Northern Credit Union (“Northern”) and partner, ASAPP Online Solutions Inc. (“ASAPP”), will launch Canada’s most complete and fully integrated digital process for secured and unsecured lending within the ASAPP omni-channel account and loan origination solution. Northern will roll out the solution across its online and mobile channels in mid-October, with the full branch network using the solution by the end of the month. ASAPP 6.0 is a major software release that significantly enhances the platform, allowing credit unions to offer their members digital lending for secured and unsecured loans, including lines of credits, and residential fixed and variable mortgages with real-time approval and risk-based rate determination. In addition, ASAPP’s hosted platform continues to be fully integrated with Fiserv’s DNA core banking system, leveraging the DNAconnect Loan Origination API, so lending is now completely automated—another banking first by the ASAPP team.
“Emerging digital technologies, like ASAPP, aren’t just helping our members access banking services on their phones. They are part of a much larger ecosystem—allowing strategic alignment of resources including hardware, software, sales and service support, which improves how our staff interact with members to get work done,” says Tony Dunham, SVP Innovation and Operations for Northern. “On an annualized basis, through back and front office efficiencies, account-opening contribution and cross-sales opportunities, ASAPP is now adding over $1 million to our bottom line—now that’s value added.”
“There are a lot of financial institutions and software providers promoting their offerings as fully-digital lending these days, but the reality is most of these solutions are limited to form data collection wrapped in branding, with a promise for follow-up from the contact centre. This is where ASAPP is different; we threw the form out, redesigned the data collection process, incorporated necessary due diligence, regulatory compliance, and dramatically enhanced the flexibility of the credit decisioning process in a digital-first member-focused process. The result is back office efficiency gains, stronger credit decisioning, a faster lending process, and a stronger member experience”, says J.R. Pierman, President of ASAPP.
About Northern Credit Union:
Northern Credit Union is a full-service, locally operated financial institution, offering personal and commercial products and services and financial planning expertise to more than 70,000 member shareholders. Serving 31 Ontario communities, Northern is committed to educating members about financial literacy and providing the tools to help members achieve their financial goals. For more information, visit https://www.northerncu.com/true-north-strong/about-us/.
ASAPP delivers Canada’s most complete omni-channel account origination and loan auto-decisioning solution for retail and small business banking. ASAPP has been developed by industry professionals including digital marketing, banking, compliance, analytics, and technology experts who have ensured that every last detail has been covered. For more information, visit www.asappbanking.com.
SVP Innovation and Operations
Northern Credit Union Limited
Tel: 705.253.9868 ext. 4711
ASAPP Online Solutions Inc.