Tuning Credit Union Automation for Efficiency

Credit unions set themselves apart from other financial institutions by providing exceptional customer service. Experts in delivering a satisfying member experience, credit unions are often leaders in their markets. But what satisfied mortgage borrowers in the past may not be the key to the same high scores in the future. 

This is especially true in mortgage lending, one of the most complex products the credit union offers to members. This past year, servicers had to quickly implement forbearance programs with varied requirements based on the different agencies and loan types. Now, servicers are navigating the end of COVID-related forbearance for many borrowers. Credit unions that are well versed in technology and experienced in servicing have navigated the forbearance process successfully, keeping their members happy.

Leading credit unions have been using technology effectively for years, but during that time new tools and processes have been layered across the enterprise such that few are enjoying the efficiencies that modern loan origination and servicing software were designed to provide.

Now is the time to take a closer look at automation in your credit union: auditing the tech stack, drilling down to required capabilities and ensuring the right functionality is both available and turned on in your institution. By doing this work now, your credit union will be prepared to shine, whatever industry changes are on the horizon.

Read the ACUMA Pipeline article.