What are the benefits of automating credit unions?

One of the peripheral benefits of automating credit unions is that automation frees up time for employees to pursue higher-level tasks. Automation saves time by quickly performing tasks that would take human operators hours to complete. The primary benefits of automation for credit unions stem from the increased speed, accuracy, and efficiency of the affected systems and processes.

Automating credit unions is a much-needed step toward the digital transformation of the financial industry. Credit unions are hampered by heavy regulations and a laundry list of time-consuming, repetitive tasks. These tasks are necessary—they maintain daily operations—but they leave little time left for IT staff to focus on higher-value duties like project management, internal development, and member-facing services.

Opening a door to digital transformation

A consequence of time-consuming, repetitive work is that credit unions spend most of their energy on staying current. While other financial institutions are able to quickly divert resources to adopt new technologies, credit unions have more red tape and less money to work with. Fortunately, automation gives employees the tools they need to get ahead. Instead of merely staying current, automating credit unions opens the door to a streamlined modern approach to financial services.

Some of the major benefits of automating credit unions are reflected in the following areas.

1. Automation of ACH

Automated clearing house (ACH) processing is a time-intensive task that can easily be automated by services such as OpCon. OpCon can schedule automation of ACH processing, exception handling, self-healing, and more. This is one of the most critical aspects of automating credit unions.

2. Automated and integrated processing for FICS (mortgage processing)

Mortgage processing is another area where automation shines. Removing much of the human element from the process allows for a much faster workflow, which saves time especially during underwriting.

3. Fully documented workflows

The OpCon automation system has multiple tabs and opportunities for workflow documentation. Whether it be exception handling, documentation for manual processes, or other documentation, automation platforms are designed to keep credit unions running as smoothly as possible.

Changing particulars in a workflow is also easy. Auditing enables detailed auditing of all changes to workflows, so anyone can see a history of workflow process documentation.

4. Shrink the time needed for nightly processing

Many credit unions relegate many processes to their end-of-day processing, which can make it a time-intensive task. Automating credit unions addresses lengthy goodnight processing issues.

With automation, staff can let OpCon run the nightly processing, which means fewer late nights, less active managing, and more time spent on other high-value tasks.

5. Automating cross-application and cross-platform workflows

Workflows that span across multiple applications, departments, and platforms are a breeze when automating credit unions.

Instead of manually scheduling jobs and losing time from actively shipping dependent duties down the line, automation can immediately resolve dependent cross-application and cross-platform workflows. This saves time by circumventing the transfer of a job from area to the next.

Automating credit unions serves members

Credit union members expect a certain level of polish from their credit unions. As more people gravitate toward mobile banking and other digital services, they’ll expect their credit union to keep up.

Members want to manage their accounts, apply for loans, and pay bills or make deposits online. They expect their payments to be processed quickly without error. Fortunately, with enterprise automation, 10 employees can do the work of 100, and they can perform their duties with a much higher degree of accuracy by removing some or all of the human element.

If you’d like to read more about how OpCon can automate credit unions like yours across the business, fill out the form below to request a demo!