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fiVISION Innovative Technology for Financial Insitutions » process automation

Posts tagged process automation

Of Cadillacs and Chevrolets …

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Over the years I’ve heard something like this said many times: “Well, they want a Cadillac but they really only need a Chevrolet!” This colloquialism obviously goes back to the days when GM was really a dominating auto manufacturer … but I don’t think it really has as much to do with cars as it does with human nature.

The Difference between ‘Musts’ and ‘Wants’

Most everyone I know likes nice things. We like to see them, have them, use them. Anybody who doesn’t like nice things we sometimes label as ‘out there’ or ‘different’.

Even so, there are a lot of nice things that … well … just are not really necessary. Or even useful. C’mon, think about it. You bought that fancy stereo system last year. Before doing so you really dug into the research to make sure that the one you bought was the absolute best there is, right? (more…)

fiVISION Wire Transfer Automation Increases Efficiency

fiVISION has launched a new process automation tool in its MEMBERworks platform to improve workflow and cut workload to process Wire Transfer requests.  The new Wire Transfer Automation module that integrates the process of becoming a new member and getting a loan approval at the same time.  The new module simplifies and streamlines the processes associated with capturing, approving, and sending wire transfer requests from members. This process also has the capability of “auto-approving” a member’s request in real-time while alerting staff to investigate other requests before processing.

The new module, launched initially at Digital FCU ($3.9 billion; 331,202 members, Marlborough, MA) is shaving several minutes off the processing time of each request.  According to Craig Roy, Vice President of Support Services for Digital Federal Credit Union “We process a lot of wire requests – and the automation features in this new module are very smooth, and allow us to focus on the exception items in our daily operations.  It also helps our staff do a better job more efficiently, saving us costs in the long run while maintaining a high level of service.”

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Bingo. Bango. Bongo.

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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? (more…)

Use Tech to ‘Grease’ Ops in Tough Times

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In the course of a normal workweek I end up communicating with several folks at credit unions – most of which are in a managerial or leadership position in the organization.  Recently, I’ve been checking in with many of them who put a project on the back-burner last fall or early this year because of the uncertainty of our economy.  In many ways this was a very appropriate reaction:  there’s uncertainty, we need to batten down the hatches and ride this thing out.

I must admit though – that the current perspective of a good portion of these folks is somewhat surprising.  In general, the response is something like “Mike, it’s been a tough year.  We’ve closed a couple of branches, loan volume is down, collections are up and I’ve had to reduce staff to trim our expenses.  We just are not going to be able to look at any of these projects until business picks back up.”

Are we missing the boat? (more…)

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