One of the great benefits that technology brings financial institutions and consumers alike is the ability to streamline processes. We recently spoke with Paul Socia, President and CEO at Miramar Federal Credit Union to discuss how his credit union is using technology to do just this.
In a few sentences, can you tell us a bit more about Miramar Federal Credit Union?
Miramar Federal Credit Union is a full service credit union catering to the military based in Southern California. We are constantly reviewing processes to see where we can be better and evaluating new products and services to provide to our members. Of late, we have introduced faster online loan approvals, online account opening, enhanced mobile access and an automated Switch Kit.
Can you tell us a bit more about Miramar Federal Credit Union’s recent partnership with Roostify?
We were looking to streamline our lending process in order to provide a better experience to our customers and loan officers in order to balance an increased workload. Roostify’s platform is web-based and provides our loan officers the ability to collect important documents, keep all involved parties up to date in real-time, and as a result, loans are closed quicker.
In addition to Roostify, does Miramar FCU leverage any additional technology to enhance services?
In addition to Roostify, we have automated several existing services and have introduced new electronic services. We fully believe that being streamlined and/or automated allows our credit union to focus on our members.
How have technologies, such as Roostify, helped enhance member experience at Miramar FCU?
Roostify has been a great tool for us to streamline the mortgage process for our members, specifically those who may be travelling during the process, whether it be for military deployment or otherwise. Our loan officers and members are delighted with the whole process being simplified.
What can other financial institutions learn from how Miramar FCU has implemented technology throughout their business?
Technology is out there to make our jobs easier and to deliver a superior customer experience; it’s just a matter of doing your homework to find the right partner and taking the leap. In the end, the right technology investment is a good investment.
We plan to continue to implement technology as it not only makes our jobs easier, but it also allows us to focus on our core business of serving our members’ financial needs.
What technology or service will become the “must have” for financial institutions in 2015?
With mortgage rates dropping and credit standards eased, the number of loan applications coming in is going to require a streamlined process to handle the workload. Mortgage application technology solutions will help financial institutions take on this increase in their workload without having to hire more staff.
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