Case Study: Navy Federal Credit Union achieves faster digital business banking with OneSpan Sign

Navy Federal Credit Union processes 1,000 PPP loans in a week with OneSpan

Navy Federal Credit Union, the world's largest credit union, faced a monumental challenge at the onset of the COVID-19 pandemic. With branches closing, all demand for services like Paycheck Protection Program (PPP) loans and new business account onboarding was funneled into a single channel, overwhelming their manual processes. To handle the explosive growth and enable remote banking, they needed a rapid digital solution and partnered with vendor OneSpan, utilizing their OneSpan Sign electronic signature service.

The solution implemented by OneSpan, integrated with the nCino banking system, was an end-to-end digital process for loan applications and signings. This allowed Navy Federal to scale its operations dramatically. After developing this solution in just six weeks, they were able to process PPP loans at ten times their previous rate, handling over 1,000 loans in the first week of the program's second round. The digitization also streamlined new business member onboarding, which was critical as monthly applications surged from 3,000 to over 10,000. The agility provided by OneSpan's cloud-based technology was essential to their successful and rapid response.

Navy Federal Credit Union