Langley FCU Launches Deposit Accounts With Blend, Achieves 37% Growth In New Digital Account Openings

Partnership also delivered significant improvements in member experience, back-end efficiency, and banker training

Blend, a leading provider of digital banking technology, is pleased to announce the successful implementation of its Deposit Accounts solution at Langley Federal Credit Union (Langley). Since its launch in March 2024, the credit union has reported significant improvements in new digital account openings, member experience, and back-end efficiency.

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Streamlining Langley’s Digital Deposit Account Solution

Langley, one of the top 100 largest credit unions in the United States with $5.3 billion in assets under management, partnered with Blend to transform their online consumer origination solutions, starting with member deposit accounts. Langley’s early success with Blend underscores the transformative impact of adopting a digital deposit account solution featuring robust functionality, including multiple funding options, counter offers, and omnichannel capabilities.

Key Partnership Outcomes

With 12 years of experience building best-in-class digital experiences for mortgages, home equities, and consumer loans on a single platform for customers that include 140 of the top 1000 depository institutions by assets under management, Blend came uniquely positioned to meet Langley’s goals.

After four months of being live on Blend’s Deposit Account solution, Langley reported significant improvements across several areas, including:

• New Account Openings: A 37% increase in new digital deposit account openings since being live with Blend, with July 2024 representing the highest month on record for new digital account openings.

• Efficiency in Back-end Processes: A 25 percentage point drop in contact center intervention for approved applications, decreasing from 32% to just 7% after implementing Blend. Other manual processes are also completely automated, further improving contact center efficiency.

• Improved Member Experience: Early indications show an increase in member NPS scores for digital account openings, largely driven by the enhanced member experience and streamlined application.
• Smooth Training & Implementation: The transition to Blend’s flexible, unified platform significantly benefited Langley's servicing teams during training and implementation, described as a “10x better experience than what we're used to.”

“We now have strong front-end experience and all the back-end systems in place to capitalize on our growth efforts,” shared Fred Hagerman, Chief Operations Officer at Langley. “Implementing Blend's Deposit Account solution was crucial in ensuring a seamless, efficient process for new members, laying a solid foundation for our upcoming marketing initiatives.”

For more information on Langley’s early success on Blend’s Deposit Accounts, you can read the full case study here.

Looking ahead, Langley has plans to further streamline their consumer lending solutions, with Blend’s Consumer Loans product next.

About Bend Deposit Accounts

Blend’s Deposit Account solution reduces operational inefficiencies while providing a consistent, seamless digital application experience on any device to increase application conversions. Benefits include rich features that enhance conversion, omni-channel onboarding, facilitated self-service that reduces manual intervention, and a unified banking platform that reduces tech debt and accelerates deployment. For more information, visit Blend’s Deposit Accounts page.

About Blend

Blend (NYSE: BLND) is the infrastructure powering the future of banking. Financial providers — from large banks, fintechs, and credit unions to community and independent mortgage banks—use Blend’s platform to transform banking experiences for their customers. Blend powers billions of dollars in financial transactions every day. To learn more, visit blend.com.

About Langley Federal Credit Union

Langley Federal Credit Union is a federally-chartered credit union, regulated and insured by the National Credit Union Administration. Langley Federal Credit Union serves more than 380,000 members and has over $5.3 billion in assets, ranking the financial cooperative as one of the 100 largest credit unions in the country. Langley is a full-service financial institution where everyone can save, borrow, and spend wisely. Located in Hampton Roads, Langley has over 700 employees, 22 branches and more than 55,000 surcharge-free ATMs throughout the region. For more information, visit www.langleyfcu.org.

Forward-Looking Disclaimer

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally relate to future events, future performance or expectations and involve substantial risks and uncertainties. Forward-looking statements in this press release may include, but are not limited to, our expectations regarding our product roadmap, future products/features, the timing of new product/feature introductions, market size and growth opportunities, macroeconomics and industry conditions, capital expenditures, plans for future operations, competitive position, technological capabilities and strategic relationships, as well as assumptions relating to the foregoing. The forward-looking statements contained in this press release are subject to risks and uncertainties that could cause actual outcomes to differ materially from the outcomes predicted. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other comparable terminology that concern Blend’s expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all. Further information on these risks and uncertainties are set forth in our filings with the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Blend and assumptions and beliefs as of the date hereof. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. Except as required by law, Blend does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

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