Reducing Costs Through Back Office Account Acquisition Automation

Back-office technology can reduce processing costs, improve time to market efficiencies, and meet member expectations.




Credit unions of all sizes are challenged by the expense and back-office management of account applications. At a baseline level, these costs include salaries, data security, paper storage management, and compliance costs.

Reworks of account applications that come from your online channel, business development reps conducting on-site SEG group enrollment meetings, and indirect channel add even more expense and complexity. For example, many credit unions still present then online account application as a PDF or online data field application, both of which are costly to the back office in time and effort. Imagine the reaction if a consumer does apply through a data base application and finds out at the end that there are more steps to wait on and yet the sense of urgency is not handled with the back office.

Can your back office afford not to benefit from technology available today? What if you could reduce back office account application processing by 50%? What would you do with that annualized savings?

How can technology reduce cost and improve efficiency for your back office?

The Back Office boasts:

  • Application Holistic View – One application at a time. Imagine a simplified account application workflow, utilizing your business rules with complete automation for each delivery channel. Finally your back office administration representative can look at each account request and connect the entire application with the third-party compliance check, ID authentication, credit score and report, disclosures, deposit and loan products, credit and debit scoring matrix and host systems.
  • Compliance, Fraud and Credit Automation – Automated reporting for improved electronic compliance filing is the name of the game in today's market. Imagine a back-office applicant review process tied to compliance regulations with immediate OFAC check, Patriot Act compliance, debit fraud check, and credit score matrix, all running simultaneously and presented in one consolidated area.
  • All Delivery Channels Automated with the Same Account Workflow – The best seat in the house is the back office. Since uMonitor's breakthrough technology with Online Account Opening along with the same automation for Branch and Call Center , the back office can view all applications and take action on any application needing prompt review and service.
  • Improve Member Expectation – Have you ever thought about the reaction of the poor follow up from the back office team when a consumer did try to open an account online and did not clearly know when and if the account was approved? With automation, the back office can quickly follow up on abandoned applications as well as applications that went under review based on certain business rules requiring back office sign-off.
  • Cross Sell – The back office team can evaluate missed cross-selling opportunities and even better pre-approved offers. Now your team can utilized account growth opportunities to schedule future campaigns to the new member and electronically pass information in a MCIF system to reposition preapproved products with the new member and market to households for growth opportunities.
  • Reporting Results – When was the last time you really had time to pull reports on product campaigns, compliance audit review, summary review on account application performance by month or quarter, or best of all application status review? One of the top trends we see with the back office using an automated application management system is the ability to quickly respond to applications that are under review, missing some key information to complete the application. Best of all – the abandoned application process can be leverage with fast tools for back office representatives to follow up quickly and win the applicant over to one or more account relationships.
  • Your Training Team Wins Big – Now that the back office has the application workflow automated from the corporate level to each delivery channel, your training team can prepare new reps faster with automated tools for your front line or call center to drive relationships and remove cumbersome processes, leaving them to focus on the sale with each member and household.

It is ironic how institutions of any asset-size can benefit by automating the account application across all delivery channels and produce a quick ROI between 3-6 months. What other project did you budget for in 2007 that produces immediate cost reduction, improved efficiencies and delighted members by automating the application process from your back office to all delivery channels?

For a free consultation to find out how to reduce your processing cost with account acquisition and delivery faster results with automated account solution for your back office and across all delivery channels, contact uMonitor at 901-757-1212, or at .




Sept. 25, 2006



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