Why Credit Unions Need Intelligent Automation to Maximize Efficiency

The top credit unions know that the key to success is providing excellent service and savings to their customers. Limited resources, however, continue to be an obstacle. 

Many employees struggle to complete high-volume, high-frequency processes every day without errors. Combine that with the need for regulatory compliance, and it’s no wonder why you need more than just the right attitude to achieve a competitive level of service.

What you need are tools and technologies to take the load off your staff, so they can focus on what matters most: exceeding customer expectations through high-quality service. 

With the help of intelligent automation and intelligent document processing (IDP), your credit union can leverage the best of robotic process automation (RPA), machine learning (ML), and artificial intelligence (AI) to improve efficiency, boost productivity, and save time.

We often refer to these tools as “digital workers,” as they are intended to work alongside your current workforce, automating tedious tasks so that your best employees can focus on more important matters.

Intelligent Automation in the Mortgage Origination Process

The mortgage origination process is challenging to navigate for everyone involved, whether that’s your staff or customers. 

The entire process involves countless documents, forms, and stages. Add to that the need for every application to be cross-checked, services must be ordered, and everything else—and it’s clear why intelligent automation is crucial. After all, slow processing times will only leave your members feeling frustrated with the entire process.

But just how long do these processes usually take? Well, according to Ellie Mae, this workflow takes, on average, around 58 days. 

However, with IDP, you can aggregate the best of RPA, ML, and AI to fully automate your mortgage processing workflows. The results? Less time spent on each task, improved auditability, and enhanced accuracy.

IDP solutions are designed to keep you in direct control of essential data that’s part of the mortgage process, regardless of the source. You get a solution that’s faster, more accurate, and capable of scaling with your document processing needs, both today and in the future.

IDP solutions can handle both structured data and unstructured data, allowing you to eliminate costly steps like document classification, manual data entry, and document analysis. 

Here’s how intelligent document processing can accelerate the mortgage origination process:

  • Assess file logs and feed data back to the Loan Origination Systems (LOS): Digital workers can look at file logs, detect errors, and ensure a loan officer is notified. Best of all, they can do this while feeding essential data back into the LOS.
  • Automate credit prequalification process: Take advantage of digital workers to do everything the loan officer does to review applications. Examples include checking FICO scores, initial disclosures, and rate quotes.
  • Send conditional approval/rejection letters: Allow your loan officers to leverage digital workers to send conditional approval letters when a loan is approved. Additionally, digital workers can send rejection letters based on set requirements, such as low FICO scores and other factors.
  • Create files and send them securely: Ensure your data is safe through every step of the journey. Digital workers take data from all sources and create reports and files using the ultra-secure SSH File Transfer Protocol (sFTP).
  • Review signed loan packages and save to the ECM: Digital workers can break the signed package into individual documents and review it to ensure all critical information is present. They can then save the data to your electronic content management (ECM) system.

Credit unions can expect significant improvements to productivity after giving the mortgage application process over to digital workers. In one survey, a user reported that its loan underwriters could only achieve a throughput of 1.5 applications per day. With the addition of digital workers, that figure can increase to 8 applications a day, an impressive 500% increase in productivity.

Robotic Process Automation: The Secret to Enhanced Process Productivity

RPA can do more than just process documents. For many credit unions, RPA is the go-to solution for automating repetitive processes. RPA solutions use digital workers that communicate with and manipulate your various systems and applications. The result is an optimal use of resources for greater efficiency.

From legacy systems to core banking systems—credit unions use a variety of applications to deliver high-quality services to their customers. From manually entering data into your systems to sharing data among them and just keeping everything updated and accurate, navigating these disparate systems can seem like more work than the task at hand.

RPA, acting as middleware, layers on top of your current systems to bring everything together with centralized application integration. It also eliminates manual business processes and streamlines them into a more automated approach. 

Here are some of the more popular ways you can leverage RPA within your credit union:

  • Creating and managing new accounts: Ensure new members are properly setup with online banking and other digital services quicker by having RPA bots process member information to create and configure accounts automatically.
  • Regulatory compliance: Align your processes to comply with regulations automatically. Ensure KYC protocols are properly followed, background checks are completed, and proper records are kept to protect you from potential audits.
  • Daily balancing processes: Use digital workers to reconcile balance and transactions to core systems and create balancing journal entries to handle discrepancies.

These are only a few of the popular credit union use cases for IDP and RPA. The most important takeaway is that you can use IDP and RPA to transform a variety of processes within your company—the hardest part is just getting started.

Improve Customer Experiences With Mortgage Processing Automation

Transform the way your credit union processes documents and interacts with customers. Qlytics has all the resources you need to optimize every step of your workflow with digital workers.

Let us show you how we can unify artificial and human intelligence to create a unified workforce that’s focused on delivering the best customer experience possible.

Interested in learning more about how automation can help you? Get in touch with our automation specialists today to get started.