Turning to an Agile Yet Highly Comprehensive Take on Loan Origination

Algebrik AI, a company pioneering the world’s first cloud-native, AI-powered, digital-era Loan Origination System (LOS) built for credit unions, has officially confirmed the news that Family Financial Credit Union, a trusted community institution based in Michigan, will deploy its Algebrik ONE solution.

According to certain reports, the latter will also leverage Algebrik AI’s Digital Account Opening, Lender’s Cockpit (LOS), Omnichannel Point-of-Sale (POS), AI Decision Engine, and Portfolio Analytics solutions to deliver faster, smarter, as well as member-first lending and onboarding experiences across channels. 

As for what led Family Financial Credit Union to make such a pick, the answer resides in Algebrik AI’s ability in the context of conceiving personalized workflows that adapt to the needs of both members and lenders.

Talk about the impact Algebrik One technology has had so far, we begin from how it was able successfully achieve a 90% reduction in abandonment rates, thus bringing down average loan or member acquisition costs from $600–$700 to just $100–$200.

Next up, we must dig into how the technology managed to realize 40% reduction in processing time for underwriters and lenders. The stated reduction would free up nearly 2 days per week to focus on complex cases and deeper member engagement. 

Another detail worth a mention relates to how Algebrik One clocked a 30–40% increase in Look-to-Book (LtB) ratios so to improve loan-to-share performance and net interest margins (NIM).

The underlying technology also achieved 300% improvement in member experience to enable approvals in no more than 5 minutes across all loan types and disburse same-day funding for unsecured personal loans.

“We’ve always believed in blending high-tech with high-touch,” said Deb Dietz, Chief Executive Officer of Family Financial Credit Union. “Whether it’s through initiatives like Quick247 or personalized account rewards, we’ve continuously evolved to meet members where they are. With Algebrik AI, we’re not just upgrading our tech stack; we’re redefining the speed, simplicity, and personalization of lending for the communities we serve. We truly believe Algebrik ONE gives us the agility to meet every member moment with intelligence, speed, and empathy.”

Turning our attention towards other Algebrik solutions that Family Financial Credit Union is set to embrace, there is the company’s Digital Account Opening module coming into play. The stated module banks upon a micro-journey architecture, which allows for applicants to navigate through personalized onboarding flows, regardless of whether their preference is self-service or an assisted experience. 

The stated module also enjoys features like dynamic eligibility, real-time ID verification, modular product bundling, and Core data lookups to deliver a fast, frictionless account opening journey. 

We further need to expand upon Algebrik’s integrated no-code decision engine, which makes it possible for users to build, simulate, and deploy underwriting, pricing, and eligibility strategies without IT involvement.

Moving on to an omnichannel Point-of-Sale (POS), it essentially brings forth a unified borrower experience across web, mobile, and in-branch interfaces to support co-applicants, assisted application handoffs, and dynamic workflows 

Beyond that, we have member-centric workflow automation coming into play. This particular component really goes the distance to support progressive disclosure, micro-journeys, and self-serve + assisted flows, all for the purpose of unlocking personalization without increasing operational load.

Hold on, there is more, considering we haven’t yet touched upon the prospect of smart document and stipulation management. These are built-in stipulation workflows with document scraping, red flag detection, and conditional logic, each component well-equipped to streamline compliance and reduce back-and-forth with borrowers.

Joining the mix after that would be embedded analytics and a lineup of reporting tools. As a result, you can drag and-drop reports, achieve SQL/Python access, and at the same time, enjoy compliance-ready outputs (e.g., HMDA), supporting both tactical reporting and strategic insights.

We also haven’t touched upon the potential for real-time core integration and validation, something which is inclusive of pre-built integration with major Core systems and service providers, along with real-time validation of borrower accounts, loan disbursement instructions, and funding confirmation.

Rounding up highlights would be an aspect focused on facilitating modular rollout and use case flexibility. You see, institutions can go live with just the Digital Account Opening, LOS, Point of Sale, or Decision Engine, with more modules available for integration as needed,