Are you offering the best possible journey for those borrowing from your credit union? While your institution may boast an efficient digital banking platform, it’s essential to ask: Is this enough to not only attract but also retain members?
Imagine your credit union as a major highway—without clear signage and an exciting destination, drivers may very well take a different route. Let’s cover how your institution will lead the way in exceptional lending journeys , ensuring every member’s journey is as efficient and engaging as the service your brand promises.
The Maze of Approval to Funding
New members often feel overwhelmed and confused by the complex procedures involved in the loan approval and funding stages. This leads to frustration, resulting in a poor first impression or even the loss of potential members who may give up halfway through the process.
Automated Loan Processing Solution: Our solution simplifies this journey. By automating the steps from loan approval to funding, we minimize human error and the associated delays. The process becomes straightforward, transparent, and efficient, significantly improving the onboarding experience and reducing member dropout rates. This ensures a welcoming and positive start to the long-term member relationship.
The Booking to Core Jam
Manual data entry when transferring loan details from the Loan Origination System (LOS) to the core banking system is not only tedious but prone to errors. These errors can cause delays in funding, which frustrate members and may even impact your credit union’s reputation.
Shastic’s Booking to Core Solution: Our one-click automation tool removes these bottlenecks. By seamlessly integrating loan details into the core banking system, our technology ensures accuracy and speed. The result is a smoother, faster funding process that enhances member satisfaction and trust in your financial operations.
The Case of Abandoned Applications
Often, potential members start an application but don’t complete it due to various reasons—complexity, time constraints, or simply losing interest. Each abandoned application is a missed opportunity for your credit union.
Application Recapture: Our platform proactively reaches out to individuals with incomplete applications, re-engaging them through targeted communications that address their specific concerns or reasons for abandonment. This personalized approach helps bring them back into the application process, increasing conversion rates and ensuring that fewer opportunities are lost.
The Document Collection Roadblock
Collecting, validating, and uploading documents manually is not only time-consuming but has the risk of human error. These delays and mistakes can lead to a frustrating member experience and a slower onboarding process.
Shastic’s AI Document Processing: Utilizing advanced technology, Shastic will help remove roadblocks in your lending process by securely collecting, categorizing, converting, compressing and uploading documentation to clear loan stips. We can now also go one step further: Clearing the stipulation using your own underwriting guidelines. We can review income documentation, reading the document and extracting gross income amounts. We can then use your underwriting guidelines to calculate the correct income and compare against the initially stated income from the application. Income the same or higher allows the loan to progress, income dropping re-routes the application to underwriting for additional review.
The E-sign Detour
The traditional need for physical signatures can significantly delay the completion of onboarding processes, especially in an increasingly digital world where members expect quick and seamless interactions.
Shastic’s E-sign Technology: Our E-sign solution modernizes the signing process by allowing digital signatures that are legally binding. This eliminates the need for in-person meetings or physical paperwork, expediting the documentation process, and catering to the digital preferences of today’s members.
Optimizing the lending journey is crucial for enhancing the experiences of your credit union’s members. By leveraging Shastic’s AI-Workflow-Automation platform, from simplified loan processing to seamless document handling, your institution can offer an efficient and engaging experience that stands out from competitors. This not only attracts but retains members by building a foundation of trust and satisfaction. With Shastic, you ensure that the journey from application to funding is as smooth as possible, eliminating traditional roadblocks like manual document processing and e-sign delays. A smooth lending process is vital to successful member engagement and satisfaction. Embrace these innovative tools, and watch as your credit union becomes the go-to destination for financial services, where every member’s journey is not just a transaction but a pathway to financial empowerment.
Request your Shastic demo today and take the first step towards a more efficient, responsive, and member-focused future!