Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

Financial Literacy Month: How are you celebrating?

March 22, 2013
/   Insights

With April approaching, it’s almost time to kick off Financial Literacy Month! Strongly supported by the United States Congress and the Financial Literacy and Education Commission, Financial Literacy Month aims to promote the importance...

Industry Perception, Optical Delusion

January 14, 2013
/   Insights

In Washington, they talk a lot about ‘optics.’ This has nothing to do with regulatory scrutiny, or government mandates on eyeglasses. It has to do with perception—how something looks, the way a particular story...

Social Banking: Blessing or Curse?

August 1, 2012
/   Insights

While the topic of Facebook and banking has generated plenty of heat (though not necessarily a lot of light), the debate seems mostly focused on two broad issues: The much-maligned IPO, and the notion...

One of the great benefits that technology brings financial institutions and consumers alike is the ability to streamline processes. We recently spoke with Paul Socia, President and CEO at Miramar Federal Credit Union to discuss how his credit union is using technology to do just this.

In a few sentences, can you tell us a bit more about Miramar Federal Credit Union?

Miramar Federal Credit Union is a full service credit union catering to the military based in Southern California. We are constantly reviewing processes to see where we can be better and evaluating new products and services to provide to our members. Of late, we have introduced faster online loan approvals, online account opening, enhanced mobile access and an automated Switch Kit.

Can you tell us a bit more about Miramar Federal Credit Union’s recent partnership with Roostify?

We were looking to streamline our lending process in order to provide a better experience to our customers and loan officers in order to balance an increased workload. Roostify’s platform is web-based and provides our loan officers the ability to collect important documents, keep all involved parties up to date in real-time, and as a result, loans are closed quicker.

In addition to Roostify, does Miramar FCU leverage any additional technology to enhance services?

In addition to Roostify, we have automated several existing services and have introduced new electronic services. We fully believe that being streamlined and/or automated allows our credit union to focus on our members.

How have technologies, such as Roostify, helped enhance member experience at Miramar FCU?

Roostify has been a great tool for us to streamline the mortgage process for our members, specifically those who may be travelling during the process, whether it be for military deployment or otherwise. Our loan officers and members are delighted with the whole process being simplified.

What can other financial institutions learn from how Miramar FCU has implemented technology throughout their business?

Technology is out there to make our jobs easier and to deliver a superior customer experience; it’s just a matter of doing your homework to find the right partner and taking the leap. In the end, the right technology investment is a good investment.

We plan to continue to implement technology as it not only makes our jobs easier, but it also allows us to focus on our core business of serving our members’ financial needs.

What technology or service will become the “must have” for financial institutions in 2015?

With mortgage rates dropping and credit standards eased, the number of loan applications coming in is going to require a streamlined process to handle the workload. Mortgage application technology solutions will help financial institutions take on this increase in their workload without having to hire more staff.

Want to hear more from Miramar FCU? Connect with them on Facebook , Twitter, and YouTube.

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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp