Why Credit Unions are Ramping up their Technology Investments now
Whether it’s a boom market or one we’re in now where interest rates are spiking and home affordability is dropping, utilizing technology can help credit unions adapt more effectively to ebbs and flows by increasing operational efficiency, driving down costs and scaling their business.
One of the key investments credit unions have made to create a successful tech stack is powerful automation capabilities. Credit unions that leverage automation can reduce manual work for employees and managers and let them focus on the exceptions in the loan process instead of the redundant tasks that slow everything down. Automated workflows help compress cycle times by delivering the right tasks to your team at the right time, and in real time.
Task-based workflows can also help keep your team on track by enabling them to move the loan process along in a timely manner, without getting lost in the weeds when there’s a large workload to handle. A successful loan origination system (LOS) will help sort the complicated work that goes into processing any loan or loan application into digestible tasks that are clearly spelled out for everyone involved. That keeps your team members happier and better focused – and it keeps your members happier too, as it enables your credit union to keep the loan process moving quickly.
In a down market the right technology does more with less by taking a multichannel approach to originating loans. Credit unions can stand out by focusing on technologies like a robust customer relationship management (CRM) tool that engages and informs members with timely outreach; point-of-sale; product and pricing engine; fee compliance engines; AI and machine learning for document classification and indexing; and a full eSign environment. That may seem like a lot to juggle, but when credit unions can integrate these powerful solutions on a single platform from a trusted technology provider, it relieves them of the burden of developing, implementing, hosting and maintaining these systems.
Black Knight’s LOS offers credit unions of any size a suite of fully integrated and automated solutions. It is built to scale to high volumes when markets are booming, and back down when, like now, volumes are lower. In the peak times, it enables credit unions to increase their loan volumes without adding headcount, all while helping to increase employee and member satisfaction.