New Jersey credit union improves member experience & accelerates loan origination with FileInvite

 

KEY ACHIEVEMENTS:

  • Better member experience: The credit union received positive feedback from members about the convenience of using FileInvite.
  • Faster loan processing: The credit union reduced turnaround time for loan applications from several weeks to under 48 hours.
  • Eliminated major operational bottlenecks: The credit union transitioned from ShareFile to FileInvite, automating their manual and time-consuming document collection process.
New Jersey credit union accelerates loan processing & boosts member experience with FileInvite.

"FileInvite is so convenient, you can set it up how you want it. You can tell it's simple, it's easy. I like it better than ShareFile because ShareFile is a little complicated for me to understand and FileInvite was not."

- Operations Manager 

The challenge

The New Jersey credit union faced significant hurdles in managing its loan application process, primarily due to an inefficient document collection system. Previously, the credit union relied on a combination of ShareFile, Google, and email to gather necessary documents, resulting in:

  • Disjointed communication: Important documents often get lost in email chains, causing delays and frustrations for both staff and members.
  • Complicated document retrieval: Employees struggled to locate necessary documents quickly, which extended the loan processing timeline.
  • Low member satisfaction: Lengthy process for submitting documents for their loan applications. 

"I like the fact that all the documents are in one place under that one member or that one contact."

- Operations Manager 

The solution

To address these challenges, the credit union implemented FileInvite, a document collection software designed for streamlined communication and efficient document management. 

"Previously, we would have submissions through email, which often led to documents getting lost. The purchase agreements would arrive in separate emails. Now, with everything organized in one file, it keeps our workflow clean and efficient. It has helped us a lot."

Key features that facilitated this transformation included:

  • Centralized document requests: FileInvite allowed the credit union to send tailored requests to members for the specific documents needed for their loan applications.
  • Direct communication portal: Members could communicate directly with their loan officers through the FileInvite portal, eliminating confusion and reducing response times.
  • Automated reminders: The automated reminders via SMS ensured members submitted their documents on time, improving compliance and reducing delays.

"We've received positive feedback regarding the automated reminders feature. [Our members] are able to go into it right away and that's how I believe they communicate so fast with us. It's just using that feature. They get a text, login, go to the portal and start messaging the loan officer."

"With FileInvite you can communicate with the member directly and keep the dialogue going, rather than email and it will get lost. The messages would also get lost with all the other emails. So it was very convenient - we get a message once they reply or send a message or send a file or one of the documents that we wanted or requested. So it's just an easy workflow."

- Operations Manager

The results

The implementation of FileInvite brought about substantial improvements to the credit union’s operations:

  • Faster processing times: The turnaround time for loan applications decreased dramatically from several weeks to just 24-48 hours, enabling the credit union to respond quickly to member needs.
  • Reduced document loss: Centralizing all documents related to a loan in one place significantly reduced the instances of lost or misplaced documents, leading to smoother workflows for loan officers.
  • Enhanced member satisfaction: Members reported a more convenient and streamlined experience, resulting in positive feedback about the new process.

"We do educate our members that this is a system that we use. If they have any questions or concerns they can directly email us or send us a message through there. And I received a lot of good feedback from our members who like that service."

Member satisfaction is particularly crucial for credit unions, as they operate on a member-focused model. According to the Credit Union National Association (CUNA), credit unions that prioritize member experience tend to see higher rates of membership growth and asset accumulation compared to those that do not.11 Satisfied members are more likely to take advantage of additional services, remain loyal, and recommend the credit union to others, which is essential for organic growth.

Moreover, a study by the Filene Research Institute found that credit unions investing in member experience initiatives saw a significant increase in member retention and engagement. Enhanced satisfaction leads to stronger relationships and trust, which are vital in the competitive financial services industry.

By streamlining processes like loan applications through platforms like FileInvite, credit unions can meet member expectations for efficiency and convenience, thereby boosting satisfaction and fostering long-term growth.

"We've received positive feedback regarding the automated reminders feature. [Our members] are able to go into it right away and that's how I believe they communicate so fast with us. It's just using that feature. They get a text, login, go to the portal and start messaging the loan officer."

- Operations Manager

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