After six straight quarters of deposit attrition and rising cost of funds, net interest margin compression remains a top concern for credit unions year-over-year, according to the Jack Henry 2024 Strategy Benchmark.
In fact, since the second quarter of 2022, credit unions have experienced a 31% decrease in lending.
Finding ways to do more with less is crucial.
The question is: Where should you start?
Your lending operations hold immense potential for boosting efficiency, minimizing risk, and enhancing the borrower experience. By embracing digitalization and harnessing the power of automation to streamline your loan origination processes, you can swiftly deliver the diverse loan solutions your consumer and commercial members expect.
Peak Efficiency
A digital loan origination system can revolutionize your loan process by supporting the entire loan lifecycle with seamless interactions. With a single-platform technology model, you can deliver more volume, reduce clutter, and streamline workflows — ultimately increasing your profits and driving growth for your credit union.
Simplify Consumer Lending
Are you keeping pace with shifting consumer needs, expectations, and technological advancements? A modern lending platform is essential to remain top of mind and enhance your member experience while prioritizing “time to money” to compete effectively.
Integrating a fresh user interface that meets the expectations of today’s on-the-go borrowers is imperative. Automated underwriting and workflow capabilities will empower your lenders with more time for other responsibilities while bringing both simplicity and new efficiencies to your lending processes.
Redefine Commercial Lending
In addition to higher yields offered by commercial loans, when you leverage a digital loan origination system (LOS), you can streamline and standardize your loan analysis, underwriting, review, and management processes while controlling risk. What’s more? Advanced tax return spreading tools eliminate the need to obtain tax returns from accountants directly.
Simplify And Standardize Your Process
Reduce underwriting time and increase efficiency and transparency for you and your borrowers with auto-decisioning tools and product-specific workflows. By implementing an online application platform and secure document submission, you can empower borrowers to communicate and transact at their convenience — creating a seamless user experience.
Start The Transformation
By automating and streamlining your loan origination process, you can speed up loan approvals — saving time on the back end and meeting the expectations of your consumer and commercial borrowers.
Now is the time to transform your lending operations for enhanced efficiency, increased margins, reduced risk, and an improved member experience. Get in touch with a Jack Henry lending expert to get started.
