From vision to volume: Wings Credit Union accelerates loan growth
The credit union
What started in 1938 as an idea among seven airline employees has grown into a multistate credit union serving nearly 370,000 members. Soon to double its size through a pending merger, Wings Credit Union currently operates locations in five states and will expand into a sixth upon the deal's close. With members living and working in all 50 states, Wings is licensed to lend nationwide, everywhere except Hawaii.
Having participated in several acquisitions over the years, Wings is no stranger to rapid growth. Through that experience, leadership has learned the criticality of organizational alignment.
The challenge
In recent years, loan growth has remained a consistent pillar of Wings' four annual corporate goals. The emphasis reflects the CEO's vision to put the "credit" back in "credit union." It's a priority he introduced soon after stepping into the role, when the credit union's loan-to-share ratio stood at just 34%.
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As Wings set ambitious targets for its lending portfolio, TruStage Lending Protection Solutions proved to be a powerful enabler. Through a combination of borrower-centric loan protection and expanded revenue opportunities, the solutions supported Wings along its journey to an impressive 97% loan-to-share ratio.
The TruStage Lending Protection Solutions leveraged by Wings, which include Debt Protection, GAP, Mechanical Repair Coverage (MRC), Lending Optimization, Member Claims Portal and an integration with WithClutch, contributed to Wings' growth strategy in various ways.
The credit union’s approach was based on three transformative goals: Become a lender of choice, expand the lending product suite and adopt a digital-first mindset.
Norm Creveling
Chief Lending Officer, Wings Credit Union
Three transformative goals
Become a lender of choice
Recognizing that credit unions aren't always top of borrowers' minds, Wings began to look at ways to stand out from the competition. One innovation the credit union deployed was a 40-year mortgage for first-time homebuyers. Realtors took notice and began to see Wings as a lender willing to rethink the familiar to better serve today's borrowers.
TruStage Lending Protection Solutions helped advance Wings’ borrower-centered lending strategy by enabling member prequalification for payment protection on auto loans, personal loans and credit cards. This capability brings life to Chief Lending Officer Norm Creveling’s vision of becoming a proactive lender.
Expand the lending product suite
To be in a position to help as many different types of members as possible, Wings added several innovative loan solutions. This includes products like a jumbo mortgage loan and a variety of commercial loan options, as well as financial wellness features, like skip-a-pay. Wings' pace of innovation has not slowed. The credit union recently integrated its hybrid HELOC product through the WithClutch channel, which has reduced the application from 30 fields to less than 10.
TruStage Lending Protection Solutions add even more solutions to Wings’ product suite. By providing more members access to things like MRC and GAP, Wings further broadens its solutions for diverse financial needs. As a bonus, loan protection also expands noninterest income (NII) streams for the credit union.
Adopt a digital-first mindset
Digital lending allows Wings to be there for members when it's most convenient for them. For that reason, the credit union put what Creveling calls a "stake in the ground" in 2022. From that point on, no new loan product, lending partner or process improvement would move forward unless it was digitally enabled.
According to Creveling, TruStage is an exemplary partner in this effort: "Beyond the digital engagement TruStage Lending Protection Solutions enable, the TruStage team introduces us to vetted fintech partners with the right solutions to expand our digital footprint quickly and securely. You can't put a dollar value on that."
Measurable success
Wing's threefold strategy, supported by TruStage Lending Protection Solutions, has contributed to the following measurable successes:
Three core strengths of TruStage Lending Protection Solutions
- Strategic enabler of aggressive growth goals: Continuously iterated by a team of credit union-focused innovators, TruStage Lending Protection Solutions provide a flexible platform that aligns seamlessly with each credit union's unique lending strategy and member experience vision.
- Competitive edge against popular lenders: TruStage Lending Protection Solutions do more than help credit unions shift from in-person to digital. Dynamic content capabilities show members they're understood. This level of personalization helps credit unions compete on relationships as much as rates.
- Diversified set of lending solutions: Today's borrowers expect more than a loan. They want a holistic solution that sets them up for long-term financial health. TruStage Lending Protection Solutions make it easy for borrowers to understand and access the kind of debt protection and insurance features that help safeguard members and the credit union.
Looking forward
Creveling is confident about continued growth in multiple Wings lending KPIs. One upcoming milestone: TruStage Lending Protection Solutions' WithClutch integration is soon to enable even greater borrower access to debt protection options. Creveling expects as many as half of all applications will come with debt protection add-ons once that feature is turned on.
Creveling's confidence is bolstered by TruStage's steady rollout of meaningful enhancements: "Every new digital offering reinforces we've made the right decision in partnering with TruStage. They continue to grow with us, matching each new goal with a smart digital solution — whether it's their own or a third-party platform they've vetted. TruStage team members are pros at unearthing gems from the ever-deepening fintech ecosystem."
Tested with members and refined with real feedback, TruStage Lending Protection Solutions are designed to be easy for your team and seamless for your members.
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