10 RPA Use Cases Most Credit Unions Seem to Have Missed
I write about fintech, data, and everything around it
Let’s face it.
Most data processing operations in a credit union are pretty straightforward. And manual.
Automating them with robotic process automation (RPA) is not that challenging to do. And there are many use cases that would work great for RPA and haven’t been thought of yet by most credit unions.
That said, many have talked about the huge benefits of RPA, but I haven’t read a lot of chatter around 10 specific use cases for credit unions. So, I researched and wrote it myself.
This blog is all about credit unions and their daily business problems that can be solved using Robotic Process Automation (RPA). So how did I do it?
Well, I started by listing 20 use cases first and asked myself: “How could XYZ credit union leverage RPA to solve these problems?” Then, after talking to our team of RPA analysts who are helping to implement RPA solutions for our credit union partners, I created a list of 10 common (and meaningful) use cases that should apply to most credit unions. Straight benefits. No fluff.
If your credit union is still scratching its heads about how to utilize robotic process automation (RPA) for savings, this list might help. Pinky promise!
Let’s get started.
Credit Union RPA Use Case #1: Processing daily wire credits and adjustments
Daily wire credits and adjustments seem like a big process for credit unions. There are numerous steps, it needs multiple people to approve the wires before they happen, and there are lots of spreadsheets to keep track of everything. For a larger credit union that processes thousands of wires a day, it can seem like an insurmountable task.
However, with the right robotic process automation software, it is possible to reduce this process for credit unions into something that can be done by one person in less than half an hour. Yes, 30 minutes, straight!
Credit Union RPA Use Case #2: Managing recurring wire payments
Recurring wire payments have always been an expensive hassle for credit unions. The process involves a lot of manual work-in-progress, which adds cost and delays to the process. These delays might not affect small credit unions very much, but these types of delays can lead to substantial financial losses on larger ones. This is where robotic process automation (RPA) can help.
If you’re still processing your members’ dues and other recurring payments manually using Excel or QuickBooks, then it’s about time you start using robotic process automation.
Credit Union RPA Use Case #3: Compromised account management systems alerts
Compromised account alerts help you inspect accounts to make sure no fraudulent transactions occur. These alerts could be critical, with billions of dollars lost or stolen from credit unions each year.
Here is a fact. Nearly 60 million Americans are notified annually that their personal information has been compromised. Over 1/3 of all adults have had a financial account breached, with an average of $1,258 being stolen from each victim.
Auto-remediation of breached user credentials can provide a much faster and more detailed response to the inevitable security incident. Many credit unions are exploring ways to automate this entire process using Robotic Process Automation tools (RPA). It is high time you act on it.
Credit Union RPA Use Case #4: Enrolling members in credit-union services
Enrolling members in credit union services is a tiresome, time-consuming operation that requires a lot of attention to detail, telephone calls and paperwork.
Several handoffs among IT, membership, and business-services departments shift the responsibility for entering data. These delays make it difficult to uphold service-level agreements (SLAs).
RPA (robotic process automation) can help improve this process. Automating the enrollment process with robotic process automation can reduce manual intervention, drive consistency in member records, and increase efficiency.
Credit Union RPA Use Case #5: Loans origination automation
The loan origination process is highly manual. From start to finish, there are many steps that need to be completed for a single loan. It often involves a ton of repetitive work that can make it difficult for any small and large credit union to get through these processes quickly.
Loan origination automation is one area that credit unions can use RPA for. Loan sales and processes can be transformed into multifold revenue streams using robotic process automation. Don’t wait. Few of your competitors have already implemented it.
Credit Union RPA Use Case #6: Mortgage loan tracking and back-office processing
Purchasing loans is one of the most important and potentially profitable tasks for credit unions. This often means manually entering data at every step of the process, from initial application to acceptance or rejection, and eventual liquidation. Though there are some tools available to help automate some of the loan purchasing processes, but most do not provide a complete solution.
With RPA, you can now automate different aspects of mortgage loan tracking and back-office processing, allowing your credit union to improve efficiency and profitability throughout the entire purchasing process. Invest in RPA today and get the real ROI visible on your loan revenue.
Credit Union RPA Use Case #7: Credit card billing management
Credit card billing can be complex. There are details associated with each payment and order that can be time-consuming for the staff to complete.
As a credit union, you need to ensure that all of this information is captured in your internal systems and financial reporting is accurate. Still, there might not be enough internal staff to accomplish this.
To alleviate these issues, you can use robotic process automation (RPA) to capture information directly from your various applications and feed it directly into your core financial systems.
Many of our partner banks and credit unions alike have undergone end-to-end IT transformation initiatives to drive speed, accuracy, compliance, and lower costs by implementing our RPA solutions.
To be honest, their budgets did not include millions of dollars to hire additional staff or purchase new technology solutions. We understood that and provided an RPA solution that solves their problems by understanding the unit economics for the solution.
Check out our banking and financial services case studies to know more.
Credit Union RPA Use Case #8: Deposit collections review
Deposit collections review is the most critical part for any credit union.
When a member makes a deposit, the credit union must verify that it belongs to them and then make sure they won’t bounce the check before depositing it. This means trial deposits, account balances, and transaction history must be reviewed carefully in order to protect both itself and the member from falling victim to fraud.
With so much at stake, credit unions are looking for a way to streamline these processes and tackle fraud more effectively. Intelligent RPA software can help you review deposit collections faster and spot fraud earlier. What is Intelligent RPA? Well, we have explained in our blog, on how intelligent bots can help in Optical Character Recognition. Give it a read.
Reach out to us today and learn how we implemented this for one of our credit union partners. Book your Demo.
Credit Union RPA Use Case #9: Handling customer service inquiries and requests
If you work for a credit union, you’ve probably had to deal with irate customers who made mistakes on their own and now want someone else to pay for it. These calls can take up a lot of your time, but sometimes, customers really do need help.
If you have many customer service inquiries and requests to handle every day? And would like to process them effectively, improve performance and streamline the order in which you answer questions and requests, Robotic Process Automation (RPA) can help. It promises great potential for businesses that employ it. We can help.
Credit Union RPA Use Case #10: Employee onboarding, conducting performance reviews and offboarding employees
One of the biggest pain points in a credit union is starting a new employee on the right foot. It can take up to 90 days to onboard an employee. This means if you’re hiring 10 new people, you have a big problem on your hands.
The already heavy workload of a credit union becomes even more daunting when the Human Resources team is burdened launching and closing employees.
Robotic process automation can help automate employee onboarding, conducting performance reviews and offboarding employees smoothly.
If you’re like most credit unions, you could use help in improving your onboarding process and reducing new hire training time.
Let us show you how we can save your time and money.
Final Thoughts
Robotic Process Automation (RPA) is no longer a hypothesis – it’s here.
While most banks have implemented RPA, credit unions are lagging behind.
Credit unions may not be as quick as their bank competitors to adopt RPA, but now is the time to act before being left behind. As an innovative financial company, you should look for ways to boost efficiency and streamline workflows. RIGHT NOW!
Schedule a 15–minute call with our RPA consultant to learn how we reduced development costs by 70% and increased overall efficiency using Microsoft Power Automate solution for a leading credit union in Las Vegas.
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