The Atlantic Federal Credit Union Accelerates Loan Process with MANTL's Advanced Automation Technology

Revolutionizing Loan Processing: The Atlantic Federal Credit Union Case Study

The Atlantic Federal Credit Union (FCU), based in New Jersey, has accomplished a remarkable transformation in its consumer loan processing time by adopting MANTL Loan Origination technology. In a groundbreaking move, the credit union has reduced the time required to open consumer loan accounts from an arduous two days to an impressive six minutes. This transition not only enhances borrower experience but also significantly improves operational efficiency across the organization.

The shift to MANTL Loan Origination marked The Atlantic FCU as the pioneer credit union to implement this sophisticated digital technology. By effectively consolidating consumer lending processes, membership enrollment, and deposit account creation into a streamlined digital workflow, they have transformed the borrower journey, simplifying the transition from application to funding and expediting access to funds for members.

Key Achievements with MANTL Loan Origination

As showcased in a recent case study, the transformation brought about by MANTL has led to several notable accomplishments for The Atlantic FCU:

1. Streamlined Membership Verification: Integration of membership eligibility checks directly within the loan application process has been pivotal, automating what was previously a manual task and significantly enhancing operational efficiency.
2. Rapid Account Opening: The average time taken to open consumer loan accounts now stands at a mere six minutes, which is a game-changer in the financial services industry.
3. High Application Submission Rate: An impressive 80% of potential borrowers are now completing and submitting their personal loan applications, thanks to the simplification of the application process.
4. Document Collection Reduction: A staggering 67% of personal loans booked in the last 90 days have eliminated the need for document collection, removing a significant burden from both employees and applicants.
5. Automated Follow-Ups: The system has re-engaged 80% of previously abandoned applications through the use of automated reminder emails, showcasing the effectiveness of the integrated digital solution.

A Unified Experience

Adam Cadmus, the Chief Experience Officer at The Atlantic FCU, highlighted the pivotal role of MANTL Loan Origination in delivering an enhanced lending process. He stated, "Today’s consumers have more choices than ever, so delivering a frictionless borrowing experience is critical. What we have gained from MANTL is a seamless experience that minimizes the amount of information applicants need to provide, allowing us to scale our lending portfolio more efficiently."

Collaboration with Alkami

Through MANTL's Loan Origination development partner program, The Atlantic FCU collaborated closely with Alkami's product engineering teams. This partnership permitted the credit union to challenge traditional lending practices, streamline workflows, and provide essential feedback to help evolve the digital platform. Alkami's Chief Product Officer, Benjamin Conant, praised The Atlantic FCU’s proactive involvement, stating, "Their hands-on collaboration and forward-thinking feedback directly shaped the platform, accelerating our ability to deliver a truly modern, automated lending solution."

Looking Forward

The Atlantic FCU's successful implementation of MANTL Loan Origination highlights the impact that technology can have on traditional banking processes. By effectively leveraging digital platforms, credit unions and banks can enhance service delivery, foster deeper relationships with members, and promote institution-wide growth. With the integration of enhanced technologies, credit unions are not only improving their services but are also setting a new benchmark in the financial services industry.

To explore how The Atlantic FCU has successfully redefined consumer lending, you can download the comprehensive case study from their website. Additionally, if you are interested in how MANTL can transform your financial services and empower your team, scheduling a demo is highly encouraged.

As the landscape of financial services continues to evolve, innovations like MANTL's Loan Origination system are paving the way for a more efficient, user-friendly, and accessible banking experience for consumers across the nation.