Essential ways for credit unions to improve loan operations processing

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Steve Maloney Steve Maloney is president/CEO of Sync1 Systems, has more than 20 years of experience in the Information Technology field in addressing issues specific to the financial services industry.  Prior … Web: https://www.sync1systems.com/solutions Details The adoption of technology in the financial sector is on a rapid rise. A Fintech report by PricewaterhouseCoopers shows that up to 77% of such institutions are stepping up their efforts to increase innovation. Credit unions are adopting the use of technology to make the member journey smoother and more efficient.The adoption of technology is also a strategy in a sink or swim environment. The competition is enormous, and only those credit unions that have better loan originations systems can survive. So, what are the essential ways the credit union sector can improve loan operation processes? How credit unions can improve loan operationsCredit unions have to step up to the demands and needs of the modern member. It requires a delicate balance between cost-saving measures and improving their capabilities for better efficiency. Some strategies to improve loan operations include the following:Cloud DeploymentCredit unions need to move away from Legacy learning systems that rely on manual steps for decision making. Cloud-based loan processing systems are efficient, hassle-free, and cost-effective. Document management, updating, and sharing are also easier. Lenders have access to a broad pool of data sources, which helps in quick decision-making. Cloud deployment allows for scalability without the associated cost of physical expansion or the need to hire more staff. Financial Literacy The credit union sector needs to invest in educating its members on financial issues. Members who have knowledge can evaluate products and make better decisions. By educating members, credit unions will build trust by helping them manage complicated financial situations. A member, who knows how to handle money well, avoids situations such as defaults, bankruptcy, or foreclosure. For the credit unions, it means higher loan repayments resulting in better or more profitable revenue streams.Digital DocumentationPaper transactions in loan processing are cumbersome and time-consuming. A report by Transunion shows that up to 70% of loan applicants abandon the application altogether due to how cumbersome the processes are.   Digital documentation is secure and eliminates errors that may arise from manual inputting. Sharing of documents and receiving feedback via the internet is quick and efficient.  Within minutes, it is possible to process a loan application, instead of days. Compliance and retention requirements are easier without having to store tons of paper documentation. Input from IT DepartmentsThe IT Department is the center of digitization. They ensure the proper running of the systems while keeping up to date with the latest technology. Those in the credit union industry must empower the teams appropriately.  Training on the latest technology is critical to maintaining the loan origination systems. The teams must plan to work well with vendors and other team members. Most importantly, they must understand member issues and how best to resolve them.Other ways to improve efficiencies in the credit union sectorOther than embracing technology, credit unions need to investigate other areas for better efficiency. Rethinking business strategies requires a shift from concentrating on areas that have low margins to more cost-effective business lines. It also means getting rid of time-consuming and complex processes that delay loan applications. Credit unions need to pay attention to historical metrics to determine more productive trends.Credit unions should take steps to better understand members or economic situations that may contribute to higher default rates. Putting in place measures to improve staff productivity. Such include clear expectations and roles, strategies to measure performance, training opportunities, and reward systems.Streamlining of operations to avoid time wastage in the execution of duties. Staff members need to engage in a culture of continuous improvement for better results.Adopting or integrating technology that has a role. It requires the mapping of processes and seeing which platform or technology can improve operations.Credit unions need to optimize the channels members use to interact with them. It requires careful analysis of performance and value additions. Providing convenience to members will improve the overall experience resulting in higher success rates.The adoption of web applications allows for scalability because credit unions can access members anywhere there is an internet connection.The adoption of mobile applications will allow credit unions to reach members wherever they are. The loan processes are also faster, and credit unions can share information and resolve any issues promptly.  Final ThoughtsCredit union operations’ process improvement requires attaining operational excellence. It needs credit unions to take an honest look at the current situation and take steps to improve areas of weakness. The use of data and analytics is a key component because it provides invaluable information. Channel optimization will help credit unions reach members at the point of convenience. Moving from manual to digital documentation and cloud applications will make loan processing faster and more secure. Investing in financial literacy for members will build trust and better decision-making capabilities.last_img read more

Joshua faces top sparring for Ruiz rematch

first_imgRelatedPosts Joshua plans title defence in Nigeria Why I lost my titles to Anthony Joshua — Andy Ruiz Joshua shows off body transformation for Ruiz rematch Eddie Hearn has revealed that Anthony Joshua is taking a completely different approach to his sparring for the Brit’s highly-anticipated heavyweight rematch with Andy Ruiz Jr in Saudi Arabia on December 7. The Matchroom head has revealed the problems which dogged Joshua’s camp in the run up to the first fight at Madison Square Garden – one of boxing’s biggest ever upsets – which ended in Ruiz Jr spectacularly triumphing via a seventh-round stoppage. Sparring partners were in short supply for the original world title bout after the Mexican was drafted in at the 11th hour to replace Joshua’s scheduled opponent, Jarrell Miller, who had to be pulled out following failed drug tests. Hearn told Sky Sports: “Sparring is something we’ve been working at. “First time around we only had four weeks, and three weeks of sparring. We found guys but probably not the guys we really wanted. “Now the sparring is top class. He is focused and looking great. Eight weeks to go. “We’re not interested in looking at Tyson Fury, Deontay Wilder or anything else. It’s just about winning one of the biggest heavyweight events of all time.” Joshua also commented on his sparring and quashed rumours that he was knocked down in training ahead of the first Ruiz Jr fight, during which he asked his trainer Robert McCracken after the sixth and penultimate round: “Why am I feeling like this?” The Olympic gold medallist said: “I feel like people are more interested in their five minutes of fame. “Even in sparring, everyone wants to be famous, rather than a good fighter. “You can’t even enjoy your training and work on things without someone trying to make up false allegations, and trying to get five minutes of fame. “You bring someone into your training camp to do them a favour, you’re paying them, you beat them up in every round, then they go and do an interview. “It just happens all the time in boxing, there is just a lot of envy.” Eddie Hearn previously spoke of the problem finding like-for-like sparring partners to mimic the awkward physical and technical skills of Ruiz Jr. “It’s so difficult to replicate the style of Andy Ruiz,” Hearn said. “The guy is 6’1′, he’s 19st, and he’s got speed like a middleweight. “It’s one thing getting a sparring partner in, it’s getting them to let their hands go against Anthony Joshua. Would you want to do it? You’ve got to be mad to even spar with him, let alone fight him.”Tags: Andy Ruizlast_img read more

West proves reliable deep-ball threat for Syracuse passing game in loss to Notre Dame

first_imgEAST RUTHERFORD, N.J. — It wasn’t quite the connection Notre Dame quarterback Everett Golson had with wide receiver Will Fuller, but Terrel Hunt and Jarrod West were on the same page, too.Trailing for all but about 15 minutes of the game against Notre Dame, Syracuse had to drop the running game and attack the Fighting Irish through the air. If there were any positives from Hunt’s outing against Maryland on Sept. 20, it was the rapport he’s continuing to develop with West. The same could be said of SU’s 31-15 loss to No. 8 Notre Dame at MetLife Stadium on Saturday night.West became the 11th receiver in program history with 100 career receptions and eclipsed 100 receiving yards in a game for the second time in his career.He finished with a career-high eight catches for 103 yards — no other Syracuse receiver logged more than 58 — after having just three receptions for 9 yards at halftime.“I’m not a selfish player, so it’s not frustrating,” West said of not getting involved until late in the game. “I just try to go out and whatever comes my way, I try to make my plays.”AdvertisementThis is placeholder textOn SU’s first play of the second half, Hunt found West for a gain of 33. That moved the Orange into UND territory before Hunt threw a drive-killing interception four plays later.Late in the third quarter, Hunt dropped in a well-placed pass for West, who brought it in for a gain of 28 and again moved Syracuse past midfield. The senior wideout added a 19-yard reception in the fourth quarter to convert a third down and set SU up in the red zone.“They did a great job of slowing down the run and making us pass,” West said.Against the Terrapins on Sept. 20, West recorded 74 receiving yards, the bulk of which came on a 51-yard reception down the left sideline.As Syracuse looks to rebound from an off performance in the running game, the offense can only benefit from Hunt and West stretching out defenses and taking what it’s given.“Jarrod’s becoming a big-play threat down the field and it’s very encouraging to see,” left tackle Sean Hickey said. “It’s good to have a vertical passing game working like that. It helps out the running game a lot.” Comments Published on September 30, 2014 at 12:15 am Contact Phil: [email protected] | @PhilDAbb Facebook Twitter Google+last_img read more

Williams’ injury might be more than an ankle sprain

first_imgThe Trojans returned to the field Tuesday for the first time since their 55-21 loss to Stanford on Saturday.There, they got some more bad news.It looks as if redshirt junior receiver Damian Williams will miss practice for at least the rest of the week with an ankle injury.Sitting this one out · The injury that kept wide receiver Damian Williams out of last week’s game may be worse than originally thought. – Mike Lee | Daily TrojanWilliams originally suffered the injury on a 75-yard touchdown catch against Arizona State earlier this month.It was initially determined to be a high ankle sprain; now, Williams says it might be worse — a stress reaction, or even a stress fracture.“It’s almost like a real bad bruise,” he said on his way out of practice Tuesday. “It’s just always sore.”Williams, who wouldn’t rule himself out of playing against UCLA on Nov. 28, still requires a boot to walk.“The sooner I get out of the boot, the closer I am to playing,” Williams said. “While I’m in this thing, the worse my chances look.”In other injury news, redshirt junior running back Allen Bradford and redshirt freshman receiver Brice Butler both left practice early.Bradford has a bone bruise in his foot, while Butler’s back injury that sidelined him briefly last month is bothering him again.Butler said he wouldn’t be sidelined for an extended period of time.Sophomore safety Drew McAllister took part in most full-speed drills in his return to Howard Jones Field after missing the last three games with a hip flexor.uThe Trojans have managed to stick together in the aftermath of Saturday’s 55-21 loss, and they say they’re using it as a learning experience.“We learned that if we don’t play as a team, then any team in our conference can beat us and any team in the nation can beat us,” said junior running back Joe McKnight, who rushed for 142 yards against the Cardinal. “And as long as we have that focus as a team, we can do anything in front of us.”Freshman quarterback Matt Barkley said the road to recovery starts with the team’s veterans, who are already taking on a positive attitude.“The leaders are and the starters are and it’s trickling on down,” Barkley said. “It was pretty down over the weekend and even a little bit [Monday], but you can tell things are up today.”Junior center Kristofer O’Dowd added that each of the team’s players has to take equal responsibility for the loss.“You can’t really put the blame on somebody,” O’Dowd said. “It takes all 11 on both sides of the ball. If one guy has a mistake, then the whole team falters.”uBye weeks are — for the Trojans, at least — known as a time for young players to stand out, as coaches tend to give more repetitions to backups with less pressure to prepare for an opponent.USC coach Pete Carroll spotlighted a number of players likely to see the field more in practice this week, including freshmen safeties Jawanza Starling and T.J. McDonald and freshman offensive lineman Kevin Graf.“I think it’s really important for our program to present our guys with competitive situations as much as possible,” Carroll said. “To give them an opportunity to see where they are, and so they can learn and so that we can learn and we can make progress with them.”Carroll also said that backup quarterbacks redshirt junior Mitch Mustain and redshirt sophomore Aaron Corp are receiving more snaps than usual this week.“Practice, for me, has been kinda fun,” Corp said. “You get to play free and just run around and have a good time.”last_img read more

Playoff baseball continues to provide special moments

first_imgPerhaps we don’t see it much in Southern California, but this is the time of year when the cool air rolls in and the leaves begin to change. For a certain group of sports fans, this change of weather means one thing: the MLB postseason. I love October baseball. It’s not my favorite playoffs of the professional sports — the NHL holds that spot — but when October rolls around, I’m always excited for baseball playoffs, regardless of if I have a team in contention or not. There’s just something about the magic of October baseball that I really love. Some of my most memorable sports moments happened in October. I’ve gotten to see the Red Sox win the World Series three times in my life. While all wins are great, the 2013 win sticks out to me the most. I remember Game 6 at Fenway Park the most. John Lackey took the mound after losing Game 2, also at Fenway. The Red Sox knocked in six runs, three each in innings three and four. At this point, sitting on my couch at home, I was on top of the world. The Red Sox were set to win their third World Series in 10 years. The Cardinals picked up a run in the seventh, but I wasn’t worried. I could just feel that the Red Sox were going to win. Koji Uehara came in as the closer. When he walked out, I knew the Red Sox were finally going to clinch the World Series at Fenway — something that hadn’t happened in 95 years. Uehara struck out Matt Carpenter to win it all. Watching the team and the fans at Fenway celebrate, I jumped off the couch, just as happy as all of them. I wanted more than anything to be there that day. Going to Fenway had been my dream since I was about 7 or 8. I finally got to live out that dream this past May. While at Fenway, I got to see all of the team’s World Series memorabilia. Getting to see everything from the 2013 World Series was beyond cool. To top the victory off, David Ortiz was named the World Series MVP. I was so excited for him that I cried during the presentation of his award and his interview. It was a pretty amazing Wednesday.The second most memorable memory I have is Game 2 of the 2015 National League Division Series. My friend Sam and I sat atop Dodgers Stadium excited to watch Zack Greinke pitch. It was an eventful game, to say the least. The Mets knocked in two early, which brought down our spirits just a bit, but then the Dodgers knocked in one a inning or so later. The Dodgers were down 2-1 in the bottom of the seventh when one of the biggest things to come out the this series happened. With one out, Chase Utley slid into second, collided with Ruben Tejada, and broke his leg. At first, everyone in Dodgers was screaming and cheering that Utley was called safe. It wasn’t until Tejada didn’t get up that everyone realized something was wrong. A silence more or less fell through the stadium as they played replay after replay on the big screen — Tejada still hadn’t gotten up. It felt like forever until they finally brought the stretcher out. Everyone clapped as Tejada was strapped on and taken off the field. The Dodgers went on to score four runs in that inning, winning the game 5-2. After the first run, the stadium was rocking. It continued to get louder and louder with each run the Dodgers scored. That was some of the most fun I’ve ever had at a sporting event.Even though the Dodgers ended up losing the series, it was still a great game and atmosphere to take part in. The Dodgers haven’t won a World Series in my lifetime, but every year when October rolls around and the boys in blue are playing, part of me hangs onto the hope that it’ll finally be the year. So far, it’s never been the year, but maybe this year will be different. To me, October baseball is the best kind of baseball. There’s a type of magic around it that keeps me coming back year after year. Maybe it’s the fact that the MLB season has 162 games that make October so special. There are stretches of the baseball season that don’t seem to matter. With so many games, baseball feels long and tedious, but that’s not the case in October. Crazy and exciting things always seem to happen in the postseason. This year’s playoff is nothing short of expectations. The Cubs are looking to break their 107-year curse. The Indians are looking to win their first championship since 1948. The Dodgers are trying to “Win for Vin” and get their first title since 1988. Whoever ends up winning, it’ll be an exciting, magical journey through October, and I couldn’t be more excited to watch. Jodee Storm Sullivan is a junior majoring in broadcast and digital journalism. Her column, “The Storm Report,” runs Tuesdays.last_img read more