A modern loan origination system streamlines success
Introduction
Since 1959, Community First Credit Union (CFCU) has advanced its mission to deliver on-demand financial services with a smile — and at a great value. As the digital landscape progressed, CFCU’s reliance on inflexible legacy technology, and manual processes made it difficult to maintain the efficiency and accuracy needed in today’s lending environment.
In response to the evolving digital landscape, CFCU partnered with Origence to implement a modern loan origination system (LOS) that enabled seamless integrations and automated time-consuming functions. The result? A more efficient lending process that provides members with the services they need.
“We were looking for a cloud-based platform because we didn’t want to maintain it internally. It had to have an open API to give us the flexibility to be able to get the connection we needed with our service providers. We needed a single platform to consolidate things with intuitive reporting capabilities.”
Cary Shumway
Chief Lending Officer, Community First Credit Union
The challenge
Inflexible technology hamstrings the lending experience
The solution
A modern LOS to provide the flexibility required in today’s lending environment
The results
- Streamlined the lending process with automated decisioning through an intuitive platform, increasing speed and efficiency
- Adopted the ability to efficiently and cost-effectively integrate with solutions like DocuSign
- Automated time-consuming functions such as application processing and decisionin
Inflexible technology hamstrings the lending experience
Like many smaller financial institutions, CFCU relied on legacy technology. When the credit union’s technology and processes could no longer keep pace in a modern lending arena, they experienced several issues:
- Integration obstacles: Inflexible legacy technology solutions lacked the ability to integrate with cutting-edge lending tools, limiting CFCU’s capacity to provide its members with a seamless digital experience.
- Resource constraints: Maintaining legacy technology sapped resources from other key areas of the organization, such as innovation and customer service.
- Time-consuming processes: Legacy decisioning processes burdened the CFCU staff with repetitive tasks such as devising decisioning rules and manually feeding the system.
These challenges contributed to a cumbersome workflow, resulting in a frustrating experience for staff who were spending considerable amounts of their time on tedious processes. As a result, CFCU was challenged with inefficient workflows causing delays and inconveniences for members and staff.
“We experienced a three-fold increase in the dollar amount we were able to process and approve monthly just by turning on auto-decisioning. It also provided a smoother experience for our employees and members.”
Cary Shumway
Chief Lending Officer, Community First Credit Union
A modern LOS to provide the flexibility required in today’s lending environment
Decision-makers at CFCU soon realized they needed to invest in the right technology and process improvements to continue advancing their mission. To ensure alignment between mission and operations, they wanted a provider that understood and supported community financial institutions. CFCU also required a single, cloud-based platform with an open API and intuitive reporting capabilities — and Origence covered all the bases.
Modernized lending technology CFCU implemented
Origence’s arc OS platform in 2017, which allowed the institution to phase out its manual processes and legacy technologies. As a result of the implementation, the credit union:
- Streamlined the lending process with automated decisioning through an intuitive platform, increasing speed and efficiency
- Adopted the ability to efficiently and cost-effectively integrate with solutions like DocuSign
- Automated time-consuming functions such as application processing and decisioning
Members and employees alike benefited from these technology and process improvements almost immediately. CFCU staff no longer had to spend hours daily on manual processes, which allowed them to refocus their time on higher-order functions. A large part of this was because the credit union adopted auto-decisioning. They had been handling every individual file underwriting unsecured loans regardless of credit status, and it was extremely time-consuming.
When CFCU implemented automated underwriting, they went from touching every file with their manual process to immediately auto-decisioning 32% of their loans, allowing a significant share of members to benefit from instantaneous application approvals.
“Our relationship is incredibly collaborative and sets Origence apart in the industry.”
Cary Shumway
Chief Lending Officer, Community First Credit Union
The right technology partner provides more than a solution
Deploying new technology solutions can be intimidating, especially when the organization has relied on legacy processes for years. Through close collaboration, Origence gained a deep understanding of CFCU’s needs and provided personalized support throughout implementation — and beyond for an easy transition. Working closely with the CFCU team every step of the way, Origence helped modernize and automate the credit union’s processes, offering members and staff a more intuitive and convenient lending experience.
The lending process
DocuSign
Application processing and secisioning
Putting in the work: CFCU’s recipe for success with Origence
Collaboration is the cornerstone of CFCU’s successful partnership with Origence. CFCU leaders constantly pursue the most innovative technology for consumer lending. Meanwhile, Origence works daily to improve its platform, ensuring CFCU has constant access to cutting-edge solutions and integrations. Just as importantly, two-way communication between the organizations and a willingness to listen and learn has propelled a tech deployment into a years-long partnership.
Get in touch with Origence.
Learn how Origence arc OS and advisory services can help your credit union thrive in today’s fast-paced lending environment.
