Why now is the time to explore Document Processing Automation (DPA)

In the current high-rate environment, credit unions continue to face liquidity challenges as they seek to grow their lending programs. The need to find ways to do more with less, especially on a typically lower-yield product like an auto loan, underscores the importance of tackling this challenge.

There has never been a better time to explore easy-to-achieve operational efficiencies like Document Processing Automation (DPA). By harnessing the power of artificial intelligence and machine learning, credit unions are streamlining their processes, enhancing accuracy, and fostering stronger relationships with members and partners.

In this article, I look into how DPA is able to simplify and improve credit union operations, paving the way for improved efficiency, better staff and member satisfaction, and overall success in serving the needs of members.

The power of Document Processing Automation

Document Processing Automation (DPA) is more than just a buzzword; it’s a game-changer for credit unions seeking to provide a modern and engaging loan origination experience.

DPA employs advanced algorithms to classify, analyze, and extract data from complex and unstructured documents, such as pay stubs, financial records, and insurance policies. This eliminates the need for manual document sorting and reduces the risk of errors, providing credit unions with substantial benefits. Advances in automation and AI technology now make it possible to use DPA to quickly and consistently fund loans, delivering a host of benefits to not only credit unions but their dealership partners and, ultimately, members.

Traditional manual processes are often time-consuming and prone to errors, leading to inefficiencies and delays. DPA automates these tasks, significantly accelerating loan processing times. With AI-powered tools that can recognize patterns and similarities in data, DPA adds protections for the credit union in evaluating paystubs and pay statements against a database of known fraudulent documents, including those accumulated from the Dark Web. What once took days can now be accomplished swiftly, allowing credit unions to meet member demands and enhance their reputation for prompt service.

Improving speed and accuracy

Credit union auto lending success thrives on strong relationships with dealerships. DPA plays a pivotal role in nurturing these relationships by expediting loan funding processes. Better dealer relations provide the credit union with more leverage and can result in an improved portfolio mix coming to that credit union. Moreover, credit union staff can redirect their focus from mundane data entry to building deeper connections with members.

In an era where technological advancements are reshaping industries, credit unions are seizing the opportunity to redefine their operations through efficiencies that modern loan origination systems can provide. By embracing AI and machine learning, credit unions are unlocking a new level of operational efficiency, accuracy, and customer-centricity. Credit unions equipped with DPA capabilities are well-prepared to thrive and maintain their vital role within the communities they serve.

Ready to see how DPA capabilities can transform your indirect lending business? Contact us for a demo of our Indirect Lending solution and learn how we can enable DPA for your credit union.

Darren Lorentz

Darren Lorentz

Darren Lorentz is a 20-year financial software innovator, with deep roots in the automotive indirect and consumer lending segments, Darren leads efforts for Origence’s Consumer Lending and Indirect Lending ... Web: https://origence.com Details