Credit union needs to seriously consider new technologies to remain relevant in the banking industry. Automation is a technology that is not only more convenient for financial institutions; it can also provide more consistent, reliable results. Find out why your credit union should be embracing automation.
The word automation was coined by the vice president of Ford back in 1948, but its origins can be traced even further back to Homer’s Iliad. Automation has come a long way since then and as technology continues to evolve, it has found a place in industries apart from mechanical and industrial.
In the financial industry, automation allows banks and credit unions to offer the latest and most convenient options to its member as well as save in productivity. In fact, a study found that 85 percent of financial executives agreed that intelligent automation provides a competitive advantage for their financial institution beyond just cost savings.
Here are some of the key benefits automation can bring to your credit union.
One of the most significant challenge financial institutions face is real-time processing such as the ability to manage fraud risks as well as cash management. Automation and artificial intelligence (AI) can help manage these tasks. Member Access Pacific (MAP) offers Falcon Managed Real-Time Decisioning to help reduce fraud losses to your portfolio. With this software, credit unions can customize decline rules that make sense for your membership to improve fraud prevention.
MAP’s Cash Management tool allows you to have a clear picture of the amount of money in your ATMs. This feature also helps predict cash outages, provides reports and reduces downtime. The risk of fraud and loss will also be reduced through the functionality of cash management.
Efficiency & Cost Savings
Your credit union staff is human, which means mistakes are made at times. Automation helps eliminate the risk of human error while increasing the overall productivity of your credit union. Through the time saved, your staff will have more time to focus on providing exceptional customer experience to your membership. The increase in productivity and overall member satisfaction will help increase your profits.
As mentioned early sometimes human errors are made in the financial industry. That is why when automation or AI is used, your credit union will be delivering a consistent experience to your membership, which will help increase overall satisfaction.
A Forrester report explores how AI can offer pre-emptive support and resolve issues before they even become an issue. When a potential problem arises, an AI system can detect, respond and provide real-time support through a virtual agent such as a virtual teller.
As automation and AI continues to advance and evolve your credit union could be missing out on substantial cost savings. Learn how to bring the power of automation to your credit union by contacting MAP today.