It’s no secret that community-based financial institutions are experiencing significant growth, leading to higher net interest margins, increased loan growth rates, and improved return on asset ratios. However, this growth comes with economic uncertainties and concerns about a potential recession. Executives are tasked with balancing this growth while maintaining operational efficiency and optimizing talent management. Credit unions also face the challenge of staying true to their core mission of “people helping people.” Let’s explore how Mago by Shastic  can become an indispensable part of your banking staff and address your current full-time equivalent (FTE) challenges.

Balancing Growth with Operational Efficiency

Growth in a bank or credit union often necessitates hiring new knowledge workers to support the increased administrative workload, particularly in loan operations. However, hiring and training new FTEs is an expensive and resource-intensive process. Training and onboarding new hires require substantial investments in both time and money. For community lenders, the goal  to increase production and maintain high morale among staff while maintaining margin is achievable. 

Enhancing Efficiency with Mago

To address this challenge, financial institutions are turning to Mago. A platform that automates the lending process from application to funding (except underwriting. The repetitive and time-consuming tasks are replaced resulting in processing large volumes of data with high accuracy and speed. By automating processes such as loan approvals, account management, and member service inquiries, institutions will significantly reduce the need for manual labor and lower operational costs. In the loan operations department, where inefficiency can be introduced by members, team members, technology or processes, a quick look can reveal areas where automation can augment the need for additional staff. For example, Mago can handle insurance and collateral tracking, a typically time and labor-intensive task. By automating this process, institutions can avoid the high costs of hiring new employees to manage it.

Additionally, Mago’s implementation enhances overall efficiency by freeing staff to focus on more complex tasks. This shift allows employees to engage in personalized member interactions and strategic decision-making, improving employee and member satisfaction. With more time dedicated to addressing individual needs and concerns, financial institutions become more flexible and responsive. In turn, this supports the core mission of “people helping people,” ensuring that financial institutions deliver exceptional service and remain true to their values.

Addressing Staffing Shortages and Augmenting Staff

Staffing shortages are a critical issue for many financial institutions. Mago mitigates this problem by automating routine tasks, allowing your team to focus on more complex and member-centric processes. This shift not only maintains operational consistency, but also enhances member services by enabling existing staff to concentrate on high-value interactions.

People Helping People

Credit unions’ core mission is to provide superior member service, staying true to the principle of “people helping people.” AI-Workflow-Automation enhances member interactions by providing 24/7 support and promptly addressing member inquiries. Additionally, Gen-AI can analyze member data to provide personalized recommendations and services, improving the overall member experience. This around-the-clock availability and accuracy in service provision underscore the commitment to member satisfaction.

Streamlining Loan Approvals and Account Management

Traditionally, loan approval processes involve manually reviewing applications, verifying documents, and assessing at-risk accounts. Mago expedites this process by keeping the member up to date as the loan moves through your review and approval process, collecting required documentation and automatically clearing loan stipulations. This significantly reduces the time required for each application, streamlining the loan approval process and improving efficiency.

Managing member accounts involves a range of tasks, from opening new accounts to updating information and resolving issues. Mago can streamline the account opening process by efficiently collecting identity and other required documentation. It also ensures that account information is automatically updated based on member inputs or detected changes. Additionally, AI-driven solutions manage common member inquiries and issues, allowing staff to focus on more complex and high-value tasks.

Implementing Mago 

Integrating Mago into your banking operations is seamless and straightforward. A superior platform will work out of the box, adapting to your institution’s specific needs and existing infrastructure. With minimal disruption, your team can quickly start benefiting from augmentation, leading to immediate efficiency and member service improvements. Trust in a solution that effortlessly enhances your institution’s operations, allowing your team to focus on strategic goals and member satisfaction.

Embracing the Future of Banking

Mago is transforming the banking industry by enhancing efficiency, accuracy, and member satisfaction. By augmenting your banking staff’s daily operations, you can streamline processes, reduce costs, and provide superior member service. So, embrace the future of banking with Mago and take your institution to new heights, all while staying true to the credit union’s core mission of “people helping people.”

Contact us today for more information on how Shastic can help your institution. Together, we can build a more efficient and member-centric banking experience.