Making Credit Unions More Efficient with Workload Automation Software

We’ve come a long way from having interns locked away in massive file rooms with boxes of papers to sort through. Now we can automate almost all business processes, especially in marketing, HR, and most recently, finance and credit. As such, flexibility and adaptability are imperative assets, with speed and efficiency being the desired results.

One place where automation is making waves is credit unions, with workload automation, in particular, playing a vital role in enhancing speed, accuracy, and efficiency of business processes. Workload automation is especially effective for credit unions because of the vast number of members, multiple product offerings, and wealth of membership data useful in preparing product and service offerings.

More holistic and robust platforms, such as Opcon, are highly effective in streamlining and automating workflows to help drive operational efficiency. New workload automation tools free up time for analytics and simplify operations to enable a more efficient, effective, and flexible organization.

Sometimes the most significant challenge for credit unions is knowing where to start, especially when selecting the best credit union technology. Here are some ways efficient workload automation can help credit unions improve their processes.

Loan Application and Processing

Intelligent workload automation with the help of credit union software can streamline and automate the loan application process. Each loan application requires careful review and approval, and repetitive data entry may create problems in your loan processing workload.

With Opcon, information flows efficiently and automatically through your systems, processing loans faster with minimal input errors while ensuring the loan processing is quick and accurate. Additionally, workload automation can help simplify loan modification where loans are recorded and modified with just a few clicks, reducing processing time while improving the accuracy of accounting and compliance. OpCon is not a loan processing tool but rather the orchestration platform that can automate many of the processes and data movement for a credit union’s loan software.

ACH Payment Processing

Don’t allow Automated clearing house (ACH) stops and reversals to drag you back to repetitive, time-consuming, and manual paperwork. Opcon’s ACH solution integrates with all the major processing core systems to provide secure, timely, and reliable processing of credit and debit transactions, increasing customer experience and maximizing your profitability. It also streamlines ACH stop payment requests and automates the entire process, which improves compliance, accuracy, and security.

Regulation D Violation Letters

If you have a bank or savings account, you might be wondering why you’re limited to a certain number of withdrawals, especially on your savings account. Regulation D is the reason behind that. Under this regulation, you can’t make more than six transfers or withdrawals from your account. It’s a regulation that many bank customers are unaware of, and they often violate it. If you make too many withdrawals, you get a warning or a penalty if you get too many alerts.

Generating and sending Regulation D violation letters is a tedious task. A credit union software system like OpCon can automate the process to help generate Regulation D letters, along with all subsequent warnings, notifying the account holders and advising them on the best account solutions that can help them meet their needs. This helps ensure compliance and improves efficiency and customer service in the long run.

Identity Verification

Identity verification is more relevant than ever for credit unions. Not only is it an ideal solution to prevent identity-related frauds, but it also prevents the hefty fines that result from non-compliance with “know your customer” (KYC) and AML directives. Credit unions can harness the power of workload automation to boost their member’s experience by getting compliance checks done faster and ensuring that both credit union and member data is safe.

Driving Productivity in Credit Unions with Workload Automation

Workload automation in credit unions means combining both process optimization and technical automation. Members are interested in having payments done quickly and without errors. Automation facilitates unprecedented accuracy, control, and visibility allowing teams to focus on more critical tasks like strategic analysis and implementing new services that add value.

SMA Technologies offers an automated workflow platform, OpCon, that helps automate credit union processes by removing some or all the human interventions necessary to execute a task. This is not about eliminating people; it’s about freeing them from the drudge work and letting them work on higher-value initiatives. Automating these processes improves the quality, efficiency, and overall productivity of the organization.

If you’re interested in exploring how workload automation and managed automation services can help your organization, reach out to our workload automation experts at SMA Technologies.