To boost efficiency for its consumers, Navy Federal Credit Union is investing heavily in technology, according to Joe Pendergast, NFCU’s assistant vice president of consumer lending.
“Back in February, we rolled out e-signatures for our personal loans, and we’re going to continue that by adding more consumer products, auto especially — that will be important,” Pendergast told Auto Finance News. “2016 is going to be big for electronic signature for us, and also we’re in the process of creating a consumer loan application that members can complete on their mobile devices.”
Pendergast said the focus on technology is an “efficiency play” that the credit union has made a primary objective in the past few years. “It sounds expensive, but at the end of the day it pays off, because you get to improve your online and mobile banking platforms, which are lower cost ways of doing business,” he said. Navy Federal’s military members need efficient and reliable access to financial services, due to the fact that they move around a lot and many are stationed internationally.
“They want value, service, and convenience,” Pendergast said. “Our job is to continue to provide this to them.” One way Navy Federal provides convenience is to open an average of 15 new branches a year. Vienna, Va.-based Navy Federal has 276 branches worldwide, with 20 new branches added this year.
Navy also offers a program for first time borrowers, typically young recruits that have just entered the military, according to Pendergast.
“It garners an affinity between us and those members,” he said “They get their first car loan with us, and then they becomes members for life.”
Navy Federal initiatives are structured around how it can serve members “better, and faster,” Pendergast said. “They’re very mobile, they’re very transient types of members, and they want something that’s fast for them,” he added. “So that’s what we look to do, it’s all about efficiency.”
