BY MICHELLE HARBINAK SHAPIRO
Are you ready to transform your credit union’s lending processes and become a true innovator? Lending automation can help you accomplish those aims. These three recommendations will help your CU automate its loan processes so you can continue to stay competitive in today’s digital-first environment.
Whether you’re serving consumer, mortgage or business lending, achieving superior service is an underlying goal that will lead your credit union to success. In today’s digital-first world, consumers have grown accustomed to fast, seamless and personalized service. For credit unions, that means delivering fast and personalized service from the first interaction in new business onboarding through ongoing support and requests.
In my 15 years in the financial services industry, I’ve seen a shift in how credit unions have repositioned themselves as true innovators. They’ve done so by embracing new technology and concepts to give their members the services they need. But maintaining the status as an industry innovator requires a credit union to also embrace transformative processes.
Over the years, we at Hyland have had many credit unions approach us about transforming lending processes within their organizations, specifically asking about best practices for lending automation. Recently, Callahan & Associates reported on the strong performance of Q4 2015, in which credit unions experienced a 10.6 percent increase in loan growth. This number puts a larger emphasis on how credit unions can keep up with industry growth and lending trends.
Here are the three steps I recommend to automate loan processes:
- Connect your technology systems to increase communication.
As financial institutions rely more and more on technology, it’s imperative to eliminate data silos by ensuring systems easily communicate. There’s no better way to frustrate your employees than by forcing them to switch between applications and input duplicate information into several systems, both of which can slow down processes and cause errors. By integrating core systems with an enterprise information platform, credit unions are able to automate their lending processes with workflow and make them electronic, thus speeding them up and making them more accurate.