#United States #America First Credit Union #Digital Business Account #Loquat Inc. #Riverdale, Utah

America First Credit Union's Digital Business Account

America First Credit Union (AFCU) has recently unveiled its new digital business account platform, designed explicitly for small business owners. This innovative initiative is already showing strong early results, enabling entrepreneurs to open and fund accounts in mere minutes — a process that previously stretched over several days.

The platform was developed in collaboration with Loquat, Inc., a fintech company recognized for creating simplified banking solutions. With this new system, businesses can online start and finalize their banking processes without the hassle of traditional methods. Members can apply through the AFCU mobile app or visit any of the 116 AFCU branches spread across six states. Early indicators show that the number of online banking applications surged by an incredible 400% within its first month of operation.

Kimberli Green, the vice president of Business Services at AFCU, emphasized the importance of adaptability in banking services, stating, "Our business members have told us they need tools that move as quickly as they do. This new experience gives them flexibility to start and finish their account setup wherever they are — on a phone, a laptop, or in-branch — without sacrificing the personal service that sets us apart."

Feedback from both business members and credit union staff has been overwhelmingly favorable. Members have praised the faster approval times, the simplicity of document uploads, and the overall transparency of the application process. Some users have managed to complete their applications in as little as five minutes, a remarkable streamlining compared to the prior system.

One AFCU representative highlighted, "Something that used to take days can now be done in under five minutes." Business members echoed similar sentiments, with one noting, "The online app was the easiest I've ever filled out."

This digital expansion aligns with AFCU's broader mission to support small businesses by providing financial services that enhance convenience and save time. The platform caters to a wide range of business structures, including sole proprietorships, LLCs, partnerships, and nonprofits, while also integrating advanced verification tools to ensure secure onboarding for new applicants.

Zarina Tsomaeva, CEO of Loquat, commented on the collaboration, stating that it exemplifies how smart technology can transform banking workflows. She expressed gratitude for the partnership, highlighting their goal of simplifying complex banking processes. She remarked, "By combining intuitive design with advanced verification tools, we are helping business owners to get up and running faster and with greater confidence—removing the slow manual processes that have hindered this industry's progress."

AFCU’s commitment to its members extends to providing a range of digital tools, lending options, and tailored services aimed at facilitating operations and promoting long-term growth. The platform's design not only supports a variety of business types and structures but is also engineered to prioritize secure methods for account setup.

As America First Credit Union marks its 86th year, it has diversified from a single branch serving military personnel and federal employees into one of the largest and most forward-thinking credit unions in the nation, currently boasting over 1.5 million members across several states. With total assets exceeding $23 billion, AFCU’s growth is a testament to their dedication to member service and community support.

For those interested in accessing these new digital banking features, details can be found on AFCU's official website. The launch of this platform not only underscores AFCU's innovative spirit but also reaffirms its role as a key player in the evolution of financial services for small businesses across the country.

About AFCU

America First Credit Union is the largest credit union in Utah and ranks as the sixth largest in the United States. Focused on member-centric banking solutions, AFCU prioritizes community sustainability and growth through accessible financial services tailored for businesses and individuals alike.

About Loquat

Loquat Inc. specializes in developing cutting-edge technology for financial institutions, offering solutions that streamline banking processes for both consumers and businesses. Their innovative approach includes automated lending systems and advanced analytics tools designed to improve overall performance and customer satisfaction.