Streamlined Digital Lending: TruStage Enhances Protection Through a User-Friendly, Real-Time Approach
Revolutionizing Digital Lending: TruStage Introduces Game-Changing Payment Protection Technology
TruStage, a leading provider of financial solutions, has announced a groundbreaking new technology that simplifies the process of opting for payment protection in digital lending. This innovative solution integrates payment protection options directly into the digital loan application workflow, providing a seamless and efficient experience for borrowers and financial institutions alike.
With this integrated approach, borrowers can now see real-time eligibility checks, view clear, easy-to-understand educational content about payment protection, and make their coverage selection within the loan application itself. This eliminates the need for paper forms, reduces confusion, and removes extra work for staff.
The benefits for borrowers are numerous. Immediate clarity and context help borrowers understand their payment protection choices, increasing uptake by 13%. Real-time eligibility ensures borrowers only see options they qualify for, making the process relevant and streamlined. Coverage decisions are made faster, without separate outreach or delays after loan approval. The option is also available in multiple languages, including Spanish, enhancing accessibility.
For financial institutions, the solution offers several key advantages. It seamlessly integrates into existing loan origination systems via APIs, requiring minimal IT overhead and avoiding complex, costly system changes. Automatically incorporating selected protection into loan documents eliminates manual rekeying and reduces administrative burden for staff. The solution enhances member experience by providing education and options within the loan application, improving member satisfaction and potentially reducing default risk through protection coverage. It also supports consistent multichannel experiences aligned with modern digital lending expectations.
TruStage's solution acts as a game-changer in digital lending by embedding payment protection decisions at the point of borrowing. This benefits borrowers by providing convenience and clarity, and helps financial institutions reduce friction, boost protection uptake, and streamline workflows.
Maier, a spokesperson for TruStage, stated that the new process provides greater peace of mind and protects both borrowers and financial institutions in case of unexpected hardships. The new process is already available at over 300 credit unions and is expected to expand to more by the end of the year. Total loans outstanding at federally insured credit unions are $1.65 trillion, making this innovation a significant step forward in digital lending.
The new process is also available in Spanish for users who have Spanish language set within their browser, further enhancing accessibility. Payment protection is automatically integrated into the credit union loan paperwork, eliminating additional logistics for both the consumer and loan officer. The new technology from TruStage was previously used to embed payment protection education into digital applications, but the addition of protection to the loan was still a manual process for the credit union. However, with this new innovation, that manual process is a thing of the past.
In conclusion, TruStage's new technology is set to greatly increase access to loan protection as it brings this purchase experience option to a growing pool of consumers and financial institutions. This game-changing innovation is poised to revolutionize digital lending, offering a more efficient, streamlined, and accessible approach to payment protection.
Borrowers can now integrate payment protection options directly into their digital loan applications, thanks to the new technology from TruStage, revolutionizing digital lending. This innovative solution also benefits businesses by streamlining workflows, reducing administrative burden, and potentially reducing default risk through protection coverage.
