8 LOS Features Credit Unions Need to Stay Competitive

2. “Ongoing digitization is transforming all industry
sectors, including retail banking. The resulting
disruption is already profound and will only grow in
the coming years…banks that are slow to respond
could lose 35 percent of their market share by 2020.
”
Retail Banking: How to Avoid Digital Disruption and Gain Market Share

3. The Lending
Disruption

4. Consumer Needs
Are Changing
Consumers -- particularly Millennials -- still require
knowledgeable, personalized assistance when
making banking decisions, but research reveals a
disconnect between consumer expectations and
the experience banks deliver
Banks Frustrate Consumers Who
Want a More Personal Experience
“
”

5. Transforming Legacy Systems –
A Top Priority

6. The Challenge
1 Competition is fierce
Consumer expectations are high
Legacy systems hold you back
2
3

8. Automated
Decisioning
Say ‘YES’ to your members faster
Make your lenders 2X more efficient by auto-
adjudicating up to 50% of loans
Significantly reduce compliance risk
“Credit unions can
increase loan growth
27% by doing one
simple thing; increase
system decisions on
loan applications.
”
Decision Engine Must Haves
1. Ability to model existing manual decision grids
2. Ability to increase approvals over time without
increasing risk
Automated
Decisioning
Credit unions can
increase loan growth
27% by doing one
simple thing; increase
system decisions on
loan applications.
“
”
Say ‘YES’ to your members faster
Make your lenders 2X more efficient by
auto-adjudicating up to 50% of loans
Significantly reduce compliance risk
Decision Engine Must-Haves
1. Ability to model existing manual decision grids
2. Ability to increase approvals over time without
increasing risk

9. Automated
Pricing
Employ organizational pricing rules instantly
Pricing engine should allow relationship
factors such as book of business or years of
membership to influence pricing
Pricing engine should allow application specific
options to influence pricing

10. Umbrella Lending
Process multiple loans twice as efficiently
 No double-keying of information
 No duplicate paperwork
Ensure products can be approved
individually – not an “all-or-nothing” decision

11. Relationship managers who took the time to challenge the
customer’s coming-in position, reshape their understanding
of goals, and then take them to the best solution generated
28% more loans than their more complacent colleagues.
-CEB Retail Banking
CRM Integration
“
”
Increase cross-sell/up-sell
with the click of a button
Stop your lenders from
leaving money on the table
Deliver more targeted offers

12. Flexible Digital
Documents
Document templates should be
managed by lending departments
Standard, digital ready formats
should be supported
Complete documents should be
digitally archived

14. Omni-Channel
Lending
Bricks, mortar and beyond
“
”
New branch formats…work in
conjunction with digital banking
to create, ideally, a seamless
experience for customers who
might do their banking on any
number of devices. Bankers are
calling this an “omni-channel”
experience.

15. Omni-
Channel
Lending

16. Are you offering loans where your members can
easily access them? In a recent study, 90% of
millennials said they use digital banking channels
more frequently than they use a branch.
- TD Bank, Financial Education Study
Self-Serve

17. Mobile
Lending
“Banking is no longer somewhere you go,
but something you do.”
-Brett King
(Amazon best-selling author- Bank 3.0)

18. E-Signatures
A must have to facilitate a true omni-channel,
paperless loan origination process
Process loans faster – hours vs. days
Reduced
Errors
Increased
Reach
Reduced
Handling

19. E-Signatures
A must have to facilitate a true omni-channel,
paperless loan origination process.
Process loans faster – hours vs. days.
Reduced
Errors
Increased
Reach
Reduced
Handling

20. Member
Engagement
Platform

21. Watch Full
Webinar
Here!
www.doxim.com
886.475.9876
info@doxim.com