C. Myblog

Process Improvement For Credit Unions

January 23, 2014

If you know what the term “firing on all cylinders” means, then you know what an efficient process looks like. When something is functioning at this level, it is working at its fullest capability or in optimum condition. An example of a loan process firing on all cylinders is when your MSRs, loan officers, underwriting and compliance work in tandem to take a loan from application to funding.

A process is not firing on all cylinders when any of these areas move too slow, are overwhelmed and/or cause stress on the process. When this happens, everyone involved experiences lowered employee engagement and morale, which leads to decreased service for members—and ultimately decreased revenue.

A sound process improvement review should be considered for credit unions that want to commit to firing on all cylinders so that the credit union can increase revenue without causing operating expense to balloon. Even small improvements, like decreasing the turnaround time for decisioning, can make epic improvements to the bottom line.

For more on process improvement, please visit our article entitled Identifying Efficiencies To Help Improve Your Bottom Line.

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