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, 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 for the Mortgage Origination Process

The mortgage origination process can be a headache to navigate for both you and your members. Between the many forms and documents required from applicants and the need to cross-check systems and order services, there are too many targets to coordinate. Your members will also be dissatisfied if the process takes too long.

According to Ellie Mae, this workflow takes, on average, around 58 days. With intelligent automation and IDP, you can bring together RPA, ML, and AI to automate mortgage processing and reduce manual efforts while achieving greater accuracy and auditability.

Intelligent document processing helps you maintain control of the critical data throughout the mortgage process, no matter the source, for faster and more accurate document processing. 

Whether your data is structured (from a spreadsheet, database, or portal), or unstructured (from emails, forms, or invoices), your credit union can eliminate costly steps like document classification, manual data entry, and document analysis. 

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

  • Review file logs and feed data back to the LOS: Digital workers can review file logs for errors and notify the appropriate loan officer, all while feeding relevant data back to the Mortgage Loan Origination System (LOS) as necessary.
  • 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.
  • Create files and send them securely: Use the data from all sources to create files and reports and send them securely to network shares using the SSH File Transfer Protocol (sFTP). You can also notify stakeholders when the files are available.
  • Send conditional approval or rejection letters: When a loan officer approves a loan, digital workers can generate the conditional approval letters by pulling the conditions and requirements from the LOS and sending automatic rejections based on pre-screening low FICO scores.
  • 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 rose to 8 applications a day, an over 500% increase in productivity.

Streamline Other Processes with Robotic Process Automation

Robotic process automation (RPA) can also be used on its own to streamline other tedious, repetitive processes at a credit union. 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—like Jack Henry Silverlake, Fiserv, and even your Microsoft programs—credit unions rely on many applications to provide services to members. 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 just a few places you can put RPA to work in your credit union:

  • Account creation and management: Get new members set up with online banking and other services more quickly by having RPA bots process member information to create and configure accounts automatically.
  • Regulatory compliance: Align your processes to comply with regulations automatically by running KYC and other background checks and keep records and reports organized and ready for potential audits.
  • Daily balancing processes: Use digital workers to reconcile balance and transactions to core systems and create balancing journal entries to handle discrepancies.

We’ve only scratched the surface of how intelligent automation can transform your mortgage process. Get a closer look at how leveraging the power of RPA and intelligent document processing can boost your lending process.

Improve Customer Experiences With Mortgage Processing Automation

Transform the way your credit union processes documents and interacts with customers. Ampliforce 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.