How change management and technology revolutionized Navy Federal’s customer experience

What We Did

Navy Federal, the world’s largest credit union, needed a better member experience to meet the demands of its 8.1 million members and simultaneously grow its business. After selecting the nCino Bank Operating system, the credit union turned to West Monroe to replace multiple legacy systems with a single platform enabling Navy Federal to:

• Reduce the time required to make credit decisions Improve transparency across the business in areas such as member requests, team workload, and average timing around decisions
• Deploy new capabilities such as e-signatures
• Enhance its compliance and regulatory reporting capabilities

The Challenge

The rapidly evolving banking industry demands progressive platforms for day-to-day functions, and Navy Federal understood that its old platform had limitations. This included reliance on multiple systems across the lending lifecycle, hindering the credit union’s ability to meet growth goals.

To keep pace with business members’ needs and expectations while enhancing its member experience, Navy Federal knew it had to modernize the onboarding and loan origination processes.

An Undeniable Approach

Streamlining Navy Federal’s approach to onboarding new business members and originating business loans required a blend of credit union operations experience and technology expertise. It also required the number one consulting partner for nCino, West Monroe.

The first step: understanding Navy Federal’s people and processes in order to gauge the scope of change required. After identifying gaps in teams and rooting out inefficient processes, we moved Navy Federal to its first cloud-based technology platform. Next, the project team replaced multiple technology systems with a comprehensive nCino Bank Operating System solution built on the Salesforce platform.

Our focus on change management from the outset enabled Navy Federal to build a more convenient and effective member experience, and to use nCino to replace paper-based, manual activities with automated workflows in areas including:

• Business member onboarding
• Online business credit applications
• Pricing, risk rating, and decisions
• Business loan boarding to three Loan Cores

Finally, Navy Federal integrated the solution with its credit reporting, loan documentation, and eSignature providers to introduce automation.

Returns You Can Measure

The new nCino solution powers an efficient and intuitive member experience, allowing Navy Federal to seamlessly onboard 2,000 new members a month. It also paved the way to more easily manage compliance requirements and credit controls and increase profitability. The platform delivers a wealth of insights the credit union can use to fuel business development, increase its share of members’ wallets, and diversify lending revenues into new markets that it previously did not target.