The interview takes place at the Movemint Symposium, with John-Ashley Paul and A.K. Patel from Tyfone discussing the company’s lending strategy and partnership with Movemint. They say they are at the conference to explain the value Tyfone brings to Movemint’s client base and to learn from the market.

They explain that Tyfone has created a digital lending group focused on solving the problem of too many separate vendors across the lending lifecycle. Their goal is to offer a single platform that covers origination, servicing, payments, collections, re-origination, and new account opening, including checking and depository accounts.

The guests describe their product as an extended LOS, or more broadly a platform, rather than a single lending system. They say it can replace an average of four vendors and reduce what they call a “Frankenstack” of tools that have been layered together for account opening, lending, servicing, credit pulls, and other data sources.

They say the platform speeds up account opening by 90% to 95%. For mortgages, they cite closing times that are 60% to 70% faster, and for consumer loans they say funding can happen the same day or the next day.

The discussion turns to credit union competitiveness. They say credit unions can do more with less, improve profitability on products that may previously have lost money, and even generate revenue from servicing products. They also argue that credit unions and community banks are losing ground to fintechs because of slower processes and too many systems.

They say their platform reduces integration headaches, lowers vendor management and due diligence burdens, and cuts down on the number of contracts clients need. They also discuss the idea that digital banking is becoming more central to the system, with future interfaces becoming more conversational and easier to use.

Near the end, they describe Tyfone's work with Movemint as a natural integration, where Movemint drives members to apply and Tyfone's platform helps convert them quickly.

They conclude that credit unions need to combine their community relationships with modern technology and AI to stay relevant, compete with fintechs, and keep pace with changing member expectations.