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Improved loans processing means more time for the community at 1st Alliance Credit Union

How has loans processing changed? 

Before making the switch to Wellington IT's core system, processing a loan at 1st Alliance could take up to a week, was completely paper-based and required manual checking.

Now, processing a loan is completely paperless, and takes just five minutes. 

Applications made easy 

Credit Union members can apply for a loan in-branch, online or over the phone.

Going paperless means that members can provide screenshots of digital statements, or physically show staff their financial history using their phone or tablet, streamlining the application process and reducing paper waste. For existing members, details are checked on the system, and their loan is approved or denied almost instantly. New members who apply in-branch can be signed up for the Credit Union with an approved loan in as little as 30 minutes. 

Finding success through operational efficiency

Since moving to a more efficient process, 1st Alliance have seen their loan numbers quadruple. Credit checking is no longer a manual process, reducing time spent from 2 days to just 2 hours. This has in turn helped 1st Alliance reduce their bad debt  to just 3% - less than a quarter of the industry average. 

Since implementing the Wellington IT core Credit Union system in 2007, 1st Alliance have saved the costs of an entire full-time member of staff. This increased freedom to reach out the community also means 1st Alliance can voluntarily complete yearly accounts for two local social organisations, ensuring they can focus on helping the community. 

 

"Staff can trust the information from the Wellington core system, whereas in our old system, they could never be sure of the accuracy of figures."
 
Carol McHarg, CEO, 1st Alliance Credit Union 

What does this mean for 1st Alliance's common bond?

credit union loan process efficiency

The time savings throughout the system, including the changes made to loan processing, mean that 1st Alliance can now spend up to 20% of their week reaching out to their community and adding value to their common bond.

Working in deprived areas, the team at 1st Alliance help locals with their finances, especially those struggling to balance benefits payments, PIPs, and Housing Executive costs.

1st Alliance works with 7 of 8 local Social Landlords to help protect their renters, offering low-interest loans to help get set up, as well as loans to cover rent arrears, preventing evictions and homelessness in an already tough economic climate.

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