Automatic Loan Processing Cuts Costs
DUBLIN, Ireland -- Technology can reduce the cost of loans and increase member service, according to a presentation by Myrna Bentley, CEO and president of Concentra Financial, Saskatoon, SK, Canada.
Concentra offers intermediation, corporate and personal trusts services to Canadian credit unions.
In her address she said it was not the intricacies of technology that made the difference, but the strategies behind the technology.
There are a number of programs that allow credit union members to fill out applications online; they are evaluated by pre-set conditions, documents are generated and money dispensed all automatically, she said. There are points where certain items on the application signal human intervention.
She said the systems were easy to use, could be customized to the credit union's particular needs, easy to learn, and offered good technical support.
Credit unions that adapted these programs often saw an increase in business when staff members were freed to provide additional member services in other areas.