Innovation Credit Union is delivering a new level of convenience to its members with the integration of Credit Union Dealer Finance (CUDF) into its core banking system, which was enabled by Celero Xchange™ banking ecosystem integration platform.
As the pilot credit union for this initiative, ICU chose this integrated solution to allow its members to easily complete a loan process and vehicle purchase at their preferred dealership, without going into a credit union branch.
Integrated solution improves loan processing by 85%
With CUDF, ICU will reduce their vehicle loan application process time by approximately 85 per cent, while improving the convenience for members and the accuracy of the application.
“When our members are making a large financial purchase, like a vehicle, it’s critical for us to make that process as seamless as possible. CUDF gives us the automation capabilities that drastically reduces our back-office processes while at the same time, expediating the loan process for our members,” says Rosalie Pain, Senior Vice President, Business Optimization at ICU, and CUDF director.
Darren Beasley, CUDF’s Divisional Manager explains that efficiency is core to how CUDF is improving the vehicle loan experience for credit unions and their members – from automating data processing to streamlining the approval process.
Efficiency is also a key reason why CUDF partnered with Celero to integrate the solution into Celero Xchange.
“Direct dealership financing adds an incredible value proposition for credit unions like ICU. And being directly tied to their core banking systems through Celero Xchange, it takes convenience and efficiency to a whole new level. With our partnership, CUDF and Celero have also been able to develop some repeatable processes and templates that will accelerate onboarding for other credit unions choosing this solution,” Beasley says.
Digital ecosystem accelerates digital innovation
As it is now connected to Celero Xchange, CUDF is available to all other credit unions who are using the platform, which makes it easy and affordable for them to integrate the dealer financing functionality.
In addition to CUDF, Celero Xchange is also enabling ICU to realize their digital transformation goals because it gives them access to an entire ecosystem of digital solutions; in 2021, ICU will continue to realize their digital ambition through integrations of both digital banking and lending solutions through Celero Xchange.
“Well-architected integration is crucial to digital transformation because credit unions require seamless connectivity into their operational systems to deliver an efficient and innovative member experience. Celero Xchange simplifies integration while also giving credit unions choice through access to a digital ecosystem that enables them to achieve their solutions roadmap,” says Barb MacLean, Director, Application Development at Celero.
CUDF and Celero will be onboarding 10 more credit unions in Q1 2021. For more information, contact CUDF at CUDFdealerfinancecorp@conexus.ca or visit celero.ca/solutions/fintech/celero-xchange.
