Speaker 1: Robotic process automation can help credit unions remain competitive in today's digital first market by helping to drive digital transformation at an enterprise level while keeping costs down and ensuring maximum data security and compliance across all operations. With automation, credit unions can reduce human errors, streamline customer service, integrate legacy systems, and accelerate complex data processing. Some of the most common RPA use cases for credit unions include loan processing and underwriting, regulation de-violation letter processing, and account opening with self-service, which are all highly automatable and proven to help credit unions boost employee productivity, optimize operational efficiency, and enhance the customer experience. Let's dive straight into the first use case, loan processing and underwriting. When the COVID-19 pandemic hit, the U.S. government announced the CARES Act and the Paycheck Protection Program, which provided billions in loan funding through the SBA to support small and medium businesses during the crisis. Lenders like credit unions faced a surge in applications, which sent their operations into a frenzy, creating huge backlogs and wait times for employers in need. Lending organizations turned to RPA to eliminate the backlog. The automation process is triggered when a small business owner submits their PPP loan application along with supporting documents such as their payroll data, income report, and tax forms through email. The robot reads the email, downloads the PDF attachment, and uses intelligent document processing to recognize the submitted forms, extract the data, and verify all required fields are completed. For applications detected with missing data, the robot will notify a staff member to verify and complete any missing fields. Once the user fills in the missing data, the robot will then conduct the underwriting analysis and eligibility verification to determine if the loan should be approved or rejected based on specific business rules built into the automation workflow, creating an entry into the system so everything is perfectly logged. And in the PPP loans use case, the robot would fill in the lender application form for each approved loan and log into the SBA portal to upload and submit the form. Using RPA, credit unions can secure 100% accuracy and efficiency in their loan processing, cutting down hours of manual work to minutes of automated work, allowing lenders to easily scale their loan application processing to meet surges in demand. Now let's take a look at the second use case, Regulation D Violation Letter Processing. Typically, an employee has to manually review transactions on a daily basis and enter data into the credit union's central system, write the Regulation D letter, and send it. Manual, high-volume, and error-prone, an ideal process for automation. With RPA, a robot can go into the web-based FIS system to find all the Regulation D violations during a specific window of time. Then the bot will extract all relevant information and enter it into an Excel file. The robot will format this spreadsheet and calculate the number of violations a customer committed during the set period. Depending on the number of violations, the robot will choose a predefined template letter to use. Additionally, the robot will upload the Excel file to the credit union's SharePoint to have a fail-safe version to roll back to in case of an error during the process. Next, the robot will log into the organization's central system and log each item from the Excel file. It will then book the $15 fee for all customers who committed a violation and add a note to each customer's account. Finally, the bot will open MS Word, write a letter for each transaction, and email it to the customer using Outlook. The robot performs this task daily, with a 0% error rate, enabling staff members to do higher-value work. Lastly, automating account opening. Normally, this process involves several staff members creating delays and potentially losing new customers. With RPA, a robot can interact with customers using the help of a chatbot, empowering them to self-serve. The chatbot starts by asking the client for all the required data to open a new account. It will then transfer all collected information to a robot to extract, read, and validate the data. The robot goes into multiple systems to verify the customer's information and log it into the credit union's core system. Then the robot will perform an existing account check to confirm that the same account does not currently exist in the system. Once the bot verifies all the information and finishes the review process, it will create a new account and send all the account confirmation details to the customer. By empowering customers to self-serve, credit unions can enhance the customer's satisfaction by accelerating time to completion of the account creation process. With RPA, credit unions can remain competitive in a digital economy, and these use cases are just the tip of the iceberg. If you're interested in leveraging the power of RPA to support your credit union's operations, get in contact with Jolt Advantage Group.