In a fast-paced world where instant gratification is the norm, every minute counts. In auto financing, delays can cause dealers to shift their loyalty to the lender who approves loans faster. For credit unions, leveraging technology to deliver rapid and efficient lending services is crucial.
Even in today’s digital-first world, many credit unions still rely on manual processes for their indirect lending programs. These methods can be inconsistent, leading to funding delays and increasing the risk of applicants seeking loans elsewhere. In 2023, 44% of dealers and lenders reported losing an estimated $1 million due to errors in deal jackets, and 30% reported losses between $1 million and $5 million due to these errors.
Document processing automation (DPA) addresses these issues by standardizing and automating the indirect lending process. This technology enables credit unions to expedite loan funding, enhancing the experience for both buyers and dealers. The efficiency gains allow staff to focus on providing exceptional service, managing volume spikes, and modernizing lending practices.
DPA uses artificial intelligence (AI) and machine learning (ML) to automatically handle, analyze, and manage documents. This reduces manual tasks, improves efficiency and accuracy, speeds up workflows, and strengthens dealer relationships by accelerating funding and reducing contract-in-transit times.
Origence’s DPA solution, in partnership with Informed.IQ, offers credit unions a streamlined approach to processing and funding indirect loans. Advanced features like lender-specific document name aliasing and custom document order ensure precise and fast loan processing, reducing errors and fraud.
Ready to learn more? See how other credit unions leverage DPA and dive into the essential features your credit union needs to thrive in today’s competitive marketplace. Download the full white paper now to find out how document processing automation can revolutionize your credit union’s lending operations.
