Skyla Federal Credit Union speeds up digital onboarding by 70%
Clutch, Sync1 Systems streamline credit union’s online applications
Skyla Federal Credit Union‘s switch to a consumer loan operating system in July to meet growing demand for digital loan applications has sped the onboarding process significantly while increasing online application volume.
“We are seeing an uptick in online applications,” Geri Hopkins, chief operations officer at Skyla Federal Credit Union, told Auto Finance News, a sister publication to Bank Automation News.
The Charlotte, N.C.-based credit union selected online connector Clutch and loan operating system Sync1 Systems to improve its online application presence, speed up the origination process and target new members, Hopkins said.
Since Skyla made the switch, “the onboarding process is about 70% faster,” she said. “We know that we can get those members onboarded and loans processed much quicker than we ever could in the past.”
Targeting, customer conversion
With the new operating system in place, the credit union can follow up on unfinished applications to help them get through the process quickly and convert them into members, Hopkins said.
Other credit unions are also seeing member conversion growth using Clutch, according to the tech provider:
- $2 billion Abound Credit Union has increased application volume by 50% with Clutch and has reduced application processing time by 50%.
- Orange County Credit Union has an 88% email open rate for its Clutch-driven retargeting emails.
2025 growth plans
Looking ahead to 2025, the credit union plans for 7% loan growth, Hopkins said.
“We’re hoping to see large numbers increase in our new and used auto portfolios,” she said. “So, we’re making sure we have the infrastructure in place to accommodate that.”
At the end of October, the credit union had $300 million in its auto portfolio and sees $7 million to $16 million a month in auto loan volume just in new originations, she said.
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— Additional reporting by Amanda Harris
