Silver State Schools Credit Union’s path to growth
Connecting with buyers where it matters.
For over 70 years, Silver State Schools Credit Union has been a premier financial cooperative owned and operated by its members. With locations throughout the Las Vegas Valley, the $1.1 billion asset credit union is committed to strengthening its community and supporting its neighbors. Silver State Schools is a major player in the indirect market and one of Origence’s largest lenders in Nevada using the CUDL platform.
Recognizing their success, Origence identified Silver State Schools as well-positioned to expand its lending channels. Origence recently launched a new subsidiary, FI Connect, which allows credit unions to tap into top-of-funnel lending. Silver State Schools strategically embraced FI Connect to increase loans and grow membership, partnering with Origence to offer embedded financing options through retailers.
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The challenge: Accessibility
As online car purchases surge, indirect lending channels are evolving. By 2025, nearly 25% of all car sales will occur online, with buyers increasingly researching their options before making a decision. Credit unions are keen to tap into this trend. However, the challenge lies in accessibility.
Enter FI Connect: Origence’s solution places credit unions at the forefront of the purchase transaction. When buyers are ready to finance, they find credit unions like Silver State Schools waiting to assist.
The solution: Financing through FI Connect
FI Connect streamlines integration for retailers, offering a straightforward process akin to other indirect loans. Buyers receive competitive rates and terms, finalizing their purchase at the point of sale. If not already a member, they become one through this process.
Behind the scenes, FI Connect originates the loan purchases and seamlessly places the loan with a participating credit union.
Silver State Schools leveraged Origence’s arc OS loan origination system, making implementation fast and easy. Initial discussions in summer 2023 led to the credit union going live by November, making it one of the pioneering credit unions partnering with FI Connect. Their valuable feedback has contributed to enhancing the process for other credit unions.
“The beauty of FI Connect lies in its simplicity for our credit union,” Silver State Schools Senior Vice President and Chief Lending Officer Mel Valenzuela says. “FI Connect has an automated and streamlined process to handle credit risk, pricing predictability, fraud, document management, and loan allocation. This has allowed us to increase loans and members while not requiring the extensive infrastructure necessary to participate at the point of sale.”
Immediate results
During its soft-launch period, Silver State Schools purchased over $21 million in electric vehicle loans for more than 500 new members.
Long-term rewards
Credit unions, with their legacy of affordability, face the challenge of staying competitive as digital purchases surge. To address this, FI Connect positions Silver State Schools at the heart of members’ buying journeys, ensuring accessible financing options. This innovative channel allows the credit union to expand its reach and boost loan volume — all without overhead expenses.
To learn more about embedded financing opportunities with FI Connect and how your credit union can become part of the forefront of lending, visit www.ficonnectlending.com.