To meet growth expectations and enhance member experience, the world's largest credit union introduced automation capabilities, enabling it to onboard business members and make credit decisions faster and more efficiently.

The Challenge

Enabling growth and meeting member expectations

Process and system limitations—including use of multiple systems across the lending lifecycle—affected Navy Federal’s ability to meet future growth goals. Furthermore, to keep pace with business members’ evolving needs and expectations, the institution wanted to modernize its onboarding and loan origination processes. 

Goals for a new onboarding and loan origination solution included:
  • Reducing the time required to make credit decisions 
  • Improving transparency across the business in areas such as member requests, team workloads, and average timing around decisions 
  • Enabling new capabilities such as online/ e-signatures
  • Enhancing compliance and regulatory reporting capabilities

The Solution

Replacing multiple systems with a single, comprehensive nCino solution 

Applying a distinctive blend of financial services operations experience and deep technology expertise, West Monroe helped Navy Federal transform its approach to onboarding new business members and originating new business loans. First, we partnered with Navy Federal to understand and redefine its people and processes and the scope of change required. This included understanding gaps in teams required to execute, understanding where processes were inefficient or outdated, and moving to Navy Federal’s first cloud-based technology platform. By focusing on change management and the ideal future state process early on, we were able to help Navy Federal enhance its member-centric culture and ensure that the technology supported their ideal future state. 
 
The project team replaced multiple, disparate systems with a single, comprehensive nCino Bank Operating System solution built on the Salesforce platform. This solution enables Navy Federal to replace paper-based, manual activities with automated workflows in areas including:
  • Business member onboarding
  • Online business credit applications
  • Pricing, risk rating, and decisions 
  • Business loan boarding to 3 Loan Cores

Navy Federal integrated the solution with its credit reporting, loan documentation, and eSignature providers to maximize automation capabilities.

The Impact 

More efficient, member-friendly operations

With the new nCino solution now live, Navy Federal is able to:

  • Deliver a superior member experience that is efficient and intuitive
  • Onboard 2,000 new members a month seamlessly
  • Manage compliance requirements and credit controls more easily
  • Use new insight to broaden business development, increase its share of members’ wallet, and diversify lending revenues into new markets that it previously did not target
  • Increase profitability by operating more efficiently
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