Maximizing auto lending efficiencies with the right LOS…
Is it time for you to upgrade your loan origination system?
Keep reading to learn more reasons why a tried and true system can work for your Credit Union.
- Speed Matters More and More
If your members are in the market for a new car, speed matters. They’ve come to expect that loans will be processed in record time. Credit Unions are getting better at responding to Member demands, but only if the LOS makes it efficient.
For your Credit Union, the faster you can process loans, the more volume you can handle.
- Better Member Experience
As the technology gets better and more accessible Member expectations get higher and higher. If you can live up to that standard, you will have loyal Members who will talk about how great your Credit Union is. Therefore, increased referral traffic which means more members.
This is where a modern updated LOS can help you give Members a better experience is in managing the entire process.
- Improved Accuracy
Using an outdated legacy LOS carries more risks than ever before. That’s because any mistakes on paperwork could jeopardize the loan or hold up the processing time.
Not only that, if your clients notice an error, it can reflect poorly on your Credit Union.
- Can Do More With Less
For many businesses, the goal is to always try to do more with less. This often comes at the expense of employees and erode the company culture.
With the right LOS partner you can have your staff do more with less and keep them and the members happy?
- Better Security Than Legacy Systems
Every day, you hear the horror stories about financial institutions being targeted for hacking.
A data breach like that could cost your institution big time. Not only in time and lost productivity, but in Member trust. You’re a credit union that has fought hard for every Member. Do not risk your security to a vendor that does not has it’s own SOC certification.
- Easy Buy-In and Staff Training
Credit Unions invest in software all the time to improve productivity. There is one major problem that c face when they do that. They don’t have buy-in from their staff.
Most of the time, your staff will be resistant to change. With the right LOS company, however, it’s easier to get employee buy-in. Your staff will quickly see how they can do their jobs with more efficiency and fewer headaches.The training that’s required to update your staff can be minimal as long as you invest in a LOS that is intuitive and user-friendly.
- Easier Document Management
There’s nothing worse for your credit union staff than to have stacks of papers on their desks. No matter how organized they are, forms can get lost, misplaced or accidentally shredded. That could turn into a nightmare for your Members.
LOS can manage your documents, by keeping them in one place. Your staff just has to click a few buttons and they can find what they’re looking for.
A top loan origination processing system integrates with existing systems. You shouldn’t need to invest in more software solutions to automate your loan processing systems.
For example, our lending solutions can be integrated with document storage systems, form providers, home Credit Union systems and insurance providers.
- Upsell Products to Members
When you automate the approval process, you have an easier time determining if there are other products that would be beneficial to your clients.
An automated process can identify Members who can afford to have other loan products and still stay within industry regulations.
- Complete Customization
When you invest in LOS, you want to be sure that you choose a package that you can tailor to your needs. You can set rules to automate the loan approval process, making it easier to get through loans.
You can easily customize reporting to learn the common characteristics of borrowers who are delinquent. That gives you the flexibility to adjust your rules and make sure you’re lending to borrowers who can pay back the loan.
The Right Member Centric Loan Origination Software is a Smart Investment
Investing in a loan processing system has many advantages. You can process more loans with less.
The end result is that you have a more profitable Credit Union with a better reputation. What’s not to love about that?
Now that you know why you need to have a loan origination processing system; you’ll want to start to look into getting one for your Credit Union. Find out what the must have LOS platform features are before you make that investment.