FintekNews is pleased to offer our weekly feature column “3 Questions”. Each week, we feature a thought leader within a unique sector of fintech and ask them to answer just 3 questions for our audience in their vernacular. This week, we’d like to introduce you to Brit Barker, Vice President of Credit Solutions for Ontario, CA-based CU Direct, a lending technology and automotive solutions provider for credit unions.
NAME: Brit Barker
TITLE: Vice President of Credit Union Solutions
COMPANY: CU Direct
WEB ADDRESS: www.CUDirect.com
What does your firm do/offer within the fintech sector?
CU Direct’s Lending 360 Loan Origination System is a comprehensive loan and new account origination system designed to improve the credit union member/consumer experience. The system’s customizable decision engine, robust workflow engine and flexible admin tools aid in simplifying the entire loan process. Lending 360 operates as a dynamic, single origination platform to support credit unions with:
- Consumer lending
- Indirect lending
- Online loan applications
What area/s of fintech do you believe will grow the most in the coming 5 years?
Origination and processing platforms will continue to expand functionality in the coming five years. This extensive functionality will enable a financial institution/credit union to consolidate the number of systems used by staff and members. Just as lenders clamored for a common decision engine for multiple loan types, and are using such now, a consistent member application process is a rally cry for the crowd. Whether opening an account, applying for a loan or expanding the relationship at the credit union, the process to do any of these tasks should be delightful, put the end user at ease, and convey that the credit union has the member’s needs covered.
What are the biggest problems facing the fintech industry in the future?
Confirming the consumer’s digital persona and avoiding fraud. For example, lenders’ struggles at balancing the need for validation and identification of the consumer, while providing a useful self-service online solution. Specifically, if a credit union member needs a loan, the member should be able, within several minutes, be validated on the credit union’s site, approved, and have the loan funded to the account needed — without engaging directly with a credit union staff member.
There is genuine interest by credit unions to meet their members’ needs in a safe and sound manner, and they are embracing the technology that helps them achieve this goal.
Brit Barker is vice president of Credit Union Solutions at CU Direct, a lending and automotive solutions provider for more than 1,000 credit unions in the United States. He has nearly 20 years of experience in the credit union industry, and leads CU Direct’s team for Lending 360, a loan and new account processing platform.