Fast credit decisioning and a streamlined digital lending experience can help you attract new customers. Regardless of its scale, any credit union may take advantage of the Compassway automation system and AI-powered alternative credit scoring process.
What we offer credit unions
1. Customizable Decisioning Algorithms
A flexible scorecard can be configured to match your organization's customer-evaluation needs.
2. Outdated Legacy Software Modernization
Using the SaaS solution, you can easily digitize a whole lending department.
3. Business-specific Platform Customization
You can easily adjust the platform to suit your customers' needs and white-label the solution for a reasonable price.
Has your credit union faced any of these challenges?
Outdated poorly integrated legacy software and workflows impede your efficiency.
Loans lost to competition as a result of other digital lenders employing alternative scoring algorithms.
Compassway saves the day
Credit unions benefit from our state-of-the-art solutions to these typical problems, which include tools that automate and enhance their unique lending processes.
Alternative Credit Scoring Powered by AI
Applying alternative credit scoring allows you to capture more loans while staying within the credit risk level you set for yourself. It expands your portfolio by covering cases with not enough credit history. It also increases portfolio profits by accurately pricing new clients. The foundation of SaaS is proprietary AI-powered credit scoring software that applies machine learning to constantly fine-tunes the algorithm. The proprietary algorithm is then connected to standard credit bureaus as well as behavioral patterns such as individual money management trends gathered through open banking interfaces.
Cloud-based Platform
Compassway lending platform for credit unions is completely cloud-based. All functionality, including credit applications, decision-making, servicing, data collection, and report configuration, is hosted on cloud servers and is available from anywhere around the globe from any device. Alternatively, credit unions can use our bank-grade lending solution on-premises.
Digital Customer Onboarding
Apply user-friendly online workflows instead of outdated technical solutions. Introduce new clients to the platform quicker and using more automated processes. Fully digitize your customer onboarding process to meet and surpass the expectations of new borrowers and have a competitive advantage in the market.
Digital Lending Automation
Make your loan origination process, decision-making, risk assessment, servicing, payment collection, and report configuration fully automated with SaaS. Choose which stages of the loan process you need digitized or purchase an all-in-one package to enjoy end-to-end lending automation. At any time, the borrower can add any module or feature. We can tailor the system based on your requirements and guarantee that it is white-labeled, fully implemented, and available to your employees.
Reports & Analytics
We can provide detailed and meaningful insights into credit union staff's performance, portfolio quality, the efficiency of your lending processes, and a lot of other aspects using SaaS cross-integrated modules. If necessary, the system may be configured to create reports specific to your business or based on the data from your in-house software.
Fraud Risk Management
An intelligent AI-powered origination process is designed to protect your organization from virtually any fraud. Combine standard and alternative methods based on self-learning DNNs to evaluate each loan application. Together with our experts, you can customize your decision-making by employing the best practices and new fintech solutions to guarantee the ultimate fraud protection and cybersecurity.
Take the first step with Compassway
Developing a unique proposal for you & Negotiations - 5 days.
Initial Project Assessment & Research - 15 days.
Implementation & Adjustments - 60 days.
Maintenance & Support - 24/7.
WHAT CUSTOMERS SAY
We used to have an older system that required more than a day to update or deploy a new risk model. In addition, credit decisions were slow. We estimated we were losing 15% of customers due to abandoned applications. For millennials, who are now a majority of our clients, responsiveness and convenience are key for lending services.
We implemented an end-to-end digital lending platform offered by CompassWay and it allowed to significantly improve customer retention. Up-to-date risk models also mean lower defaults rate and improved profitability. The system is easy to work with in case we need to add new clients or product types. We also received excellent customer support from CompassWay team. Overall very satisfied with the upgrade decision.
Denis Bobrov, CFO of CreditUP