Banking Automation Software: Transform Your Credit Union

Stop worrying about how you are going to deal with all of your documents and start implementing your vision for a fast, modern member experience through AI acceleration.

CASE STUDY: How Top Credit Unions Save Big Time & Costs with Banking Automation

Get our case study and see how a top credit union has improved banking services through processing paper and electronic document with AI. Download here:

banking automation case study

At BIS, we know that you want to show the C-suite that you are the person to bring your credit union or bank into the 21st century, by increasing membership with value-driven tools and technology, with minimal risk and increased profitability.

Are You Sick of:

  • The cost of member acquisition continuing to increase
  • The “we’ve been doing it this way for 30 years” mentality keeping you stuck in the status quo
  • Appearing antiquated and slow, which drives off new members
  • Member fees and operating budgets increasing because you cannot get your back-end systems under control
  • Limited to no rollout of new branches

We believe you should have a better way. It just should not be so hard to onboard new clients while making your staff’s lives easier!

What Can Banking Automation Software Do for You?
Here are the Benefits

banking software

When your financial institution gains these advantages, you will be on your way to the corner office, and never again have to introduce yourself at company parties.

Benefits of Banking Automation Software with Grooper:

  • Retain existing members
  • Get more first-time members
  • Build a fast, modern member experience
  • Increase employee morale
  • Lower costs and increase the speed of new member enrollment
  • Get more work done with the team you have got

Grooper Banking Automation is Your Answer

We understand how hard it can be to sell a better solution in a crowded market.

Which is why we built Grooper, our AI-powered platform that lets you modernize your document processing and data integration backend, putting you on an even playing field with even your largest competitors.

We have been working with credit unions for more than 36 years. We have helped them automate their complex processes, resulting in billions of pages processed and countless hours saved every year.

We specialize in solving the toughest document data problems through AI acceleration, so you can focus on delivering an exceptional member experience.

“That alone takes me 10 minutes a day, to do the checks and make sure everything is processed correctly and organized.

“Which is really quick in the grand scheme of things…Grooper really speeds things up.”

John VanHoozer

core systems engineer,
del norte credit union

“Before Grooper, it was all manpower; basically, throwing people at it until we can get everything indexed.

“Grooper does help. We’ve seen in the recent mergers, we don’t have to do too much of the heavy lifting, because Grooper can do it for us.”

Mario Moraine

Manager Support Services,
Document Solutions Analyst, Wings Financial Credit Union

3 Easy Steps to Begin Automation
at Your Credit Union or Bank

How do you implement banking automation software? Here is how we do it:

1

We consult with your leadership and end-users to understand your processes and platforms, and identify opportunities for automation.

2

We follow an agreed-upon, clearly-defined roadmap to strategically automate your processes in order of business value.

3

You can watch your team get more work done than ever, and your next boardroom meeting is all about success.

So take a look at our case study that shows how we partner with credit unions to create their 21st-century member experience.

Or check out our Grooper Price Guide:

Bank Automation Blogs, Demos and Case Studies

banking automation system

American Airlines Credit Union Case Study

See how one of the nation’s best credit unions is saving over 5,000 hours annually through document processing and discovery.

automation in banking

Del Norte Credit Union Case Study: Digital Banking Solution

Discover how this credit union is improving member lives and automated away thousands of hours of painstaking manual work!

mortgage processing demo video

Bank Mortgage Document Processing

In this demo, we will take a large batch of paper-based documents, scan them in, and go through a process to automatically organize them by document type, and finally extract desired information off certain document types.

This is a great video for financial institutions like credit unions and banks. Watch the demo now!

fintech automation software

Discover Fintech Software

Leverage fintech software for your startup or new banking products.

See how established fintech firms, banks, and credit unions provide services to underbanked or emerging markets through a reliable, specialized automated software. Experience fast innovation!

What is Banking Automation?

Banking automation is the act of banks, credit unions and other financial institutions using technology to automate their repetitive, manual tasks or enhance core business processes.

Banks and other financial institutions rely on many repetitive tasks, which translates to many opportunities for improvement through automation. Some examples include complex automation tools for fraud detection and investment, but other forms include automating simpler, menial tasks such as data entry for customer member applications or mortgage processing.

The advantages to banking automation software include faster member services, which mean improved customer experiences, happier employees, and decreased costs for the bank or credit union.

How is Banking Automation Software Transforming Financial Services?

The financial services industry is facing significant disruption as fintech software companies are transforming the way traditional credit unions and banks do business, leading 88% of legacy institutions to fear losing revenue.

However, this disruption also presents an opportunity for traditional credit unions and banksto learn from their tech-savvy competitors and integrate technology — specifically banking automation software like Grooper — into their strategy. This will allow them to provide a more comprehensive banking experience and maintain their competitiveness in the industry.

A study says that by 2025, financial services institutions could automate up to 48% of their tasks, resulting in substantial economic gains for many players in the sector.

So by automating only 7-10% of tasks, banks, credit unions, insurers, and capital market firms can generate additional cost savings of $12 billion, $7 billion, and $4 billion.

Further banking automation could generate even greater gains of $59 billion, $37 billion, and $21 billion for credit unions, insurers, and capital markets firms.

See the kind of cost savings that Grooper banking automation software can get for your bank or credit union:

4 Use Cases for Banking Automation Solutions

#1: Commercial Lending Processes

Lenders are using banking automation software to improve efficiency in various stages of the lending process, such as loan origination and task allocation.

Automation can streamline the lending cycle by automating repetitive tasks, digitizing documents, and providing agents with digital assistance.

Business use cases for automation include, but are not limited to: loan processing, origination, any underwriting, funding, administration and monitoring. Automation can also help to speed up the client onboarding process and shorten the lending cycle by quickly extracting data from loan documents and automatically entering it into loan processing and account opening systems.

#2: Regulatory Compliance

Automation in the banking industry can streamline compliance with a variety of regulations such as Truth in Lending Regulation Z and the Beneficial Ownership Rule. By using automated workflows and audit trails, employees can easily track and manage procedures and requests.

In addition, this technology allows for continuous testing and monitoring to ensure compliance, freeing up auditors to focus on analyzing results. Automation can also provide greater transparency and instant access to an audit trail for more efficient reporting.

Overall, the use of intelligent banking automation software can greatly enhance the effort to meet regulatory and compliance mandates.

#3: Improving the Customer Experience Through Client Services

Providing exceptional customer experience is a top priority for credit unions and banks.

One way to do this is by using automation to improve the customer experience as much as possible.

By streamlining processes like new customer onboarding, and providing quick answers to customer inquiries, banks or credit unions can reduce customer friction and focus on more important tasks like personalized financial advice.

Banking automation software can also collect and analyze customer satisfaction data to get ideas for new improvements to the customer experience. Credit unions (or banks) can also use automation to get customer feedback through automated email campaigns, giving customers a voice in the process.

Want to reduce your onboarding times and lowering overall management costs by 15-20%?

It is possible, by giving customers the information they need through their preferred channel, through smarter self-service customer journeys, and then providing contact center agents with data that reduces average handling times. This can improve the overall customer lifecycle journey.

Key business use cases include: account maintenance, data extraction, customer support, onboarding and account setup, KYC and due diligence, fees and chargebacks, account closure, and cash withdrawal/deposit.

4: Information Security and Protection

Banking automation software is a powerful tool for managing security issues in the banking sector. It allows for fast detection and response to threats. It can greatly enhance the speed and efficiency of time-sensitive applications.

And by automating customer segmentation and verification processes, banks can build more robust profiles and simplify the Know-Your-Customer process.

Other ways in which automation can prevent and protect against fraud include:

  • Reducing human touchpoints in accounts payable
  • Automatically freezing compromised accounts

Banking automation can further enhance cybersecurity with minimal additional investment, and allows for fast-tracking of false positive investigations. By using cloud computing, automation software also allows for easy identification and analysis of risks, and it can provide scalability for adapting to changing cybersecurity landscapes.

What Can Banking Automation Software Do for You?

automation in banking

Efficiency

Automation in the banking industry has become a viable option for simplifying and optimizing backend processes, specifically document processing.

These bank automation solutions streamline tedious tasks and seamlessly integrate with other IT systems to improve efficiency. Automation enables financial institutions (especially credit unions) to gain more control and more comprehensive analysis of their data, thus identifying potential areas for improvement.

Fewer Errors

Automated banking systems can perform the work of multiple employees quickly and with far fewer errors, leading to increased customer satisfaction as customers love fast service without errors.

The use of advanced technologies such as AI, IDP, and RPA can further speed up operations across various departments. A great example of this is how American Airlines Credit Union, implemented automation to minimize repetitive tasks and freed up thousands of hours annually.

Improved Trust

Customers want faster online banking and budgeting tools, which can be achieved through automation and AI. This also improves anti-money laundering efforts and allows staff to focus on business development…resulting in increased customer trust.

Multiple Department Use Cases = Great Scalability

Traditional banking automation systems often come with limits that make it tough to scale and adapt as a business grows. One example of this is the time-consuming task of sourcing and scanning documents to spot market trends. This limits the number of available employee hours and hinders growth.

However, the use of bank automation software and document AI has demonstrated the ability to remove these barriers. By offloading straightforward tasks to automated technology, banks can use their extra financial and human resources to expand into new working areas. This frees up time for departments like innovation and marketing to develop new ways of doing banking.

More Branches

When banks are not bogged down with routine transactions, they can focus on the future. This includes adding branches in other markets, designing more efficient solutions, and studying customer experience to improve it. By focusing on the future, banks can become the disruptors rather than the disrupted.

By implementing this kind of automation, credit unions can operate a sustainable and cost-efficient institution that satisfies both customers and employees. With the ability to focus on the future, banks and credit unions can ensure long-term success and growth.

Give it a Try

The Grooper Experience Will Change You

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