By Justin Lutes, AAP, APRP, VP of Correspondent Services
Today, 80% of American consumers believe speed, convenience and ease of payment are the most important elements of a positive customer experience, according to a study by PwC. Members desire more flexible banking options at their fingertips, whether it’s 24/7 access to services or on-the-go capabilities from their phone or computer.
Digital loan payments can enhance convenience for both the credit union and its members – and it all starts with intuitive self-service functionality, multiple payment channel options and streamlined loan payments.
The power of self-service
Self-service payment technology puts more control in consumers’ hands. The “do-it-yourself” functionality lets members customize their role in the loan process, making payments on their schedule versus the credit union’s schedule. Members can be empowered to proactively pay timely on current loans, in turn, helping credit unions better manage cash flow and delinquency rates.
Additionally, offering a solution with self-service technology can accelerate processing and provide credit unions modern conveniences, such as automated email confirmation upon payment. Combined, these factors benefit credit union operations and the overall member experience – the best of both worlds.
Choices for how to pay
Members want options when it comes to making payments. The ability to choose between a one-time or recurring loan payment and to select ACH, same-day ACH or debit card as the payment vehicle offers conveniences to both parties in the transaction. Digital loan payments can provide members additional flexibility with options to pay by browser, phone, or in branch. Enabling borrowers to drive the interaction fosters faster adoption of the service and greater member satisfaction.
Simplified loan payments
It can be challenging to secure loan payments from other financial institutions – especially from indirect lending members. While created with indirect loans in mind, a 
credit union can use Catalyst Corporate’s new CU LoanPay digital payment service for any of its loans. Once onboarded, the credit union receives a link to place on its website or anywhere it chooses. A member simply clicks on the link, enters identifying information and their loans display.
Digital loan payment services are a cost-effective way to reduce credit union resources, and enhance operational efficiency, while boosting the member experience. Modern solutions, like Catalyst Corporate’s CU LoanPay module, provide a simple, user-friendly approach to loan payment processing that spells convenience for the member, and ultimately, your credit union. For more information on CU LoanPay, contact us today.