Increased loan processing accuracy.
Client is one of the midwest’s largest credit unions, with branches through Indiana and Michigan. They offer both traditional financial services and non-traditional services such as travel and insurance.
In the early 1980’s, they began embracing alternative technologies to paper storage in the form of in-house microfilm and microfiche systems for their member files. In the 1990’s, they were ready to move to more modern document imaging systems and as part of the then new trend, outsource both the conversion services and system support.
At the same time that they adopted scanned images as their primary document repository, the Federal banking laws changed to allow Credit Unions to offer checking account services and opened credit union membership to the general public in addition to the traditional closed affiliations. This allowed the credit union to aggressively move into new territories and to acquire other existing credit unions. Almost immediately, the credit union saw an immediate increase in new members.
It was quickly discovered that the acquisition of other credit unions and the rapid influx of new members posed multiple records management issues. Two of the most pressing problems were to supply its scanning vendor the most current version of membership data in a timely fashion, and to normalize the different files coming from various acquired credit unions to be compatible with their centralized document repository.
So that credit union employees can maintain the same level of service to their members as when conversion was in-house, IOS makes weekly pickups and deliveries of approximately 3,500 loans that are scanned and indexed within 11 days. The images and data are then formatted for import into their content management system (implemented and supported by IOS).
To ensure accurate account indexing values, the credit union sends an updated membership data file to IOS weekly that represents changes in their core database such as name changes, new members, and the removal of cancelled or deceased members. IOS uses this file to update and normalize data as part of a thorough validation process.
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