Bingo bango bongo. I don’t really know where this phrase came from, just something from a distant memory somewhere along the line. What does it mean? Well, kind of like ‘lickity-split’ or ‘righto, boss-man’, I equate ‘Bingo Bango Bongo’ with right here, right now, real easy.

This really ought to be the universal tagline for technology. After all, why else would you ever invest in the development – or endure the pain of implementing – some kind of new technological wizardry? The world is full of countless stories where technology flops or is at best unfulfilling. But why then do we pursue technology like the Holy Grail?

Because it’s absolutely fantastic when it works! For some of us, life is a series of problems just waiting to be solved and processes to be made painless. I happen to be one of those guys – and so do all the members of our little technology company.

Recently we launched a new module to our memberWORKS Relationship Management platform designed to streamline the processing of wire transfer requests. As we got into this project we learned two amazing things: first, there are a heck of a lot of wire transfers requested by consumers and businesses every day, and second, checking to make sure a request is legit involves more and more (really tedious) investigation by credit union staff to verify the request. Because when a wire hits the fed line – the money moves and there is not a lot of room for errors and mistakes.

Seriously, the investigation requirements are unbelievable. First you have to start out with how you verified the identity of the requester. Next you have to check the OFAC list for just about every party that will touch the wire – including banks along the way.  Then you need to check to see if there is enough money in the account to process the wire – and the fee. Then you need to think about fraud items like ‘how long has this money been in the account?’ and ‘have there been any recent address changes on this account?’.

Once all this checks out then you are ready to process the wire. But … is this a high value member and we waive some of their fees? or do we apply a fee to this? Then we have to move the money from the member’s account to the credit union’s settlement and fee accounts. It seems to go on and on …

But, oh the magic when it works well! This module was launched a few weeks ago and processes hundreds of requests a day for our first client – from their call center, from branches and directly from the consumer online. Many get automatically approved, leaving staff to worry about the ones that really need to be investigated – rather than investigating every one.

Initial reactions are that this is saving at least 15% of their time – my guess is it is actually more than that. Even better, we’re changing the job from one of running mindless checks to actually tracking down questionable items.

This is a win-win all the way around. Bingo bango bongo.