Royal Credit Union


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Royal Credit Union partnered with Baker Hill, implementing the company’s small business loan origination system and turnkey online loan application, to automate the loan origination lifecycle for business loan relationships less than $300,000 and provide members with a customized online loan application option. 

The Challenge

Royal Credit Union, based in Eau Claire, Wis. is a fullservice credit union with 24 locations in Wisconsin and Minnesota and over 600 employees. The credit union is currently ranked 8th for highest volume of business loans for credit unions nationwide, maintaining a $750 million business loan portfolio and managing $2.2 billion in assets. 

To support its continued portfolio growth, Royal Credit Union required a loan origination system that would automate the loan origination lifecycle for smaller business credit requests. Doing so would drive consistencies and efficiencies in the lending process, serve more small business Members and allow for more efficient resource allocation.

Additionally, for today’s banks and credit unions to remain competitive, offering consumers a variety of options for engaging with their financial institution is crucial. In fact, many institutions already allow consumers to open accounts and manage their money through multiple channels. This heightened level of convenience has driven the industry to evolve its approach to business lending as well. Likewise, Royal Credit Union sought to establish a process for accepting business loan applications online.

The credit union aimed to increase staff efficiencies and enhance the member experience by automating the process for receiving small business loan applications and prospective borrower information. This was a necessary step for facilitating Royal Credit Union’s future loan growth, requiring a solution that would reduce the time employees spent manually inputting data, scanning documents, emailing forms and requesting additional material from loan applicants. One of the credit union’s key objectives in streamlining its small business loan application process was to ensure that more accurate, complete loan applications were submitted to underwriting, and ultimately, to deliver faster decisioning for applicants.



The Solution: Baker Hill's Loan Origination System

To accomplish these goals, Royal Credit Union chose to leverage Baker Hill small business loan origination system as well as its turnkey online loan application solution. The credit union first implemented the small business loan origination solution to automate the loan origination process for business loan relationships less than $300,000, which would help increase the volume of loans processed. Following its initial success with Baker Hill, Royal Credit Union chose to implement the company’s turnkey online loan application solution.

During implementation, Royal Credit Union was able to customize the solution by setting required fields and dependency rules; this ensures applications are completed correctly while establishing a consistent member experience. The solution’s intelligent application process streamlines member input from start to finish and has reduced requests for additional information. The online loan application solution integrates seamlessly with Baker Hill’s loan origination platform, eliminating data entry touch points for the credit union and reducing the risk for manual errors. As a result, Baker Hill’s turnkey online loan application solution significantly expedites the application and decisioning process for Royal Credit Union.

What’s more, Baker Hill’s 24/7 customized online loan application access ensures that small business lending opportunities are not restricted to Royal’s branch hours, making it easy for members to do business with the credit union. This enhanced accessibility enables the credit union to expand its reach and touch a wider member base, regardless of location. 


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The Results

With Baker Hill's loan origination system, Royal Credit Union has effectively streamlined its small business loan origination process and substantially reduced the time to approve or deny a loan application. The credit union can also determine the level of financial statement analysis required to match its risk appetite. This saves time for both credit union team members and prospective borrowers while also supporting expedited decisioning. In fact, for loan applications submitted before 3 p.m. on a business day, the credit union can offer a same-day decision. Royal Credit Union reports that over 90 percent of online loan applications are decisioned in less than 24 hours. 

Prior to implementing Baker Hill solutions, Royal Credit Union processed more than $10 million in business loans; after both solutions were implemented in 2014, the credit union processed more than $31 million small business loan applications through Baker Hill’s small business loan origination platform. 

Selecting a loan origination system is one of the most important decisions your financial institution will make.

Learn how to Choose the Right Loan Origination System

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“By deploying Baker Hill’s loan origination system in conjunction with its small business loan origination solution, Royal Credit Union has been able to streamline the lending process and significantly expand its bandwidth for providing small business loans to members. We are confident that these enhancements will position our credit union for future growth and we look forward to our continued partnership with Baker Hill.”

—Julie Frey
VP Business Loan Operations & Services | Royal Credit Union

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