#USA #San Francisco #Clutch #Fastlane #Loan Processing

Clutch Unveils Fastlane for Real-Time Loan Decisions

Clutch, a frontrunner in digital onboarding and loan origination technology for credit unions, has announced the launch of its latest innovation, Fastlane. This new tool is designed to transform the way credit unions manage loan applications by providing real-time decisioning and fulfillment capabilities that can significantly enhance their growth potential.

Redefining the Lending Experience

Fastlane aims to eliminate the traditional bottlenecks often experienced between loan application submissions and fund disbursement. According to Clutch, this platform will empower credit unions to streamline their processes, enabling them to compete more effectively with emerging fintech solutions. By automating crucial aspects of the lending journey—including decision making, step-up verifications, fulfillment, and LOS routing—Fastlane promises to enhance conversion rates, reduce operational costs, and improve overall member experiences.

Grant Sailsbury, Clutch's General Product Manager, highlighted the platform's efficiency: “If the loan qualifies, we send it ready to fund, right to the loan origination system (LOS) — no back and forth, no waiting.” This streamlined approach is anticipated to result in higher look-to-book ratios and a significantly faster experience for credit union members.

Key Features of Fastlane

The innovative Fastlane platform boasts several key features tailored to optimize loan processing:

• - Automated, Relationship-Aware Decisioning: Fastlane utilizes internal relationship data and real-time bureau pulls to deliver instant credit decisions based on customizable policies defined by credit unions.
• - Integrated Verification Step-Ups: Built-in workflows for fraud, income, and identity verification reduce time taken to fund loans and eliminate the need for manual underwriting processes.
• - Fulfillment Automation: All steps involved in preparing loan documents and disbursement details are automated, ensuring that approved loans are routed to the LOS without requiring staff intervention.

Noteworthy Outcomes

Early adopters of Fastlane have reported remarkable results:

• - Instant decision rates ranging between 76-100% across participating credit unions.
• - An increase of up to 50% more loans being funded.
• - A reduction of 50-80% in manual operations needed for each funded loan.

Tamanna Kottwani, Clutch's Head of Product, commented on Fastlane's transformative impact: “By removing the lag time between approval and funding, credit unions are not just accelerating decisions, they are also capturing more loans and greater member value.”

Emphasizing Speed and Precision

The message from Clutch's leadership is clear: in today’s competitive landscape, speed and precision are not just advantages—they are necessities. Nicky Hinrichsen, the CEO and Co-founder of Clutch, stated, “Speed is the new standard. With Fastlane, credit unions can meet and exceed the expectations of today's borrowers without sacrificing control or increasing credit risk.”

About Clutch

Clutch has made significant strides in modernizing the credit union member experience, offering solutions that span from digital account opening to loan origination and cross-selling. Their platform provides fast, automated workflows across a wide range of deposit and lending products, thereby minimizing manual tasks and reducing error rates. Additionally, Smart Cross-Sell Engines deliver personalized offers to deep relationships and maximize the share of wallet. Furthermore, Clutch’s Omnichannel Support equips Member Service Representatives (MSRs) with intuitive tools for guiding members through account setups and approvals across both digital and branch platforms.

With over $10 billion in loans funded and deposits raised, Clutch is at the forefront of reshaping how credit unions engage, convert, and retain members in a digital-first era.

For media inquiries or further information about Fastlane, interested parties can reach out to Clutch via their website www.withclutch.com.