Key Results
- 50% increase in deposit applications and membership growth.
- 80-90% reduction in fraudulent applications.
- Application time cut from 15–20 minutes to just a few minutes.
- Faster funding decisions thanks to automated document retrieval and streamlined workflows.
- Cross-sell success – members can apply for multiple loans in under six minutes, significantly increasing product penetration.
The Challenge: Fast Enough Online - Not Fast Enough Anywhere Else
Firstmark Credit Union recognized early that member expectations were being set by the best digital experiences in the market – not by other financial institutions. A seamless, frictionless onboarding experience wasn’t a differentiator anymore. It was table stakes.
But the reality inside the credit union told a different story. Applying for even a basic savings or checking account could take 15 to 20 minutes. The process was manual, document-heavy, and created friction for members and staff alike. Loan officers and frontline staff were buried in repetitive tasks – verifying documents, managing fraud risks, chasing applicants for follow-up – rather than focusing on the member conversations that drive loyalty and growth.
In a market where fintechs had already solved for speed and simplicity, Firstmark knew it had to adapt or cede ground it couldn’t afford to lose.
The Solution: Fully Digital Onboarding - With Fraud Prevention Built In
Firstmark implemented Clutch’s digital application platform, integrated with Alloy for identity verification and fraud detection. The result was a fully digital onboarding experience that eliminated the manual steps slowing down both members and staff.
Key capabilities included:
- Dramatically faster applications — even complex applications now complete in minutes, not 15–20
- Automated fraud detection — flagging and eliminating 80–90% of fraudulent actors before staff are ever involved
- Real-time document retrieval — driver’s licenses, registrations, payoffs, and book values pulled automatically
- In-session cross-sell — members applying for one product are offered relevant others without restarting the process
- Post-loan membership opening — new members can be onboarded immediately after a loan approval, with no duplicate data entry
The platform didn’t just speed up an existing process. It replaced a manual, fragmented workflow with a secure, automated experience that could scale.
The Results: Fraud Down. Deposits Up. Staff Finally Doing What They Love.
The outcomes at Firstmark were measurable and significant. Deposit applications and membership grew 50%. Fraudulent applications – once a manual burden on staff – dropped by 80–90% before any human review was required. Application time fell from 15–20 minutes to just a few minutes across the board.
Cross-sell performance improved markedly. Members could apply for multiple loan products in under six minutes, expanding product penetration in ways the previous process couldn’t support.
Inside the credit union, the shift in staff experience was equally meaningful. With repetitive, manual steps handled automatically, team members could focus their energy on the conversations that deepen member relationships – not the administrative tasks that had consumed their days.
“Clutch levels the playing field with the big guys.” — Firstmark Credit Union
“The innovation mindset and responsiveness of their team have been invaluable.” — Firstmark Credit Union
“They’ve taken care of their clients so well that their clients become advocates.” — Firstmark Credit Union
Ready to Stop Fraud Before It Starts - and Grow Deposits at the Same Time?
Clutch’s digital onboarding platform – integrated with best-in-class identity verification – helps credit unions protect members, reduce manual work, and compete with the best digital experiences in the market.
Contact moc.hctulchtiw@selas