Harness technology to automate your compliance efforts
Put automation to work in these three areas and you’ll feel more at ease.
Technology affords credit unions many benefits. It allows lenders to increase transaction speeds and analyze their risk management programs in ways that make life more convenient for both members and staff. Over the last few years, financial institutions and their partners have adopted technology across all facets of the business. From helping to increase the speed of payment settlement, organizing collections efforts, or accessing their team’s daily tasks through cloud-based software, embracing technology has re-shaped how many CUs operate and serve their members.
So why aren’t more credit unions using technology—and specifically automation—to better manage their compliance efforts? And, should this be a priority for a credit union’s compliance team?
After loan growth, managing the regulatory burden is the biggest challenge credit unions face, according to a 2016 FINTalk Report. Here are a few ways that automation can help you better manage your compliance efforts and put you more at ease.
continue reading »
