8 LOS Features Credit Unions Need to Stay Competitive

1. Sean Kennelly
Director, Solution
Consulting
aa
8 LOS Features Credit Unions and Banks
Need to Stay Competitive

2. American Banker
Retail Banking: How to Avoid Digital Disruption and Gain Market Share
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”
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. The Lending Disruption

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.
“
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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. The Challenge
1. Competition is
Fierce
2. Consumer
Expectation are
High
3. Legacy Systems
hold you back

7. Growing Your Book of Business
Through Efficiency

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. 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. 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. 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. Omni-Channel Lending:
The Way of the Future

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. Omni-Channel Lending

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

18. Ask The Expert
Sean Kennelly
Director, Solution Consulting
info@doxim.com
www.doxim.com
866.475.9876