Lending is the primary revenue generator in a credit union. To be expert at generating this revenue, lenders have the following needs and more:
- A loan origination system that works seamlessly for the member
- Easy handoffs throughout the lending process to underwriters, processors and funders
- Ability to monitor and act on delinquencies
- Ability to monitor the loan pipeline and learn about loans approved and not funded, exactly where members get lost or drop out of the loan application process
- Monitor loan quality, credit risk and compliance
- Shorten the timeline between application and funding
- Monitor loan officer performance and productivity
- View balances gained, balances lost and net growth
Almost all of these needs require system integrations by multiple vendors. Everything from the loan origination tool to asset recover efforts, vendors need to be integrated into the core and often vendors to vendor. This is today’s world of lending.
All of these system integrations and the maintenance of these systems take up significant IT bandwidth and investment.
How can Lending get all of this IT work done more efficiently and effectively?
When a credit union wants to integrate a vendor into core we know it has been done before at another credit union. So why is it like reinventing the wheel over and over and over again? It truly feels like everyone: the credit union, the vendor and the core provider are doing this for the first time, every time. We know it doesn’t have to be that way. It is only that way because a single standard of integration has not been developed. Yes, it is that simple.
Now fast forward…
What would your credit union’s systems integration and maintenance budget look like if there were set standards for these integrations, software and service additions and upgrades? Your credit union would spend less for integrations and your IT resources could be leveraged allowing them to save significantly on FTE and professional services expenses or allow you to do more integrations and create new efficiencies.
The future is NOW and the solution is CUFX Standards
CUFX is creating certified standards so when vendor ‘A’ wants to integrate into Core ‘B’ or Vendor ‘D’, there is a proven way to do that integration without the total dependency on custom work and professional services expenses. Your IT department could save 75% or more for this integration work. Your credit union could use this savings for positive impact on the expense ratio and/or provide enhanced services, tools and resources to improve the member’s borrowing experience.
Yes, there is a way using CUFX that credit unions and vendors can save thousands of hours and millions of dollars integrating new or upgrading existing solutions. To learn about CUFX Standards visit the website at www.cufxstandards.com or just call or email me, Rich Jones, 720.256.4936, firstname.lastname@example.org. We can help you help your credit union while you help other credit unions improve the cost of solution integrations and improve your to market. That’s the CUFX promise to credit unions everywhere.