CCUA Forms Alliance Aimed at Driving New Revenue Through Loan Servicing for Credit Unions
For Immediate Release
Tuesday, May 28, 2024
Marlborough, MA – Cooperative Credit Union Association (CCUA), a dedicated advocate for credit unions, recently partnered with Constant, a leading loan operations fintech provider. The alliance will help CCUA’s member credit unions create new fee and interest income from loan servicing which is typically a cost center for financial institutions.
Known for championing the growth and success of credit unions in Delaware, Massachusetts, New Hampshire, and Rhode Island, CCUA recognizes the transformative impact of Constant's automation software. The endorsement signifies a commitment to:
- Help drive revenue in a volatile economy;
- Keep members out of collections; and
- Create efficiencies.
"Constant is excited to work with CCUA to help their credit unions automate and move loan servicing into digital banking,” said Catherine York Powers, CEO of Constant. “By doing so, our platform helps credit unions make product offers to their members based on the status of their loan or actions they take on their loans. Moreover, loan servicing is largely handled by people during business hours. By moving it online, CCUA’s credit unions can expand their hours to cross-sell in this channel, lower their cost to service loans, and do more to keep members out of collections.”
Constant's out-of-the-box features automate complex loan servicing and loss mitigation processes and transition them to digital banking. Credit union members can view and secure loan management assistance in minutes. The software's low-code, drag-and-drop approach enables credit unions to quickly set up member-facing workflows and automate common tasks like skip a pay, insurance/CPI changes, disaster relief, due date changes, deferments and more.
"As advocates for the credit union movement, we are thrilled to partner with Constant to offer their unique software to our member credit unions," said David Olson, Senior Vice President of Strategic Partnerships at the CCUA. "We believe that Constant's platform will help our credit unions overcome long-standing back office and call center challenges, enhance member services, and stay at the forefront of the evolving financial landscape."
For more information about Constant and its software solutions for CCUA member credit unions, visit: www.ccua.org/constant.
About the Cooperative Credit Union Association
The Cooperative Credit Union Association (CCUA) is the leading regional trade organization, acting as the advocate for nearly 200 credit unions spanning Delaware, Massachusetts, New Hampshire, and Rhode Island. These member credit unions collectively manage assets exceeding $75 billion, serving a combined membership of over 4.8 million consumers.
About Constant
Constant helps FIs create new revenue streams by automating loan servicing which is typically a cost center. By moving common servicing tasks from the back office to online banking, FIs further benefit by reducing call volume and creating efficiencies which together with new revenue boost the bottom line.
Media Contact
Janelle Mullen
CCUA Vice President of Member Engagement
Email: jmullen@ccua.org
Dayna Kazilionis
Constant Chief of Staff
Email: dkazilionis@constant.ai
