Customer Background
Alliant Credit Union was founded in 1935 and headquartered in Chicago. It is one of the ten largest credit unions in the United States, with over 620,000 members and $15 billion in assets. Alliant has prioritized providing award-winning digital experiences by focusing on simplicity, speed and security. Alliant’s goal was to create a Consumer Loan Origination System (CLOS) that provides seamless customer experiences.
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Industry
Banking and Finance
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Technologies / Platforms / Frameworks
C#, .NET MVC, jQuery, WCF, Web APIs, SQL server
Challenges
As a credit union, Alliant provides higher savings rates and lower loan interest rates. As a result, receiving a greater number of loan applications is natural. Manually handling lending processes can be costly and time-consuming. Given the massive volume of loan applications and limited staffing, Alliant struggled to offer smooth customer services.
Alliant wanted comprehensive digital consulting services. So, they can have an upper hand in cost-cutting, time-saving, paperless processes, effortless alerts on debt recovery and efficient customer services.
Alliant faced the following specific challenges:
- Delays in the processing of unstructured process requests
- Manual processes and legacy systems trigger lengthy onboarding times
- Lack of customization highlights an inability to cater to a diverse range of businesses
- Open-ended processes for risk assessment, credit approvals and loan renewals
- Siloed processes for document management and loan origination hamper loan processing efficiency
Solutions
By working with Softweb Solutions, Alliant developed its award-winning loan handling software Consumer Loan Origination System (CLOS) and made its lending solutions efficient. The updated lending solutions and CLOS enable Alliant’s customers to manage the entire process, from loan application to fund disbursement. Alliant’s employees track and monitor loan queries using the CLOS admin portal. That eliminates manual handling of the processes and removes delays in onboarding. Hence, making loan processing effective.
Providing CLOS was a part of our digital consulting services. CLOS is a complete set of applications with multiple functionalities supporting banking processes such as personal verification, credit score check, liabilities, financial information and more. It can even perform third-party checks, create and clear fraud warnings, calculate loan amounts for upselling and set up payments for disbursement to dealers or bank accounts. Thus, successfully establishing the processes for risk assessment, credit approvals and loan renewals.
There are more than 35 third-party software applications integrated into this application. This ensures proper verification of processes and the security of personal identities. Alliant can now provide a better customer experience and remain on top of every loan inquiry.
Benefits
- Reduced turn-around time
- Secured data management
- Digitized consumer lending journey
- Streamlined lending process management
- Simplified loan origination system architecture
- Integrated CRMs improve customer experience
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