Five credit unions are on board as early adopters for a configurable solution that supports faster member acquisition and lending portfolio growth.
Sherpa's new solution for credit unions, a unified platform that can be used for digital account opening and/or digital lending, enables credit unions to deliver pre-qualified offers to their members without impacting credit, accelerating member acquisition and lending portfolio growth. Sherpa has already secured five credit unions as early adopters of the solution.
“With our solution, members receive offers quicker, are converted faster, and see intelligent cross-sell opportunities that boost engagement. Streamlining the digital user experience and enhancing the decisioning process for new accounts and loans are essential to credit union growth,” said Keith Riddle, President and CEO, Sherpa Technologies. “This solution offers a win-win, with an omnichannel digital experience that members expect and efficient administrative processes that credit unions need.”
The solution includes digital account opening, ranked as the #1 technology in banking for the third consecutive year, according to Cornerstone Advisors’ “What’s Going On In Banking 2022” report. With Sherpa, an intuitive user experience gets applicants to instant account offers with no credit impact. New accounts can be opened in less than 10 minutes and the solution supports cross-sell capabilities. In the “2021 Banking Impact Report,” more than half of businesses (57%) and consumers (58%) consider online account opening a “must have” for any bank or credit union.
The solution also includes no credit impact, pre-qualified digital lending where, via an easy online application with soft credit inquiry, the borrower can quickly see what loans they are eligible for through pre-qualified offers. No credit impact, pre-qualified digital lending increases conversion, reduces abandonment, and enables a better user experience. Borrowers are more likely to apply for loans with soft credit inquiries, and lenders using these pre-qualification capabilities consistently see up to 30 percent lift in funded loans and reduced application processing costs by 40 percent.
Expree Credit Union, in Frankfort, Ky., is launching both the digital account opening and lending components of the solution. “This holistic end-to-end platform is unlike anything we’ve seen before,” says Thom Payne, Chief Experience Officer, Expree. “The opportunity to add intelligent cross selling to digital onboarding gives us a best-in-class member experience where every part of the member onboarding journey is accounted for with seamless integration.”
Gulf Winds Credit Union in Pensacola, Fla., launched the solution’s digital lending feature and is actively accepting applications from members for multiple loan types. “Sherpa offered us a fast, simple, and painless integration that didn’t disrupt our core systems or processes; it enhanced them,” says Haley Murph, Vice President of eService and Payments, Gulf Winds. “This expanded our marketing opportunities and allows us to compete with digital lenders who are already targeting our field of membership. Also, members are very excited about the solution’s ‘no credit impact’ feature.”
Along with Expree and Gulf Winds, Lions Share Federal Credit Union in Salisbury, NC.; DoverPhila Federal Credit Union in Dover, Ohio; and Pathways Financial Credit Union in Columbus, Ohio, are early adopters using the new Sherpa solution.
Sherpa’s solution is mobile first, but also offers an omnichannel experience via online, in-branch, or call center capabilities, includes integration with leading third-party services for ID verification and account funding, and provides the flexibility for the credit union to select their preferred method of integrating the new member and lending applications. Capgemini reported in a 2021 study that 76 percent of consumers already expect an omnichannel banking experience.
The Sherpa solution was launched in partnership with an experienced and innovative Fintech following an in-depth engagement during Sherpa’s FintechAccel CU program and pilot period evaluation offered to members of Sherpa’s Innovation Council, a collaboration partnership of group of 28 progressively minded credit unions assembled to brainstorm, develop, and vet best-of-breed solutions.