Blend Adds Auto Lending to Suite of Consumer Banking Products

New Auto Loans Product Streamlines Auto Finance Journey, Helping Borrowers Get into the Driver's Seat Faster

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Oct 28, 2019, 09:00 ET

SAN FRANCISCO, Oct. 28, 2019 /PRNewswire/ -- Blend, a leading digital lending platform, announced today that it has launched a new auto lending product, advancing its mission to bring simplicity and transparency to consumer banking. The new Auto Loans product will improve the auto purchase and refinance experiences for consumers, while helping lenders drive efficiency, increase online application completion, and improve fund rates.

Consumer behaviors about how to get a loan to buy a car are changing rapidly, with car buyers expecting a digital, mobile-friendly experience that allows them to research, apply, and receive financing offers before ever setting foot in a dealership. According to the 2018 J.D. Power 2018 U.S. Consumer Financing Satisfaction Study, 47% of auto loan customers shopped online for vehicle financing prior to visiting a dealership. Blend's Auto Loans product can help increase operational and marketing efficiencies, while providing lenders with a quick and easy way to interact with their customers at an important inflection point in the vehicle purchase journey.

"We're excited to roll out our auto financing product to help lenders enhance the level of service and experience they provide to consumers," said Olivia Teich, Blend's Head of Product. "Blend's technology uses verified data to eliminate steps and the passing around of documents, streamlining the application process for consumers and reducing origination costs. These improvements will help get car buyers on the road faster and create efficiencies that enable financial institutions to handle more loans."

Blend's expansion into auto lending follows its recent launch of two new products — Deposit Accounts and Home Equity — supplementing its core mortgage offering. Together, these offerings provide the foundation for a unified digital lending platform across consumer banking products, making the journey from application to close fast and easy for consumers, while helping lenders increase productivity, deepen customer relationships, and deliver exceptional customer experiences.

After piloting the new Auto Loans product, a $38 billion Midwest-based bank reported a 3x increase in application completion, and a 10% increase in approval rates with Blend's technology. Since going live with Blend across all markets seven months ago, the bank also reported a 150% year-over-year increase in auto applications funded.

For more information on Blend's auto lending product, please visit: https://blend.com/blog/news/announcing-blend-auto-loans/

About Blend
Blend makes the process of getting a loan simpler, faster, and safer. With its digital lending platform, Blend helps financial institutions including Wells Fargo and U.S. Bank increase productivity and deliver exceptional customer experiences. The company regularly processes more than $2 billion in mortgages and consumer loans daily, helping millions of consumers get into homes and gain access to the capital they need to lead better lives. To learn more, visit blend.com.

SOURCE Blend