Navy Federal Credit Union Selects Blend to Power Deposit Accounts

Rhea-AI Summary

Blend announces that Navy Federal Credit Union has adopted its deposit account product to enhance digital account openings for new members. This partnership expands their collaboration, which initially focused on mortgage and equity products.

The automation of account opening processes will allow users to complete applications quickly, improving the customer experience. The solution utilizes Blend's Composable Origination Platform, enabling tailored workflows and integrations.

This development aligns with Navy Federal's commitment to meeting evolving member needs and highlights Blend's innovative financial solutions.

Positive

• Navy Federal Credit Union selects Blend's deposit account product, enhancing digital onboarding.
• Partnership expands from existing mortgage and equity products, indicating growing trust in Blend.
• Increased automation and streamlined processes improve user experience and operational efficiency.

Negative

• None.

Nation’s Largest Credit Union Selects Blend’s Deposit Account Product and Builder Platform to Streamline Account Openings

SAN FRANCISCO--(BUSINESS WIRE)-- Blend, a leading provider of cloud banking software, announced today that Navy Federal Credit Union has selected its deposit account product to reimagine their digital account-opening process for new membership.

For over 90 years, Navy Federal has served to improve the financial well being of its members, the military and their families. As an industry leader in customer experience, Navy Federal remains focused on solutions that meet their members' evolving needs. This new agreement expands the use of Blend's platform to cover membership and deposit account products in addition to their existing mortgage and equity products.

“We are thrilled to deepen our long-time relationship with Navy Federal to support this initiative in streamlining deposit account openings,” said Nima Ghamsari, Head of Blend. “The ability to rapidly deploy innovative solutions in cases like these validates the flexibility and power of our product offerings underpinned by Blend Builder, and we look forward to continuing to work with them on providing best-in-class offerings to America’s service members.”

Through Blend’s deposit account solution, Navy Federal will increase the automation of processes and unify workflows across different acquisition channels. The data-driven user interface will allow consumers to open new accounts in just minutes, from identity and eligibility verification to membership confirmation, decisioning and new-account funding. This functionality is enabled by Blend’s Composable Origination Platform, a low-code platform that provides the ability to quickly and easily build unique workflows and custom integrations based on their unique business needs.

To learn more about the Blend Platform and how Blend is driving innovation at top financial institutions, please visit blend.com/platform.

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.

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/20230327005143/en/

Gene Kim

press@blend.com

Source: Blend

FAQ

What product did Navy Federal Credit Union select from Blend?

Navy Federal Credit Union selected Blend's deposit account product.

How will Blend's solution enhance Navy Federal's account opening process?

Blend's solution automates processes, allowing accounts to be opened quickly, enhancing the customer experience.

What does the partnership between Blend and Navy Federal signify?

The partnership signifies an expansion of their collaboration from mortgage products to include deposit account offerings.

What platform does Blend use for its deposit account solution?

Blend uses its Composable Origination Platform to enable tailored workflows and integrations.

What is the significance of this agreement for Blend's business?

The agreement strengthens Blend's relationship with a major credit union, expanding its market presence.