approaches. Through Cloud Lending Solutions’ online lending origination, we can help you build an online borrowing experience that will delight your membership. Our approach can help automate where necessary and manage complex workflows, allowing you to focus on providing great customer service. Our relationship portal can help you be more proactive with your customers and uncover new opportunities.
Consumer lending has never been more vibrant or challenging. The U.S. consumer lending industry had a combined annual revenue of about $35 billion and is expected to reach an astounding $83.8 billion by 2022. High growth has attracted new competitors who are challenging credit unions' low-cost and relationship-driven advantages with online lending technology that is both fast and lowers lending costs. Credit unions that can meet this technology challenge and leverage their superior customer relationship will prevail.
Cloud Lending Solutions, a leader in online lending, can help credit unions make online lending simple, fast and secure with 6-Click Lending™ process. Our solution digitizes the complete end-to-end loan process including origination, underwriting, servicing and collections, creating a single system of record for your lending operations. From application to funding and beyond, you can build an online lending experience that will delight your members, increase operational efficiency and lower risk.
By partnering with Cloud Lending Solutions, credit unions can:
“Cloud Lending Solutions allows us to automate the entire leasing process, on a single system, from evaluating financial applications through servicing, collections and asset disposal. Leveraging the salesforce.com platform allows us to lower our operating costs, speed time to market and maintain strong relationships with our customers as we improve their overall experience.”
“Neyber’s mission is to create workplace communities that enable employees to borrow and save together at fairer rates. We set out to reduce the indebtedness of the UK workforce, and in turn, to increase staff engagement and productivity. In combination with our own proprietary technology, Cloud Lending Solutions’ platform will support the growth of our business and enable it to fulfil this mission.”
“Harmoney is not a bank or a finance company. Harmoney is a technology enabled financial marketplace that needed a robust receivables platform that was flexible, cost efficient and quick to implement. Cloud Lending allowed us to break away from legacy systems and reduce our time to market to a fraction of other alternatives.”
CEO and Founder, Harmoney
“With Cloud Lending Solutions we reduced an anticipated 6 to 12 month development cycle to less than 3 months. This dramatically changed our go-to-market strategy and helped us connect with consumers more quickly. Cloud Lending was the only end-to-end solution built natively on Salesforce – a strict requirement in our platform architecture. Throughout our partnership, Cloud Lending has been attentive to our needs, which has made it possible for us to deliver a reliable and secure cloud-based alternative to bank lending in less than 90 days.”
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