ATLANTA-One thing hasn't changed in 2012: it's still all about making loans.
But what has changed, noted Kyle Kehoe, VP of sales for CRIF Lending Solutions, is technology that many CUs are not fully leveraging.
"Lending technology has changed rapidly over the past 10 years and credit unions that are using legacy systems might not be taking advantage of all the integration available."
Modern lending technology includes integration with online banking, core systems, imaging systems, e-signature solutions and document preparation systems, he explained. If a CU is not using newer systems, it will struggle with lending workflow.
"This is an important time to look at lending from an integration standpoint," he continued. "There is the auto-decisioning flow-how does a credit union make a decision and does it have a system to help it make the right decision?"
Decisioning ties to revenue in multiple ways, Kehoe said, including better managing the CU's loan portfolio, making proper credit decisions and reducing delinquencies. If that process is automated it gives a "great member experience," whether in branch, online, on the phone or at an auto dealership.
Technology today integrates with a robust decision engine and gives opportunities for cross-selling, Kehoe noted.
"From the user experience, getting opportunities to be offered the right products is important," he said. "Working with a vendor that has a variety of products is very important, as loan origination technology really enhances the member experience. This makes it easy for the member service rep to make the offers and for the member to fully take advantage of the credit union."
