In this rapidly evolving digital landscape, credit union leaders understand the paramount importance of safeguarding member data. Privacy and compliance are non-negotiable, demanding meticulous checks for accuracy. However, amidst these stringent requirements, members also crave swift, streamlined, and user-friendly processes, especially when it comes to loan processing.
While it may initially appear that these two goals clash, there is a silver lining. Embracing a contemporary digital lending solution opens up a myriad of possibilities to enhance member satisfaction. By leveraging this technology, credit unions can tap into exciting opportunities that prioritize and cater to the needs of their valued members.
Discover Digital Lending Solutions for Your Credit Union HERE!
1. Using Automation to Create a Better Member Journey
In an overarching sense, the number one opportunity that digital lending represents to help increase member satisfaction involves creating a better overall journey. It's not enough for your credit union to simply allow someone to apply for a loan online or check their application status digitally. The steps required to do so need to be straightforward and intuitive.
A true digital lending experience helps accommodate this. Not only is it easy for members to perform any function they need, at any time, on any device they want, but credit union loan officers can also receive and process important documentation, act on those documents, and more.
Everything is easy and, more importantly, fast--exactly the way it should be.
2. Bringing Disparate Systems Together
Data silos--that is, key information trapped in one legacy system that is unable to move freely to others--is a major pain point of credit unions leveraging older technology. Not only does this create a more frustrating member experience, but it also increases the chances that data will be entered with errors as well.
Information that exists in many disconnected systems at once cannot be trusted. That is what digital lending helps to create by allowing systems to be integrated, enabling data to flow freely across the enterprise in a way that guarantees the people who need it to do their jobs always have it.
3. Empowering Member Service
Finally, digital lending represents an undeniable opportunity to create a new level of member services for everyone.
The more productive loan officers are, the happier and more satisfied members tend to be. When credit union employees are saddled with important but time-consuming tasks, things get delayed. Communication tends to suffer. Supporting members tends to no longer be a priority when an employee is simply just trying to keep his or her head above water.
Thankfully, digital lending and technologies like digital conditional approval eliminate a lot of these concerns, delighting members along the way.
In the end, digital lending as a concept is a lot more malleable than most realize. It's about more than just allowing credit union members to perform basic account functions on a smartphone or tablet. It has the potential to completely revolutionize the experience your organization offers when leveraged properly.
To help you get a better idea of what we mean by that, the team at FLEX has recently authored a 360 Lending eBook that we believe you'll find helpful. Feel free to click the button below to get started.
