How credit unions can streamline the card application process

To grow credit union memberships and help empower more members, it’s important to reduce the amount of barriers members face when applying for financial support.

Applying for a card is a process that large financial institutions such as traditional banks have streamlined so well over the years, that it now only takes prospective customers a matter of minutes to complete. Currently the credit union sector is facing significant challenges when it comes to streamlining the card application process which creates barriers for potential members.

Card application challenges

Time & resources

Card applications can be time-consuming for credit union employees when they have to be processed without up-to-date technology. This impacts the speed at which credit union members can sign up for a card. The introduction of technology across your credit union will free up your team to focus on the one-to-one support and expert knowledge needed in other areas of the business, providing a better service for members.

Member history & risk

Credit unions have always been popular within the community as they provide financial products and services based on what each member can afford and repay, offering a much more personal approach than large financial corporations. While this is a fantastic approach supporting millions of people, it can also create longer processes for credit unions and their members as they assess each members’ history and risk before offering them a suitable product.

A streamlined solution

At Optimus, we make things simple for credit unions and their members. Our integrations help to streamline the traditionally long and complex credit card application process by connecting with existing technology in your eco-system.

By connecting your decision making tools with Optimus technology, you can create instant decisions based on the credit union’s risk profile and member credit history, while setting an individual credit union risk appetite for credit card approvals and automating limits based on the credit profile of the borrower.

The integration allows the credit union to own the solution and the loan book, using their licence, and risk appetite to run their portfolio P&L.

Begin your journey with us and streamline your card application process. Contact us today.