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8 LOS Features Credit Unions Need to Stay Competitive


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8 LOS Features Credit Unions Need to Stay Competitive

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8 LOS Features Credit Unions Need to Stay Competitive

  1. 1. Sean Kennelly Director, Solution Consulting aa 8 LOS Features Credit Unions and Banks Need to Stay Competitive
  2. 2. American Banker Retail Banking: How to Avoid Digital Disruption and Gain Market Share “ ” 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.
  3. 3. The Lending Disruption
  4. 4. Consumer Needs Are Changing Banks Frustrate Consumers Who Want a More Personal Experience 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. “ ”
  5. 5. Transforming Legacy Systems - A Top Priority Initiatives 3. Focus on Enterprise Usability and Data Analytics 4. Create Adaptive Routing for Best Customer and Staff Action 5. Develop Robust Interface Design Testing for Clarity and Ease of Use Initiatives 6. Balance Customer Experience with Security 7. Deliver Fraud Protection as a Service Component Initiatives 1. Transform the Organization to Modernize Legacy Systems 2. Build the “Right Sized” Solution 1. Modernize the Digital Bank 2. Improve Access and Usability 3. Balance Security With Service
  6. 6. The Challenge 1. Competition is Fierce 2. Consumer Expectation are High 3. Legacy Systems hold you back
  7. 7. Growing Your Book of Business Through Efficiency
  8. 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 Decision Engine Must Haves 1. Ability to model existing manual decision grids 2. Ability to increase approvals over time without increasing risk “ ” Credit unions and banks can increase loan growth 27% by doing one simple thing; increase system decisions on loan applications.
  9. 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. 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. 11. 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 “ ”- CEB Retail Banking 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.
  12. 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
  13. 13. Omni-Channel Lending: The Way of the Future
  14. 14. 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. Omni-Channel Lending “ ”
  15. 15. Omni-Channel Lending
  16. 16. Self-Serve “ ” 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
  17. 17. Mobile Lending “ ”Banking is no longer somewhere you go, but something you do. - Brett King (Amazon best-selling author – Bank 3.0)
  18. 18. Ask The Expert Sean Kennelly Director, Solution Consulting 866.475.9876