Blue FCU funds holiday loans in 10 minutes

Partnership with DaLand Solutions creates an automated, self-service process

CHEYENNE, WY (December 12, 2017) — A few years ago, the $961 million Blue Federal Credit Union introduced a holiday loan program. The terms were simple: no credit check, must be a member for at least 90 days, $1,200 maximum and a 12-month term.

“We greatly underestimated the popularity of this product,” said Blue FCU COO Andrew Shaw. “Members loved it, but it soon became an operational nightmare for us.”

Originally, members were required to visit a branch to request the holiday loan. The process was slow, often leaving unhappy members waiting in the branch for longer than expected. As it had done in the past with other antiquated processes, the credit union approached DaLand Solutions to discuss relieving the program’s pain points.

The result of this collaboration is a completely automated, self-service process. Members request the loan while logged into online banking, so they’ve already been authenticated. Direct deposit serves as income verification, and all signatures are captured electronically.

“The system we created with DaLand builds the loan, funds it, and deposits the money into the member’s account automatically,” Shaw said. “As long as the member has direct deposit, they could have the money in their account in as little as five to 10 minutes.”

“Blue FCU is the ideal partner for us,” said DaLand Solutions Co-Founder Dan Micale. “They’re progressive and they’re committed to pushing technology as far as possible to benefit both members and employees.”


About Blue Federal Credit Union

Blue Federal Credit Union is a not-for-profit financial institution serving the communities of Wyoming and Northern Colorado. Our purpose is to create a true cooperative that’s connected to and inspired by the communities we serve, committed to building lifelong relationships with our members and recognizing their loyalty, and guided by the belief that their success is ours. Please visit www.bluefcu.com for more information.

About DaLand Solutions

Based in Aurora, Colorado, DaLand Solutions is a multifaceted technology and professional resources company that serves credit unions exclusively. With extensive experience in every level of credit union operations, the DaLand team is divided into three groups: project management, which manages many different types of technology implementations; brokerage, which handles core, EFT and other technology searches; and enterprise services, which develops software and custom technology solutions. DaLand is also the creator of STI, the most advanced platform in the industry for providing members and businesses with innovative, token driven mobile payments, lending, and transaction processing apps. Additional information is available at www.dalandsolutions.com

Contacts

Michele Bolkovatz
Community Relations Manager
Blue Federal Credit Union
307-432-5402
mbolkovatz@bluefcu.com