Connexus Says Digital Banking Drives 41% of Loan Funding

Connexus Credit Union says digital banking now generates 41% of its year-to-date loan funding and 38% of lending application volume, up from 12% and 16%, respectively, in 2020. The $4.1 billion credit union disclosed the figures as it renewed its longstanding digital-banking relationship with Alkami for a second time.

The October 27 announcement says Connexus has used the platform for more than a decade and now uses Alkami’s software development kit to build institution-specific experiences. Those include a checking-account progress tracker, account alerts, transfers and card-management functions.

The figures are reported by the vendor and credit union. They do not include a control group, product-level denominators or a method for isolating the platform’s effect from pricing, marketing, underwriting or changes in the loan mix. They are best read as operating signals from one institution, not proof that another credit union would obtain the same result.

A multi-year relationship exposes more than adoption

Renewal alone does not demonstrate value, but the accompanying measures move the case beyond a selection announcement. Connexus says digital-banking users hold about 17% more products per member than its average account holder. Organizational Net Promoter Score rose from 42.3 in 2022 to 58 in 2025, while digital-banking NPS rose from 31.1 to 52.7 over the same period.

Those trends still require interpretation. More engaged members may be more likely to use digital banking in the first place. Product counts can also rise because of cross-sell campaigns, member tenure or indirect-loan conversion efforts. A decision-ready internal review would pair the top-line results with cohort age, product eligibility, acquisition source and comparable members who did not use the same features.

The operating model combines platform and internal build capacity

The noteworthy design choice is not a single feature. Connexus uses a common platform for everyday banking while using the SDK to create tools specific to its products and member relationships. That divides work between a vendor-managed foundation and institution-managed differentiation.

For technology and vendor-management leaders, that model creates a practical evidence list: which components the vendor operates, which code the credit union owns, who maintains custom integrations, how releases are tested, what member data moves between systems and how the institution exits or migrates a custom experience. The renewal decision should connect those responsibilities to uptime, defect, adoption and outcome measures.

Measure the indirect-member journey as a funnel

Connexus also describes a deliberate effort to deepen relationships with indirect borrowers through onboarding, digital enrollment, convenient loan payments, targeted messages and next-best-product recommendations. That journey should be measured as a funnel rather than a single product-count average.

A useful sequence is indirect loan booked, digital enrollment completed, first successful payment, checking or savings relationship opened, recurring activity established and relationship retained. Credit unions can then compare conversion, time-to-step, attrition and complaints across cohorts while keeping product eligibility and member consent visible.

Our Raiz account-opening case study shows how a process measure can expose friction without proving downstream value. The member-offer evidence loop provides a related structure for measuring eligibility, delivery, suppression and outcomes.