In today’s fast-paced business landscape, companies are constantly seeking ways to streamline their operations and drive growth. One highly effective strategy that many businesses are turning to is Business Process Outsourcing (BPO). This practice involves contracting a third-party service provider to handle specific business processes, allowing companies to focus on their core competencies and strategic initiatives.

Business Process Outsourcing has gained popularity in recent years due to its ability to improve efficiency, reduce costs, and enhance overall business performance. Organizations can free up valuable time and resources that can be redirected toward revenue-generating activities by outsourcing tasks such as member service, data entry, IT support, and more.

One of the key benefits of BPO is the access to specialized expertise and technology that outsourcing partners bring to the table. These providers are equipped with the latest tools and best practices, allowing companies to benefit from their knowledge and experience without investing in expensive resources.

Moreover, Business Process Outsourcing can help companies scale their operations quickly and effectively. Whether it’s managing seasonal fluctuations in demand or expanding into new markets, outsourcing allows organizations to adapt to changing business needs without the hassle of hiring and training additional staff.

But it’s not just about cost savings and efficiency – BPO can also drive innovation and strategic growth. By partnering with external experts, companies can gain fresh perspectives and insights that can help them stay ahead of the competition and seize new opportunities.

In conclusion, Business Process Outsourcing is a powerful tool that can help businesses of all sizes drive growth and achieve their goals. By leveraging the expertise and resources of outsourcing partners, companies can unlock new possibilities and propel their success to new heights. Consider exploring the potential of BPO for your business and see how it can transform your operations for the better.

Mortgage loans are a cornerstone of a credit union’s revenue stream, representing high-dollar transactions that significantly impact member satisfaction. However, the mortgage process is often fraught with numerous manual steps, creating ample opportunities for automation to enhance the member experience, attract new members, and manage or reduce operational expenses.

 

Identifying Pain Points in Mortgage Processing

The mortgage process can be complex and challenging for both members and employees. Key pain points include:

 

Member-Facing Challenges:

– Interest rate changes before the loan is booked

– Letters of explanation for certain transactions

– Confusing regulatory requirements

– Overcharging fees

– Partial payments

– Long turnaround times

 

Employee-Facing Challenges:

– Labor-intensive quality assurance procedures

– Lack of visibility in the process

– Data validation and entry errors

 

How Can RPA Improve the Mortgage Loan Experience?

Robotic Process Automation (RPA) can streamline the mortgage process, reducing errors and improving efficiency. Let’s take the example of handling letters of explanation to illustrate how RPA can transform this aspect of mortgage processing:

1. Data Gathering:

The bot can mine various data points from disparate systems, collating them into the desired format efficiently and accurately.

2. Analysis:

Bots programmed to follow a credit union’s specific business rules can identify transactions that require a letter of explanation. This ensures that all necessary transactions are flagged without human oversight.

3. Execution:

The bot can create a letter of explanation template, personalize it as needed, send it to the member, and track when the requirement is met. This automation reduces turnaround time and enhances member communication.

4. Reporting:

Credit unions can manage risks effectively with bot-generated reports and task audit logs. These reports provide insights into the process, highlighting areas for further improvement and ensuring compliance with regulatory requirements.

 

Important Considerations for Automation

While building automation, we can include checkpoints, such as manual approvals, at any step. These checkpoints are crucial for maintaining control over the process and are included in reporting to improve the audit trail. Although not all processes can be automated completely, the 80/20 rule applies: automating 80% of a process can yield significant time savings and operational efficiencies.

 

Conclusion

By leveraging RPA, mortgage departments can alleviate many of the pain points associated with the mortgage process. Automation enhances member and employee experiences by reducing errors, shortening turnaround times, and ensuring compliance. As credit unions adopt these technologies, they will be better positioned to attract new members, retain current ones, and operate more efficiently. Embrace the potential of automation and transform your mortgage operations for a better tomorrow.

CU NextGen’s automated microloan transforms how credit unions serve their members, offering a future-focused alternative to payday loans. This innovative solution allows members to request a personal loan of up to $2,000 at any time of day, seven days a week. Integrated seamlessly within a credit union’s online and mobile banking systems, the automated microloan process requires no credit check. It provides instant approval and funding, leveraging CU NextGen’s advanced automation and AI technology. This service ensures members can access financial relief when needed, promoting overall financial wellness.

 

Significant Market Impact

“The automated microloan is proving to have a substantial impact in the marketplace,” said CU NextGen CEO Kent Zimmer. “In one case study, a credit union partner offering the solution to members for almost a year now averaging $300,000 in microloans monthly. This means that as they meet real-time needs, they are helping 200 members each month reduce their reliance on predatory lenders.”

 

Solving Real-World Challenges

The automated microloan addresses a critical need for timely financial assistance. Emergencies often occur at inconvenient times, such as weekends or late evenings, when traditional financial institutions are closed. This solution allows members to promptly access the cash they need for unforeseen circumstances, helping them avoid payday lenders or accumulating high-interest credit card debt. Notably, the solution is provided by their trusted credit union, ensuring peace of mind and reliability.

 

Enhancing Member Value

The automated microloan significantly enhances member value by offering a future-focused alternative to payday loans. Members can quickly determine their eligibility and receive funds within minutes, providing immediate relief and supporting their financial health. The goal is to reduce members’ reliance on predatory lending and help them maintain economic stability.

 

Standing Out from the Competition

What sets CU NextGen’s automated microloan apart from competitors is its nearly instant funding and lack of a credit check. The process is 100% automated, allowing members to receive the relief they need without waiting for a credit union employee’s review. Additionally, financial education is a critical component of the offering. Upon loan funding, a trained financial counselor connects with the member to help them set up a manageable repayment plan and establish savings goals for future needs.

CU NextGen’s automated microloan underscores the importance of leveraging technology to meet the evolving needs of credit union members. This innovation is a testament to CU NextGen’s commitment to innovation and a crucial tool in fostering financial wellness and independence for credit union members.

In the highly competitive financial services industry, credit unions must prioritize efficiency and member satisfaction to stay ahead. Automation offers a powerful solution to streamline operations, save time, and allow employees to focus more on enhancing the member experience.

Here are the top 10 automation opportunities for contact centers that can transform how credit unions operate:

1. Member 360

Automating the integration of multiple systems, including your core system, allows for executing member transactions within a single user interface. This seamless experience saves time and ensures that employees can access all necessary information quickly, allowing them to provide personalized and efficient service.

2. Chatbot

Chatbots simulate human-like conversations, answering member questions 24/7. By automating routine inquiries, credit unions can free up staff to handle more complex issues, improving overall member satisfaction and reducing response times.

3. Online Banking Sign-on Support

Bots can assist with unlocking and resetting passwords and usernames, ensuring members can quickly return to their online banking activities without frustration. This automation reduces downtime for members and decreases the volume of support calls, enabling employees to focus on more value-added tasks.

4. Appointment Tool

Creating a digital appointment scheduling tool allows members to book branch visits easily. This automation reduces the administrative burden on staff and ensures a smoother, more organized flow of appointments, enhancing the overall member experience.

5. Video Banking

Video banking enables members to schedule and participate in virtual appointments with credit union staff. Features like in-session DocuSign, eNotary, co-browsing, screen sharing, and biometric authentication make it a comprehensive service. Automation here means staff can prepare for calls more efficiently, and detailed reporting helps continuously improve the service.

6. Modify Bill Pay

Automating the modification of bill payment contact information and handling card cancellation or modification requests over the phone reduces manual work. This ensures accuracy and speeds up the process, allowing staff to dedicate more time to addressing member needs.

7. Travel Notifications/Monitoring

Automating travel notifications on debit cards mitigates risk and prevents fraud. A self-service solution for travel notifications enhances security and member convenience, reducing the need for manual intervention and allowing staff to focus on more critical tasks.

8. Card Disputes

Automating the filing process for card disputes related to fraudulent and disputed transactions streamlines what is typically a cumbersome process. Bots can block cards, create cases, post provisional credits, and even order new cards. This efficiency allows employees to quickly handle disputes and focus on resolving complex issues.

9. Card Block/Closing

Reducing the time and manual tasks involved in blocking and closing cards makes the process faster and more efficient. Automation ensures accuracy and allows staff to attend to member inquiries and provide better service.

10. Debit Card Reissuance

Automating data entry and processes for new card requests significantly boosts efficiency and reduces potential errors. This means members receive their new cards faster, and employees can concentrate on enhancing the overall member experience.

 

The Benefits of Automation for Credit Unions

Automation in the contact center is not just about efficiency; it’s about improving the overall member experience. By automating routine and time-consuming tasks, credit unions can:

Save Time: Automation handles repetitive tasks quickly and accurately, allowing employees to focus on more complex and meaningful member interactions.

Enhance Member Satisfaction: Faster, more reliable service means happier members who feel valued and well-served.

Reduce Errors: Automation reduces the risk of human error in data entry and process execution, ensuring more accurate and consistent service.

Empower Employees: By spending less time on mundane tasks, employees can develop their skills and focus on providing exceptional member service.

 

Embrace Automation with CU NextGen

CU NextGen is dedicated to helping credit unions leverage automation to improve contact center operations. By implementing these automation opportunities, credit unions can create a more efficient, member-centric environment. Contact us today to learn how we can support your journey toward a more automated and effective contact center, ensuring your employees can focus on what truly matters: enhancing the member experience.