Greater Iowa Credit Union (GICU) has selected Teledata Communications’ (TCI) consumer loan origination platform DecisionLender 4 (DL4) for direct, indirect, and online lending, and online account opening.

Credit Union inspected 10 loan origination and account opening providers before selecting TCI.

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GICU will use DL4 to automatically process, underwrite, close and fund loans efficiently within a single platform.

This will help to speed up the overall process, improve operational efficiency and allow higher volumes of loans to be processed.

GICU lending vice president Neal Dietz said: “After carefully reviewing multiple platforms, TCI’s DecisionLender 4 was the only system that was robust enough to meet all of our current objectives, and provide the flexibility needed to enable future growth.”

DL4 will assist GICU to decide the level of control and automation required to regulate workflows without adding IT or developer resources.

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Moreover, users can update and implement programmes, rules and policies for each loan type and deploy them the same day.

Dietz continued: “Implementing DL4 from TCI will provide our members even more flexibility, enabling them to complete transactions at a time and place that is most convenient to their schedules.”

GICU aims to eliminate paper-based method for account opening by deploying the DL4 account opening module.

This module will provide users with 24×7 account-opening capabilities.

Users can initiate, pause, save, stop or restart the account opening application process from any device and any location –  branch or online.

TCI president Bill Nass said: “With DL4, the credit union can close more loans and open more accounts faster without sacrificing accuracy, and still maintaining the integrity of their unique lending requirements.”

Headquartered in Ames, Greater Iowa Credit Union has 33,000 members with over $512m in assets and operates eight branches.