By Brad Powell
One of Axiaware's credit union clients recently found itself facing an uncomfortable reality: While the loan origination system this credit union had relied on for many years was still getting basic tasks done, the basics were no longer good enough.
One of Axiaware's credit union clients recently found itself facing an uncomfortable reality: While the loan origination system this credit union had relied on for many years was still getting basic tasks done, the basics were no longer good enough.
The system could process loans, create reports, run approval queues and accomplish the other functions a traditional financial institution needed. But it wasn't as efficient as it needed to be, and it didn't integrate with other platforms very well. And at the same time, the system's front end – the elements that members and customer service staffers used every day – was not up to modern standards.
They knew that if they didn't respond to demands of their members, it would cost them business and potentially members.
Addressing this uncomfortable situation raised several tough questions for the credit union's leaders. Questions such as:
● Will changes to this aging, complex back-office system be worth the investment?
● Can we make ambitious changes on the front end without limiting our options on the back end?
● If we settle for smaller changes on the front end, will they meet our members' high expectations?
● Can we find a solution that will do everything we would like it to do — on both the front and back end — or will we be forced to compromise?
● Will any solution give us the long-term flexibility we need?
This credit union aimed to find good answers to all of those tough questions. In the end, we were able help this institution wind up with state-of-the-art platforms on the front and back ends. Some of the specific benefits:
● The back-office system now manages approvals more efficiently, handles all aspects of regulatory reporting and has the flexibility to accommodate all the financial products they offer.
● The front end offers an optimized experience for their branch, phone and online channels. That means call time has decreased and the member experience has improved, no matter how they interact with the credit union.
The bottom line for this credit union was simple: They got the best of breed on the back end and the front end, without making the compromises they feared at the outset. And they were a lot more comfortable.
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Compliance and Your Credit Union
Does your credit union:
• Face an daunting burden of regulatory requests?
• Struggle to manage the multiple experts inside and outside your organization who must respond to exam requests?
• Use email for regulatory communication -- possibly opening yourself to legal discovery?
• Receive the same request more than once but provide a different answer each time?
If these challenges sound familiar, Axiaware's new credit union compliance software product, Redboard, could help.
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