Member Student Lending LLC and LendKey Technologies Partnership Wins 2022 Fintech Futures Banking Tech Award
New York (August 2, 2022) — Member Student Lending, a leading network of credit unions offering private student loan and lending solutions, today announced their Fintech Futures Banking Award win in the category of Best Use of IT for Lending for their banking-as-a-service partnership with LendKey. The annual award recognizes the most talented individuals and companies in the banking and fintech industries.
Member Student Lending, a credit union service organization (CUSO), and LendKey recognized an opportunity to democratize and advance the balance sheet management tools of hundreds of credit unions to remove the barrier of entry to the loan origination market. In 2010, the two joined and have provided credit unions access to advanced origination tech, common underwriting, pricing, and risk mitigation tools.
“LendKey’s balance sheet management tools provide tangible results for our members, regardless of their asset size, which creates a space for all credit unions to compete,” said Dan Picard, Board Chair, Member Student Lending, LLC. “We are so proud of this award because it recognizes how the LendKey partnership allows us to help our network credit unions move their business forward.
Through the LendKey platform, Member Student Lending offers its network lenders a solution that delivers the technology, servicing, and support to establish a strong digital lending presence and acquire loans on their balance sheets. Credit unions can optimize their offerings through LendKey’s lending-as-a-service platform for demand generation, online decisioning, loan origination, loan servicing, compliance expertise, risk analytics, and proprietary loan participation solutions.
One of the most integral enhancements LendKey made was the rollout of the Flexible Decision Engine in 2020. With the Flexible Decision Engine, member credit unions can expand their credit box without significantly increasing risk. The Flexible Decision Engine streamlines the borrower experience and increases conversion through advanced decisioning and pricing.
“Instead of relying on standard “knockout” criteria where a borrower is automatically declined for not meeting one set of criteria, the network lenders can use flexible underwriting parameters to approve more applicants while mitigating risk,” explained Ryan Giffin, SVP Client Success. “Through market assessment, we were able to identify an opportunity to introduce dynamic pricing and it didn’t take long to see the impact – a 25% lift in conversion rate.”
“This partnership has successfully driven nearly 54,000 new members and resulted in almost $2 billion in loan originations and participations,” said Picard. “We look forward to seeing what Member Student Lending and LendKey accomplish in the years ahead.”
About Member Student Lending LLC
Member Student Lending LLC is a leading network of credit unions offering private student lending options to students and families nationwide through a turnkey digital lending solution. Formed in 2010, the CUSO is comprised of hundreds of progressive credit unions that built a member-responsive private student loan program utilizing common underwriting and pricing. Nationwide loans and a modern loan participation program allow credit unions to mitigate risk while still serving young borrowers.
LendKey delivers high-quality consumer loans directly to financial institutions through its digital lending-as-a-service model and indirectly through ALIRO by LendKey, an innovative deal network designed to enable financial institutions to buy, sell and broker loans. The platform delivers the technology, servicing, and support financial institutions need to establish a strong digital lending presence, acquire loans for their balance sheets, and build lifetime relationships with their partners and customers. Lenders optimize their offerings by drawing upon LendKey’s fintech platform for demand generation, online decisioning, loan origination, loan servicing, compliance expertise, risk analytics, and proprietary balance sheet options. LendKey has helped community-capital providers deploy over $5 billion in loans since 2009. Visit LendKey for more information.
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