Langley FCU Launches Deposit Accounts With Blend, Achieves 37% Growth In New Digital Account Openings
Blend, a digital banking technology provider, has successfully implemented its Deposit Accounts solution at Langley Federal Credit Union (Langley). Since its launch in March 2024, Langley has reported significant improvements:
- A 37% increase in new digital deposit account openings
- A 25 percentage point drop in contact center intervention for approved applications
- Improved member NPS scores for digital account openings
- Smooth training and implementation process
Langley, with $5.3 billion in assets, partnered with Blend to transform their online consumer origination solutions. The credit union plans to further streamline their consumer lending solutions with Blend's Consumer Loans product next.
Blend, fornitore di tecnologia bancaria digitale, ha implementato con successo la sua soluzione per i Conti Deposito presso la Langley Federal Credit Union (Langley). Dalla sua introduzione nel marzo 2024, Langley ha riportato miglioramenti significativi:
- Un aumento del 37% nelle aperture di nuovi conti deposito digitali
- Un riduzione di 25 punti percentuali nelle richieste di intervento del centro di assistenza per le domande approvate
- Valutazioni NPS migliorate per le aperture di conti digitali
- Processo di formazione e implementazione fluido
Langley, con 5,3 miliardi di dollari in attivi, ha collaborato con Blend per trasformare le loro soluzioni di origine dei consumatori online. La credit union prevede di semplificare ulteriormente le loro soluzioni di prestito al consumo con il prodotto Consumer Loans di Blend in seguito.
Blend, proveedor de tecnología bancaria digital, ha implementado con éxito su solución de Cuentas de Depósito en Langley Federal Credit Union (Langley). Desde su lanzamiento en marzo de 2024, Langley ha reportado mejoras significativas:
- Un aumento del 37% en la apertura de nuevas cuentas de depósito digitales
- Una reducción de 25 puntos porcentuales en la intervención del centro de contacto para solicitudes aprobadas
- Puntuaciones NPS mejoradas para aperturas de cuentas digitales
- Proceso de capacitación e implementación fluido
Langley, con 5.3 mil millones de dólares en activos, se asoció con Blend para transformar sus soluciones de origen de consumidores en línea. La unión de crédito planea continuar optimizando sus soluciones de préstamos al consumo con el producto Consumer Loans de Blend a continuación.
Blend는 디지털 은행 기술 제공업체로, Langley Federal Credit Union (Langley)에서 손쉽게 예금 계좌 솔루션을 구현했습니다. 2024년 3월 출시 이후 Langley는 상당한 개선 사항을 보고했습니다:
- 새로운 디지털 예금 계좌 개설이 37% 증가했습니다
- 승인된 신청서에 대한 연락 센터 개입이 25포인트 감소했습니다
- 디지털 계좌 개설에 대한 회원 NPS 점수가 개선되었습니다
- 원활한 교육 및 구현 프로세스
Langley는 53억 달러의 자산을 보유하고 있으며, Blend와 협력하여 온라인 소비자 유입 솔루션을 혁신할 계획입니다. 이 신용 조합은 다음으로 Blend의 소비자 대출 제품을 통해 소비자 대출 솔루션을 추가로 최적화할 예정입니다.
Blend, fournisseur de technologie bancaire numérique, a réussi à mettre en œuvre sa solution de Comptes de Dépôt à la Langley Federal Credit Union (Langley). Depuis son lancement en mars 2024, Langley a signalé des améliorations significatives :
- Une augmentation de 37% des ouvertures de nouveaux comptes de dépôt numériques
- Une baisse de 25 points de pourcentage des interventions du centre de contact pour les demandes approuvées
- Amélioration des scores NPS des membres pour les ouvertures de comptes numériques
- Processus de formation et d'implémentation fluide
Langley, avec 5,3 milliards de dollars d'actifs, s'est associée à Blend pour transformer ses solutions d'origine consommateur en ligne. La coopérative de crédit prévoit de rationaliser ses solutions de prêt à la consommation avec le produit Consumer Loans de Blend par la suite.
Blend, ein Anbieter von digitalen Banktechnologielösungen, hat erfolgreich seine Einlagenkontolösung bei der Langley Federal Credit Union (Langley) implementiert. Seit der Einführung im März 2024 hat Langley signifikante Verbesserungen gemeldet:
- Ein 37%iger Anstieg bei der Eröffnung neuer digitaler Einlagenkonten
- Ein Rückgang um 25 Prozentpunkte bei den Eingriffen des Kontaktzentrums für genehmigte Anträge
- Verbesserte NPS-Werte für digitale Kontoeröffnungen
- Reibungsloser Schulungs- und Implementierungsprozess
Langley, mit 5,3 Milliarden Dollar an Vermögenswerten, hat sich mit Blend zusammengetan, um ihre Online-Lösungen zur Verbraucheransprache zu transformieren. Die Kreditgenossenschaft plant, ihre Verbraucherdarlehenslösungen als nächstes mit dem Consumer Loans-Produkt von Blend weiter zu optimieren.
- 37% increase in new digital deposit account openings since implementing Blend's solution
- 25 percentage point reduction in contact center intervention for approved applications (from 32% to 7%)
- Improved member NPS scores for digital account openings
- Smooth training and implementation process described as '10x better experience' than previous solutions
- Automation of manual processes, improving contact center efficiency
- None.
Insights
As a financial analyst, I find Langley Federal Credit Union's partnership with Blend for digital deposit accounts to be a significant development. The 37% increase in new digital account openings is particularly noteworthy, indicating a strong consumer adoption of the new platform. This growth could potentially translate to increased assets under management for Langley, which currently stands at
The 25 percentage point drop in contact center intervention for approved applications (from
While these early results are promising, it's important to note that the data is based on only four months of implementation. Long-term sustainability of these improvements and their impact on Langley's overall financial performance will be important to monitor. Additionally, as Langley plans to expand the use of Blend's solutions to consumer lending, the potential for further efficiency gains and growth in other product lines could positively impact the credit union's future financial performance.
The implementation of Blend's Deposit Accounts solution at Langley Federal Credit Union represents a significant technological advancement in the credit union's digital banking capabilities. The solution's features, including multiple funding options, counter offers and omnichannel capabilities, align with current trends in digital banking technology aimed at enhancing user experience and operational efficiency.
A key technological benefit is the platform's flexibility and unified nature, which has resulted in a "10x better experience" for Langley's servicing teams during training and implementation. This suggests that the solution is user-friendly and well-integrated, potentially reducing the learning curve for staff and minimizing disruptions during the transition period.
The substantial reduction in contact center intervention for approved applications, from
As Langley plans to expand the use of Blend's solutions to consumer lending, the unified platform approach could provide further benefits in terms of system integration and data consistency across different product lines. However, it will be important to monitor the system's scalability and performance as it handles increased transaction volumes and expands to cover more complex financial products.
The partnership between Langley Federal Credit Union and Blend offers valuable insights into current market trends in digital banking. The 37% growth in new digital account openings aligns with the broader industry shift towards digital-first banking experiences, accelerated by changing consumer preferences and the impact of the COVID-19 pandemic.
Blend's market position is noteworthy, with the company serving 140 of the top 1000 depository institutions by assets under management. This suggests a significant market penetration and validates the demand for comprehensive digital banking solutions among financial institutions of various sizes.
The improvement in Net Promoter Score (NPS) for digital account openings is particularly important in the current competitive landscape. As consumers have more choices in financial services providers, including traditional banks, credit unions and fintech companies, a superior digital experience can be a key differentiator for customer acquisition and retention.
Looking ahead, Langley's plans to expand the use of Blend's solutions to consumer lending could indicate a broader market trend of financial institutions seeking integrated, multi-product digital platforms. This approach can potentially offer a more cohesive customer experience and operational efficiencies across various product lines.
While the early results are promising, it will be important to monitor how these improvements translate into long-term market share gains and customer loyalty for Langley. Additionally, as more financial institutions adopt similar digital solutions, the ability to continuously innovate and differentiate will be important for maintaining a competitive edge in the evolving digital banking landscape.
Partnership also delivered significant improvements in member experience, back-end efficiency, and banker training
Streamlining Langley’s Digital Deposit Account Solution
Langley, one of the top 100 largest credit unions in
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 just7% 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
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
Source: Blend
FAQ
What was the percentage increase in new digital account openings for Langley FCU after implementing Blend's solution?
How did Blend's solution impact contact center intervention for Langley FCU?
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What is Langley FCU's plan for future collaboration with Blend (BLND)?
