Reflecting on 2023, the world witnessed a remarkable period of technological advancement, particularly in artificial intelligence (AI) and electric vehicles (EVs). As this new era of transformation unfolded, Origence was leveraging these advancements to provide credit unions with tools to enhance operations, open new lending channels, and elevate the member experience.

Credit unions on the CUDL^® platform, as an aggregate, remained the #1 automotive lender in the nation. More than 2.1 million loans were funded through our platforms, totaling $59.2 billion.

Controlling your delivery channel

Our Board and management understand the importance of credit unions owning and controlling their delivery channel. It is an assurance that credit unions can maintain control of the member experience, have an agile response to unpredictable market conditions, and can leverage economies of scale. Origence helps to keep credit unions relevant in this ever-evolving financial landscape.

Supporting our dealer partners

We will continue to provide outstanding service to our local and national dealer groups while at the same time exploring new opportunities to ensure we are at every point where the loan application starts and where members are financing their vehicles.

The future of lending

AI’s prominence led us to collaborate with Zest AI to introduce Zest Auto, an AI-automated underwriting model for automotive lenders that allows us to integrate cutting-edge artificial intelligence and machine learning into our lending platforms.

Additionally, we partnered with Informed.IQ to deliver advanced document processing automation for indirect lending, highlighting our commitment to pioneering solutions that set new industry standards.

EVs continued to take their place on the cutting edge of technology—affecting not only what people drive but how they finance their vehicles. Many large retailers and EV manufacturers have moved the point of financing to the beginning of the sales journey. This shift from the dealer showroom to the “top of the sales funnel” had begun to lock credit unions out of valuable lending opportunities.

In response, Origence launched FI Connect to create a finance company that could act on behalf of credit unions at the point of sale. Credit unions partnering with FI Connect can now enjoy the benefits of embedded financing and direct-to-consumer models without the traditional marketing and operational costs.

In May 2023, we announced our partnership with Tesla, the leading EV manufacturer. Since then, we have seamlessly integrated into Tesla’s allocation engine for distributing loan applications to partnered credit unions. By December 2023, 20 credit unions across 8 states partnered with FI Connect, representing $3.36 billion in EV lending capacity. We are excited to have made it possible for credit unions to connect with Tesla, a vital lending channel that credit unions otherwise would not have access to. In 2024, we will negotiate with other retailers to open additional emerging lending channels.

Strategic growth in key areas

Origence experienced growth and captured important market share with solutions such as Origence arc OS, our industry-leading account and origination platform. Similarly, our Origence Lending Services subsidiary continued to grow its client base by offering unique outsourced loan processing solutions.

A focus on client experience

Our commitment to excellence contributed to an increase in our Net Promoter Scores. We achieved 99.9% uptime, introduced a myriad of new features, and implemented robust security measures including multi-factor authentication.

Additionally, we integrated advanced fraud solutions into our platforms, and will continue implementing new ways to safeguard credit unions and their members.

The heart of our success

Our team members make it possible to execute on our vision to create the ultimate origination experience. We strive to cultivate an environment where everyone can be their authentic selves. Our dedication to diversity, equity, and inclusion amplifies this impact and is evident in the engagement of staff in our Employee Resource Groups.

A look back and ahead

These are exciting times for Origence. We enter 2024 by recognizing a historic milestone—our 30^th anniversary! We are grateful to our credit union community for their support over these past three decades. Looking back on our journey, our achievements can be distilled into a straightforward philosophy: “We go as credit unions go.”

On behalf of the Board of Directors, executive team, and the entire Origence staff, we want to thank everyone who contributed to our success in 2023. We are excited to continue our work together to bring new ideas, solutions, and opportunities to the credit union industry.