Mountain America Credit Union is scouting fintech partners to provide self-service options, plus mobile and online capabilities to its auto finance customers.
“We’re looking at partnership models with fintechs, that’s our biggest focus over the next six to 18 months,” said Jade Beckman, vice president of consumer lending at the West Jordan, Utah-based credit union, told Auto Finance News. “E-contracting, e-signatures, and better underwriting and automation have to be integrated into the process of a consumer end-to-end experience.”
Beckman declined to disclose the credit union’s potential fintech partners but spoke about how vital these innovative technology providers have become in meeting consumer expectations.
“The idea of push the button, get a loan — that’s the expectation and the consumer mindset,” he said. “That really hasn’t happened in the auto finance space to the degree that it has in the personal finance space and to some degree in the mortgage space.”
One reason for the delay is the need for a title, interaction with a DMV, and “a lot more things that complicate an auto loan,” he said. “To me, there’s no doubt that those innovations made by the LendingClubs and the SoFis and the Rocket Mortgages of the world that have the biggest potential are coming to the auto side,” he added.
