Constant
Constant's executives, experienced in managing billions in retail debt, grew frustrated with legacy core system constraints and manual operations. They boldly transitioned loan servicing from manual to digital self-service, reshaping the operations landscape. Constant’s mission is to empower members to self-serve online and help credit unions grow through meaningful interactions with their members.
How a strategic alliance with Constant benefits credit unions
Credit unions, like most financial institutions, struggle with servicing loans, credit cards, mortgages and HELOCs due to the manual nature of loan operations. This means credit unions:
- Can’t grow loan/card portfolios without new full-time employees
- Rely on older core processing systems that limit automation
- Require members to call or visit the branch for simple loan management tasks
Until now. By automating loan operations efforts and allowing members to self-serve, credit unions can:
- Immediately reduce operating costs
- A $3.4 billion CUSO reduced call volume by 16%, eliminated back-office work queues and pushed call center volume online
- Accelerate new, personalized product offers based on actions members take while managing their loans
- Retain members and empower them to self-serve with digital conversations that focus on retention
Why choose Constant?
Constant thinks about loan operations differently. They fully automate servicing, which is the only way members can resolve issues online without live agent assistance. By moving these efforts online, Constant converts servicing requests, like a payoff quote on letterhead, into an origination opportunity. For example, Constant’s platform asks members why they’re requesting a payoff (selling, refi, etc.) and then directs them to apply for a new loan – avoiding member flight. They have automated more than 25 workflows that are currently manual for most credit unions today. Many of these workflows lead to increased fee and/or interest income resulting from a loan servicing action a member takes.
Connect with Constant
Talk to one of our CUNA Strategic Services alliance managers to learn more about Constant. We’ll help you identify and evaluate the best solution for your credit union.
Constant has exclusive pricing and solutions reserved for CUNA Strategic Services and the credit unions and leagues we work with.
article
Why Your Digital Self-Service Initiatives Are Underperforming
Get the most out of your digital investments by implementing self-service resolution.
on-demand webinar
Navigating Economic Uncertainty: Credit Union Loan Source’s $1B Growth Story with Constant
Learn how to automate loan operations, empower members to resolve requests online and prepare for any shift in the market.
article
Bracing for Impact: The Unexpected Challenges With the Loan Surge
Credit unions have experienced a remarkable surge in loan origination over the past few years. According to recent data from the National Credit Union Administration (NCUA), credit unions' loan portfolios have grown by an average of 8% annually since 2015.