Stanford Federal Credit Union’s consumer loan origination system was being discontinued, so the credit union needed a new solution that would enable it to evolve with the market. Based in the heart of Silicon Valley with over $2.7 billion in assets, Stanford’s 60,000+ members — the Stanford University community as well as the employees of Google, Facebook, Visa and over 100 other companies — expected the credit union to deliver products in a seamless, fast and reliable manner, so it needed a product that could exceed these expectations. Stanford rolled out a board initiative, Consumer Lending Evolution and Optimization, to serve the needs of its members with high efficiency. As the preferred credit card offering for the Stanford University Alumni Association, the credit union wanted to find a way to deliver that product in a seamless, quick and secure manner.
Creating an Online Credit Card Origination Option
Using Temenos Infinity Loan Origination, Stanford built a custom online credit card account opening system. Stanford alumni are able to access the online application through a secure channel that is fully integrated with Temenos software. This allows Stanford to quickly and securely memberize the alumni. “We push these applications right on through and get them into an approval queue,” says Brian Thornton, Chief Lending Officer at Stanford. “We can very quickly approve the credit card for these alumni and boom…card delivered. It’s awesome!”
Creating Your Own Destiny
“As a CLO, the freedom to partner with financial services provided through API integration is very important,” said Thornton. “We all want to integrate with our preferred vendors, and we are constantly looking to add providers. I want that process to be easy, and I want to be able to control it with my team.”
“Temenos’ vision of having an open API allows financial institutions to create their own destiny and choose their own vendor partners. Temenos’ ability to step up and build a solid partnership with its clients also sets them apart.”Brian Thornton, Chief Lending Officer
In short, the leadership team at Stanford now operates with complete confidence knowing they have the software infrastructure in place to support new vendor partnerships, roll out new products to alumni quickly and seamlessly, and continue as a staple of the Stanford University community.