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  • Writer's pictureNick Tubis

Why Credit Unions Should Start Exploring Automation in 2023+

Updated: Mar 20, 2023

Credit unions face many challenges today, from rising operating costs and increasing competition to growing member expectations and changing regulatory requirements.

Automation can help by reducing the costs associated with manual processes, such as loan processing. Automation can also help credit unions to process loans faster, increase accuracy and reduce the risk of human error.

Automation as a Service (AaaS) can be especially useful for credit unions because it eliminates the need for large upfront investment in technology and staff. With AaaS, credit unions can start automating processes right away, with no upfront costs, and scale up or down as needed. In addition, AaaS providers typically include trained humans-in-the-loop to handle exceptions and check the quality of work. This means that credit unions can benefit from the speed and efficiency of automation, while still maintaining control over the process and ensuring that their members receive the highest level of service.

Some specific examples of processes that can be automated include: loan processing, data entry, underwriting, and customer service. Automating these processes can free up staff to focus on higher value tasks, such as relationship building and member engagement. This can lead to improved member satisfaction and increased loyalty.

In addition, automating loan processing can lead to faster turnaround times, which can help credit unions to attract new members and retain existing ones. With automation, loan applications can be processed in a matter of minutes, rather than hours or days. This not only improves the member experience, but it also allows credit unions to make loan decisions more quickly, increasing their competitiveness in the marketplace.

Credit unions should also consider the benefits of automating data entry. Data entry can be a time-consuming and error-prone process, but with automation, data can be entered quickly and accurately. This not only saves time and reduces the risk of errors, but it also leads to better data quality, which can be used to make more informed decisions.

Underwriting is another area where automation can help. With automation, underwriters can quickly access the information they need to make loan decisions, rather than having to spend time manually reviewing loan applications. Automated underwriting can also help to reduce the risk of human error, as well as increase the speed and consistency of loan decisions.

Finally, automating customer service can lead to improved member satisfaction. With automation, credit unions can provide fast, accurate and personalized service to their members, even outside of business hours. This can help to improve member loyalty and increase the likelihood that members will recommend the credit union to others.

Wow - That's a lot. Can you break it down for me?

Imagine you have a big pile of papers that you need to sort through and file away in the right folders. It takes a long time to do this, and sometimes you make mistakes and have to start over.

Now imagine that you have a robot that can help you with this task. The robot can sort through the papers much faster than you can, and it never makes a mistake. That's what automation would be like for credit unions.

That's where Stealth Scaling comes in. We have robots that can help credit unions automate their manual processes. And the best part is, the credit union doesn't have to buy the robots or pay for them upfront. Stealth Scaling takes care of everything and even provides trained humans to check the work and make sure everything is done correctly.

So, why should credit unions start exploring automation in 2023? There are many benefits:

  1. It saves money on FTE's. That means the credit union doesn't have to hire as many people to do the same amount of work.

  2. It helps process loans faster. This means that people who want to borrow money can get their loans approved much quicker.

  3. It increases accuracy. Robots never make mistakes, so the credit union can be sure that the loan processing is done right.

  4. It improves customer service. Credit unions can provide better service to their members because they can process loans faster and with fewer errors.

Automation can essentially help credit unions do their job better, faster and more accurately. And with Stealth Scaling, there's no need to worry about buying robots or paying for them upfront. The credit union can start using automation right away and enjoy all the benefits without any hassle.

In conclusion, credit unions should start exploring automation in 2023, as it can help them to save money on FTE's, process loans faster and provide better service to their members. Automation as a Service can be especially beneficial, as it eliminates the need for large upfront investment and provides trained humans in the loop to handle exceptions and ensure quality. With automation, credit unions can improve their competitiveness, increase member satisfaction and build a more efficient and effective organization.

If you would like to get a free automation evaluation please fill out our contact form and our automation specialists will get in touch with you right away!

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