Partnership also delivered significant
improvements in member experience, back-end efficiency, and banker
training
Blend, a leading provider of digital banking technology, is
pleased to announce the successful implementation of its Deposit
Accounts solution at Langley Federal Credit Union (Langley). Since
its launch in March 2024, the credit union has reported significant
improvements in new digital account openings, member experience,
and back-end efficiency.
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the full release here:
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Streamlining Langley’s Digital Deposit
Account Solution
Langley, one of the top 100 largest credit unions in the United
States with $5.3 billion in assets under management, partnered with
Blend to transform their online consumer origination solutions,
starting with member deposit accounts. Langley’s early success with
Blend underscores the transformative impact of adopting a digital
deposit account solution featuring robust functionality, including
multiple funding options, counter offers, and omnichannel
capabilities.
Key Partnership Outcomes
With 12 years of experience building best-in-class digital
experiences for mortgages, home equities, and consumer loans on a
single platform for customers that include 140 of the top 1000
depository institutions by assets under management, Blend came
uniquely positioned to meet Langley’s goals.
After four months of being live on Blend’s Deposit Account
solution, Langley reported significant improvements across several
areas, including:
- New Account Openings: A
37% increase in new digital deposit account openings since
being live with Blend, with July 2024 representing the highest
month on record for new digital account openings.
- Efficiency in Back-end
Processes: A 25 percentage point drop in
contact center intervention for approved applications, decreasing
from 32% to just 7% after implementing Blend. Other manual
processes are also completely automated, further improving contact
center efficiency.
- Improved Member Experience:
Early indications show an increase in member NPS scores for digital
account openings, largely driven by the enhanced member experience
and streamlined application.
- Smooth Training &
Implementation: The transition to Blend’s flexible, unified
platform significantly benefited Langley's servicing teams during
training and implementation, described as a “10x better experience
than what we're used to.”
“We now have strong front-end experience and all the back-end
systems in place to capitalize on our growth efforts,” shared Fred
Hagerman, Chief Operations Officer at Langley. “Implementing
Blend's Deposit Account solution was crucial in ensuring a
seamless, efficient process for new members, laying a solid
foundation for our upcoming marketing initiatives.”
For more information on Langley’s early success on Blend’s
Deposit Accounts, you can read the full case study here.
Looking ahead, Langley has plans to further streamline their
consumer lending solutions, with Blend’s Consumer Loans product
next.
About Bend Deposit Accounts
Blend’s Deposit Account solution reduces operational
inefficiencies while providing a consistent, seamless digital
application experience on any device to increase application
conversions. Benefits include rich features that enhance
conversion, omni-channel onboarding, facilitated self-service that
reduces manual intervention, and a unified banking platform that
reduces tech debt and accelerates deployment. For more information,
visit Blend’s Deposit Accounts page.
About Blend
Blend (NYSE: BLND) is the infrastructure powering the future of
banking. Financial providers — from large banks, fintechs, and
credit unions to community and independent mortgage banks—use
Blend’s platform to transform banking experiences for their
customers. Blend powers billions of dollars in financial
transactions every day. To learn more, visit blend.com.
About Langley Federal Credit Union
Langley Federal Credit Union is a federally-chartered credit
union, regulated and insured by the National Credit Union
Administration. Langley Federal Credit Union serves more than
380,000 members and has over $5.3 billion in assets, ranking the
financial cooperative as one of the 100 largest credit unions in
the country. Langley is a full-service financial institution where
everyone can save, borrow, and spend wisely. Located in Hampton
Roads, Langley has over 700 employees, 22 branches and more than
55,000 surcharge-free ATMs throughout the region. For more
information, visit www.langleyfcu.org.
Forward-Looking Disclaimer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements generally relate to future events, future
performance or expectations and involve substantial risks and
uncertainties. Forward-looking statements in this press release may
include, but are not limited to, our expectations regarding our
product roadmap, future products/features, the timing of new
product/feature introductions, market size and growth
opportunities, macroeconomics and industry conditions, capital
expenditures, plans for future operations, competitive position,
technological capabilities and strategic relationships, as well as
assumptions relating to the foregoing. The forward-looking
statements contained in this press release are subject to risks and
uncertainties that could cause actual outcomes to differ materially
from the outcomes predicted. In some cases, you can identify
forward-looking statements by terminology such as “may,” “will,”
“should,” “expect,” “plan,” “anticipate,” “could,” “would,”
“intend,” “target,” “project,” “contemplate,” “believe,”
“estimate,” “predict,” “potential” or “continue” or the negative of
these terms or other comparable terminology that concern Blend’s
expectations, strategy, plans or intentions. You should not put
undue reliance on any forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by which such performance or results will be achieved,
if at all. Further information on these risks and uncertainties are
set forth in our filings with the Securities and Exchange
Commission. All forward-looking statements in this press release
are based on information available to Blend and assumptions and
beliefs as of the date hereof. New risks and uncertainties emerge
from time to time, and it is not possible for us to predict all
risks and uncertainties that could have an impact on the
forward-looking statements contained in this press release. Except
as required by law, Blend does not undertake any obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future developments, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730389475/en/
Press Contact Chloé Demeunynck Corporate Communications
press@blend.com
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