Financial pressure affects more than just bank accounts—it impacts mental health, work performance, and family relationships. When members face unexpected expenses or temporary setbacks, the ability to skip a loan payment can provide crucial breathing room. IMSI’s Skip-A-Pay solution transforms this member support concept into a streamlined, automated process that strengthens credit union relationships while maintaining operational efficiency.
Understanding Financial Flexibility Needs
Credit unions exist to support their members’ financial wellbeing, particularly during challenging times. Whether facing medical expenses, emergency repairs, or temporary income disruption, members need flexibility from their financial institutions. The traditional manual process of requesting payment deferrals often adds stress to an already difficult situation, requiring branch visits and lengthy approval processes.
Skip-A-Pay represents more than just payment deferral—it demonstrates that credit unions understand and respond to real-world financial challenges. This solution offers several key advantages that benefit both members and credit unions:
- Automated Eligibility Evaluation: System automatically assesses requests based on pre-set guidelines
- Streamlined Member Experience: Simple online submission process through existing banking platforms
- Integrated Core Processing: Automatic loan extension record creation and payment date adjustment
- Flexible Funding Options: Members can choose their preferred source for any associated fees
- Comprehensive Transaction Management: Complete tracking and documentation of all Skip-A-Pay activities
Transforming Member Support Through Technology
IMSI’s Skip-A-Pay solution automates the entire process while maintaining the credit union’s risk management standards. When members submit requests through their online banking platform, the system evaluates their eligibility based on predetermined criteria. This automation ensures consistent application of credit union policies while providing rapid response to member needs.
Financial Intelligence Meets Member Care
The integration with core banking systems ensures that Skip-A-Pay requests seamlessly flow through existing operations. When a request is approved, the system automatically creates loan extension records and adjusts payment schedules. This automation eliminates manual processing while maintaining accurate documentation of all Skip-A-Pay activities.
For credit union staff, the solution reduces the administrative burden of managing payment deferrals. Rather than manually reviewing applications and adjusting loan records, they can focus on providing personalized financial guidance to members who may need additional support. The system’s built-in compliance features ensure all deferrals meet regulatory requirements and credit union policies.
Building Stronger Member Relationships
When credit unions offer flexible payment options during challenging times, it strengthens the bond with their members. Skip-A-Pay demonstrates that your institution understands real-world financial pressures and is willing to provide practical solutions. This support often leads to increased member loyalty and positive word-of-mouth referrals.
The solution’s self-service capabilities also enhance the member experience. Rather than making potentially uncomfortable in-person requests, members can submit Skip-A-Pay applications through their familiar online banking platform. This convenience and privacy help maintain member dignity while providing necessary financial flexibility.
Supporting Financial Recovery
Skip-A-Pay serves as a valuable tool for helping members maintain financial stability during temporary setbacks. By providing a structured way to defer payments, credit unions can help prevent more serious issues like default or damaged credit scores. This proactive approach aligns with the credit union philosophy of putting members’ needs first.
The solution also supports long-term financial wellness by giving members breathing room to address immediate challenges without derailing their overall financial progress. This temporary relief can make the difference between a minor setback and a spiral into serious financial difficulty.
Transform Your Member Support Strategy
Ready to enhance your credit union’s ability to support members through financial challenges? IMSI’s Skip-A-Pay solution provides the automation and integration tools needed to offer payment flexibility while maintaining operational efficiency. By implementing Skip-A-Pay, you can demonstrate your commitment to member financial wellness while streamlining internal processes.
Contact us today to find out how Skip-A-Pay can help your credit union build stronger relationships while supporting members through life’s financial challenges. Let us show you how this solution can enhance your member service capabilities while maintaining sound lending practices.
