MADISON, Wis.–Credit unions were given an update on some of the embedded lending and purchase solutions offered by TruStage during the company’s Discovery Conference.
Lisa Pavelski, director of digital capabilities with the TruStage, said the company’s research shows there is strong interest among credit union members for buying loan protection products.
For example, she shared that its biannual lending preferences study reveals that eight in 10 consumers have a concern about making their loan payments (see related story here).
“When we describe the benefits of what products like credit insurance, debt protection, gap and mechanical repair do, 82% of consumers say that they would be interested in a product that services those needs,” Pavelski said. “That is up over 20% since 2023.
However, she said when members who have recently gotten a loan through their credit union were asked if they were offered loan protections, less than half recalled receiving an offer.
What Members Expect
“Members expect to be able to be educated about payment protection throughout their lending journey, but specifically they do want to be made aware of their options during the application phase based on our findings,” Pavelski said. “We have built our integrated payment protection solutions to be able to meet the needs of your members with an API-based solution that meets your members where they are in their lending journey. It is integrated seamlessly into your lending technologies to make it incredibly easy for a credit union to activate.”
Moreover, Pavelski said TruStage captures information that allows loan officers to have data-backed follow-up conversations if needed.
The Next Evolution
She also shared what she called the “next evolution” for a solution that includes the ability for members to select the plans that are right for them and, depending on a technology configuration, it will also generate the documents to be included in the loan package.
