Finance automation technology can be scaled – it can be all-encompassing, or it can help your credit union increase the efficiency in some processes so your employees can spend more time serving your members. Let’s talk about the five benefits of financial automation.
When automation is done right, it creates fewer errors than manual data entry or calculation performance. But rather than replacing your staff with automation, most finance automation is meant to be guided by individuals, keeping that human touch, and then set free to perform as it should, in the background.
Every employee is different, and no matter how hard you try, each individual will handle situations and complete tasks in the way that best suits them. This is great for inclusivity, but not so great for processes that should be standardized. With finance automation, you can create greater consistency through standardization.
Increases Information Utility
When you have automated real-time data collection, you can increase information utility. This allows you and your teams to recognize patterns and address issues much sooner than if you had your employees trying to collect and aggregate this data by themselves.
Decreases Fraud Risks
We all want to believe the best in people, but even innocent mistakes can have a devastating impact on your credit union.
Fraud risks, especially those tied to online and electronic activities, are continuing to increase. And certain innocuous employee habits can leave gaps in security big enough for fraudsters and cybercriminals to take advantage of.
Finance automation, by creating greater consistency and reducing the potential for errors all while minimizing human contact with the mechanics of a standardized process, can help decrease fraud risks by limiting the number of people and the time they are involved in a process.
As with most automation, finance automation saves time. It saves your employees and members time when it comes to running the programs and collecting the data. It saves you and your managers time because you don’t waste so much time trying to identify what went wrong, and where, and who.
Great Examples of Places to Implement Finance Automation
Spend Journal recently shared some finance automation opportunities, and we wanted to list a few here:
- Payroll: If you think no one cares about a small mistake, try missing someone’s payroll check. Automated payments, both internally and from member to credit union, are a perfect place to implement finance automation, and payroll is a great place to start.
- Banking Statements: IMSI’s Make a Statement service can help you with that. Create e-statements and e-notices, and even consolidate multiple statements to the same vendor automatically.
IMS Integration Wants to Help Lower Fintech Friction
IMS Integration is here to assist you so you can better serve your members. With technology solutions tailored specifically to credit unions, IMSI can offer great services that your members will love, like Skip a Pay. You can set it up for member use, for staff use, and it is fully integrated with your core system.
Request a consultation today for more information about our credit union solutions.