Navy Federal Credit Union will kick off a mobile initiative in 2015, Assistant Vice President of Consumer Lending Joseph Pendergast told AFN. The credit union, which caters to military personnel, aims to provide its members the ability to manage their loans from anywhere in the world.
“They live really mobile and transient lifestyles, and convenience is key for them,” Pendergast said. “In order to get them the service they expect, we are introducing electronic signature in 2015, so we are very excited about that.”
The e-signature capability will be introduced in stages, starting with low-risk personal loans, then moving on to auto loans. An exact schedule for the e-signature initiative is still to be determined, but Pendergast estimates that auto loans will be rolled out in calendar year 2015. “There’s a lot of benefits there,” he said. “Members can go in and sign their promissory note on a mobile device in the convenience of their living room.”
Currently, members can view account statements on their mobile devices, but come the new year, NFCU plans to introduce the ability to apply for loans and make payments.
