Automate Credit Union Consumer Loans Input Quality-Control

Eliminate this tedious, error-prone chore forever with RPA bots 

Consumer loans are the lifeblood of your credit union. But making sure they’re properly processed and checked for quality-control is a ton of work. It invites errors. Your employees wonder why they even have to perform the painful chore of doing quality-control, or QC, reviews on consumer loans—especially when each loan easily requires 100 different fields that must be reconciled between your credit union’s core system and its loan-processing system.  

This is the kind of classic “swivel-chair,” stare-and-compare activity that staffers hate—if you can even find them these days.  

Wouldn’t you love to automate this entire process? Wouldn’t you love for it to go away forever? Wouldn’t you love to eliminate the errors, while hedging against painful employee turnover?  

Here’s great news: It’s not only possible, but it’s quick and easy, with robotic process automation, or RPA, robots from The Lab, North America’s undisputed credit union-automation authority.  

In this article, we’re going to describe how this can be done at your credit union. We’ve even made a little two-minute video of an actual RPA bot in action, doing this, which you can view right here:  

You know that your credit union relies on a core system, such as those offered by FIS, Fiserv, or Jack Henry.  

But to QC-process consumer loans, you also need to use your loan-origination system and/or document-management/imaging system. These could be products such as Finastra Fusion LaserPro, Jack Henry Synergy, Fiserv Nautilus, FIS Content Management, or others.  

The problem is that these systems don’t talk to your core. And the information stored in one doesn’t always agree with the other. Thus the need for humans to click through thousands of fields to see what matches, and what doesn’t. It’s a classic credit union reconciliation, or recon, chore.  

Here’s why RPA bots from The Lab are so exciting: They work with any core that your credit union is using, as well as any loan-origination and/or document-management/imaging system. 

It doesn’t matter who made the system. The bots (and The Lab) are vendor-agnostic. Think of the bot as a low-level human worker, with their own login and password, tasked with doing the exact same chores. Only the bots never get tired, slow down, take breaks, or make mistakes.  

Let’s see how the bot handles the chore of consumer loan input QC reviewing.

The first thing this bot does is to log into the core system (remember: from any core-system maker) with its own login and password, just like a person. From there, it seeks out and fetches all of the pertinent data it needs: fields such as summaries, transaction data, reporting data, interest rates, and so on.  

It takes this information and pastes it into a nice clean Excel worksheet, which it will use again momentarily.  

Next, it logs in (again, with its own user name and password, just like a person) into the loan-origination and/or document-management/imaging system, and—just like a person—gathers all of the same fields’ worth of information that it had just gathered from the core. In a perfect world, these would all match, and there would be no need for reconciliations. But that’s unfortunately not the case, thus the need for the recon review.  

Again, the bot churns through 100 fields of data, per loan, to gather this information. For a human, it’s a mind-numbing chore. For the bot, it’s just another day—or, more properly, another few seconds—at the office.  

Remember the Excel sheet that the bot created from the info it had fetched from the core? Now it’s time to put it to use.  

The bot now compares the data it had gotten from the loan-origination and/or document-management/imaging system, and compares it to the corresponding information from the core.  

And, in just a matter of seconds, it creates not one, but three new Excel sheets:  

  • One for the numbers that match.  
  • A second one for the “exceptions” that don’t.  
  • A third for fields that must be manually matched.  

Of course the first one is the biggest (most fields, fortunately, do match), but it’s the second and third that actually require human intervention. So the bot automatically emails all three reports to the pre-designated appropriate recipients within the credit union, so that they can see all the work that was done, and tend to those few issues that the bot couldn’t handle on its own.  

Here’s the icing on the cake: As configured by The Lab, the bot even color-codes the three Excel sheets: Green for “matches,” red for “Exceptions,” and purple for “Manual Matching Required.” Isn’t that thoughtful?

If your credit union still has humans tending to this chore, how much longer do you think they’ll stick around? Wouldn’t they prefer to work on higher-value, more fulfilling tasks? Think about how much RPA bots from The Lab could save you:  

  • For a small credit union, you could save more than 500 hours of tedious labor per year.  
  • For a large credit union, you could save more than 1,500 hours of labor per year! 

This is because people—at peak speed, which wanes over time—can QC-review a single loan in about 15 minutes. The bot does it in three minutes, completely automated. And it never slows down.  

Best of all, The Lab can install consumer-loan QC-processing bots, remotely, from our U.S. offices in Houston, in just weeks, with nothing outsourced or offshored. 

Book your demo with The Lab today!

The best way to appreciate this speed and game-changing power is to see it for yourself. We invite you to schedule your free, no-obligation 30-minute screen-sharing demo with The Lab. You’ll see real RPA bots in action, and get all your questions answered by our friendly experts. Hedge your credit union against employee turnover. Eliminate errors and resulting losses. Simply call (201) 526-1200 or email info@thelabconsulting.com to book your demo today! 

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