SANTA ROSA, Calif., Jan. 30, 2019 (GLOBE NEWSWIRE) -- CuneXus, a data-driven lending and marketing automation pioneer, capped a year of rapid growth and opened 2019 on a high note by signing its 100th financial institution to further expand the roster of 27 new clients the company secured in the past year.
CuneXus passed a number of significant milestones in 2018 that included major new partnerships, releases of leading-edge product features, innovative platform integrations and industry awards. In 2018, CuneXus expanded its reach through a client roster that now represents over $175 billion in combined assets and over 10 million U.S. consumers. In the same timeframe, the platform averaged over $8 million in daily loan requests, totaling over $5 billion in total approved loan requests in the year.
“Since the launch of CuneXus, we have relentlessly pursued the idea that all consumers deserve an easier, more transparent lending experience,” said CuneXus CEO Dave Buerger. “Our achievements in 2018 advanced that goal significantly. I am incredibly proud of the team’s accomplishments last year and our current high growth trajectory.”
CuneXus’ new clients include leading community financial institutions, such as Community Choice Credit Union, Commonwealth Credit Union of Kentucky, Nassau Educators Federal Credit Union, Redwood Credit Union, and Suncoast Credit Union. New partnerships with, GrooveCar, Kasasa, and Rollick provided additional ways for consumers to experience hassle free, “1-click” lending.
Clients Report Significant Improvements in Response Rates and Funding Times
These partnerships empowered CuneXus clients to offer consumers a 1-click lending experience on new, used and refinanced auto and other vehicle loans; credit cards; home equity loans and lines of credit; and unsecured loans and lines of credit—all within their own online and mobile banking platforms. Upon launching CuneXus, clients nationwide reported significant gains in back office efficiencies and lending activity, including:
- One credit union’s average processing time for personal loans, from application to funding, dropped by 60 percent, from 25 minutes to 10 minutes, and its auto loan time dropped by 80 percent, from 40 minutes to 8 minutes.
- A $1.6 billion asset financial institution saw a dramatic 35.9 percent rise in the overall response rate to its loan offers, with 10.2 percent of members activating offers delivered by CuneXus technology.
CuneXus was recognized for excellence in the field as a finalist for the Top Enterprise Technology Company at the 2018 Lendit Fintech Industry Awards. Several financial institutions using CuneXus technology also received recognition from top industry associations and award competitions, such as the CUDL Best Practices Award for Innovation in Lending and the Marketing Association of Credit Unions Gold Award for Electronic Marketing. CuneXus continued to connect and engage with the lending and fintech communities through major industry events, including demoing its product at Finovate Spring 2018 and its own 2nd Annual Client Symposium.
“We are excited to build on the momentum of 2018 with a brand-new software release that delivers the ability to integrate with partner products from, Kasasa, Rollick and GrooveCar,” added Buerger. “Our outlook for 2019 is strong and we predict another year of growth, robust engagement and product innovation.”
About CUneXus
CuneXus is focused on data-driven lending solutions that help financial institutions optimize operational efficiency and customer experience. Its pioneering technologies are at the forefront of the transition to a new era of responsible on-demand lending and borrowing. CuneXus serves many of the nation’s largest credit unions and community banks and has generated billions of dollars in consumer loan volume. The company was named one of just ten startups to watch on KPMG’s global report of “The 50 Best Fintech Innovators”; was selected to participate in Silicon Valley’s renowned Plug & Play Fintech accelerator; was named one of 20 FinTech Forward “Companies to Watch in 2017” by American Banker and BAI; and was a finalist for “Top Enterprise Technology Company” at the 2018 Lendit Fintech Industry Awards. Visit the CuneXus website for more information: http://cunexus.com/.