Andrews Federal Credit Union Partners with Blend To Implement an Omnichannel Deposit Account Opening Solution

Rhea-AI Summary

Blend (NYSE: BLND), a leading digital banking solutions provider, announced a partnership with Andrews Federal Credit Union, the 4th largest credit union in Maryland with $2.6 billion in assets. This collaboration aims to streamline the deposit account opening process for Andrews Federal's members. Blend's comprehensive digital platform will offer a seamless omnichannel application experience, counteroffer and multiple funding options, IDV automation, and Banker Workspace tools. This partnership is designed to enhance member engagement, reduce operational costs, and drive account conversions.

Positive

• Partnership with Andrews Federal Credit Union, enhancing their deposit account opening process.
• Potential to streamline member engagement and reduce operational costs for Andrews Federal.
• Blend's platform provides a seamless omnichannel application experience, potentially driving higher account conversions.

Negative

• None.

Partnership to streamline member experience, reduce operational costs, and drive account conversions

SAN FRANCISCO--(BUSINESS WIRE)-- Blend (NYSE: BLND), a leading provider of digital banking solutions, today announced a new partnership with Andrews Federal Credit Union, the 4th largest credit union in Maryland with $2.6 billion in assets, to streamline the deposit account opening experience for their members.

With 12 years of experience building leading origination solutions for financial institutions, including over half of the top 10 credit unions in the U.S. by asset size, Blend is uniquely positioned to meet Andrews Federal Credit Union’s membership growth goals.

“We saw an opportunity to enhance member engagement and streamline the overall application process,” said Marco Alvarez, SVP, Chief Retail Officer at Andrews Federal Credit Union. “Our partnership with Blend is a major step towards offering a true end-to-end digital account opening solution that empowers our members to make informed financial decisions.”

As part of the partnership, Andrews Credit Union plans to leverage the robust features that are built into Blend’s deposit account solution. This includes a seamless, omnichannel application experience, counteroffer and multiple funding options that drive account conversion, IDV automation to manage risk levels, as well as Banker Workspace tools that help bankers focus on deepening member relationships.

"Providing a seamless, omnichannel application experience was crucial for Andrews Federal," said Brian Kneafsey, Head of Revenue at Blend. "With Blend’s deposit account solution, Andrews Federal can now meet their members wherever they are—whether in-branch, online, or over the phone. We’re thrilled to partner with Andrews Federal and look forward to creating a significantly enhanced experience for their members."

In addition to its deposit account opening solution, Blend’s unified platform includes a range of best-in-class digital experiences including consumer loans, home equity, and mortgages.

To learn more about Blend’s Deposit Account opening solution, visit blend.com/products/consumer-banking-suite/deposit-accounts/

About Blend

Blend 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 Andrews Federal Credit Union

Founded in 1948 by just eight people with $5 each, Andrews Federal Credit Union now provides a variety of financial products and services to over 140,000 members throughout Washington, DC, Maryland, New Jersey, and Virginia. It also serves members at select military outposts in Germany, Belgium, and the Netherlands. It's the 4th largest credit union in Maryland with assets totaling $2.6 Billion. For additional information visit www.andrewsfcu.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/20240702572109/en/

Chloé Demeunynck

chloé@blend.com

Source: Blend

FAQ

What is the partnership between Blend and Andrews Federal Credit Union?

Blend announced a partnership with Andrews Federal Credit Union to streamline the deposit account opening process for its members.

How will the Blend and Andrews Federal partnership benefit members?

The partnership aims to provide a seamless omnichannel application experience, reducing operational costs and enhancing member engagement.

What is the significance of the Blend and Andrews Federal partnership for BLND stock?

The partnership could positively impact Blend's stock (NYSE: BLND) by showcasing their ability to attract significant credit unions and enhance digital banking solutions.

What features does Blend's deposit account solution offer Andrews Federal?

Blend's solution offers a seamless application experience, counteroffer and funding options, IDV automation, and Banker Workspace tools.

How large is Andrews Federal Credit Union?

Andrews Federal Credit Union is the 4th largest credit union in Maryland, with $2.6 billion in assets.