Royal Credit Union
Onward and Upward: In Search of New Collection Software
Eau Claire-WI, USA
Royal Credit Union (RCU), headquartered in Eau Claire, Wisconsin was struggling with a collection system that did not properly support their 27 branches. With assets of $1.7 billion and more than 160,000 members, they needed a system that was real-time and user-friendly, with flexible features so that they could customize the system to reflect their institution’s values and goals.
Temenos Infinity Collection offers robust functionality, configurable workflows and a “person-centric” 360° view, allowing financial institutions like RCU to fully leverage their data and streamline collection activities. RCU chose to move forward with Temenos’ Collection module due to the ease-of-use of the system, the integration to their core provider, as well as the ability to customize the technology to their needs and processes
Improvements after Implementation
Since the implementation of the Collection module, RCU has witnessed increased efficiencies within their collection department. They have successfully implemented a batch process for creating reports to identify loans that meet criteria for batch emails, notice of Rights to Cure, real estate solicitation packets and delinquent taxes.
They were also able to build workflows to drive their processes for notice of Right to Cure and Foreclosure Evaluation, which guides their collectors in verifying and preparing to make good on a loan or for foreclosure approval from the Collection Manager. “This has created better controls for newer collectors that may overlook steps before the loan is cured or foreclosure stated. It has also helped us to standardize the notes on the loan, automatically update fields, generate documents and reduce errors,” explained Daken.
”Making things easy for our members is one of our core values. The Temenos Collection module makes it easy for us through automation, configurable interfaces, real-time information, reporting and above all the ability to customize the system to our needs.”Erika Daken, Business Process Analyst
RCU has seen significant improvement in their productivity and efficiency since implementing the Collection module. The flexible functionality has allowed RCU the ability to customize the system to align with their needs and goals.
“We look forward to continued success, and would definitely recommend that anyone looking to overhaul their collection system review what Temenos Infinity has to offer.”Erika Daken, Business Process Analyst