Union Credit has launched its first marketplace for credit unions, allowing them to make secure and efficient credit offers at the point of purchase.
Following the launch, customers will be enabled to make a simple loan activation process that is embedded within their daily retail and financial activities. Moreover, clients will also be given access to affordable credits, through more transparent and secure financing.
The strategy of the new marketplace was first announced in January 2023. Since the beginning of the year, the company made multiple partnerships with several marketplace platforms, such as AmOne, Way.com, Bankrate, and other publishers. This was set to enable credit unions to provide numerous customers with easy and secure access to pre-approved loan rates at the point of sale. It also focused on offering span across all user loan types, such as auto loans, home equities, personal loans, credit cards, and more.
More information on the marketplace
By eliminating the process of loan applications, the company aimed to improve customers’ overall borrowing experience. In order to access the funds, users online need to follow a simple procedure to leverage the network of institutions. In addition, the company offers credit unions the possibility to promote their brands and products to numerous credit-worthy clients, which can result in more loans and new high-value members.
Partners of Union Credit will be allowed to leverage their digital solutions in order to further expand their reach in the marketplace, with the use of pre-approved loan offers to members around the world.
Union Credit’s past partnerships
Credit unions will be given the capability to reach customers from multiple areas of the industry and offer them services and tools with lower costs and risks. The launch also aimed to enhance financial inclusion and equality. Credit unions will be able to meet the needs, preferences, and demands of clients, as they will be enabled to match their financial situations by responsibly delivering relevant products.
Union Credit offers its customers, partners, firms, and companies credit products and capabilities, embedded within their day-to-day activities.
The marketplace for credit unions announced its partnership with TransUnion in April 2023, in order to provide clients with embedded ecommerce options and capabilities. The offerings were designed with the focus set on improving the manner in which companies serve their credit needs and preferences.
The collaboration aimed to enable lenders that are partners within the Union Credit marketplace to offer users and customers convenient, secure, and transparent financing in their daily retail and financial experiences.
Data and automation processes were set to keep on playing an important role in the lending and digital engagement segments. Moreover, as credit unions recognised this, the announcement stated that multiple of them already joined Union Credit’s data-driven marketplace at that moment.