NAFCU Journal September October 2021

34 THE NAFCU JOURNAL September–October 2021 balance of auto loans, double-digit per- centage savings on auto payments would have a big impact on members. Across the credit union space, leaders are utilizing new technology to improve member verification, loan decisioning, workflow intelligence, and marketplaces. Blend has partnered with many credit unions to develop customized self- service offerings that increase member pull-through and accuracy. According to Natalie McDonald, an engineer at Blend, investment in digitization can “enable credit unions to build and launch con- sumer banking products in days instead of months.” Credit unions are also increasing their usage of artificial intelligence to boost member experiences and loan outcomes. According to Lock of Upstart, artifi- cial intelligence (AI) represents a new frontier in consumer lending: “artificial intelligence is the secret weapon of all large-scale digital applications, and it’ll be the key for consumer lenders to deliver modern all-digital experience.” For credit unions, artificial intelligence can enhance underwriting, increase approval rates, and reduce loan losses. The landscape of consumer lending is changing, and credit unions can capitalize on new opportunities to improve member experiences and to strengthen their bal- ance sheets. The current state of lending will be influenced heavily by changing consumer preferences, novel technologies, and evolving economic conditions. Randy Salser is President of NAFCU Services.