#2092: How Gesa Credit Union Employed 'Bots' to Reduce Loan Refinance Process from 30 Minutes to 3 Minutes...

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Ever since the Federal Reserve Bank dropped rates a few weeks ago to prepare for the coronavirus crisis affect on the economy, financial institutions nationwide have been inundated with homeowners looking to refinance their home loans at this new, lower rate. Suffice to say, many credit unions managing members' mortgage loans have been overwhelmed.

To the rescue, however, may be "bots." Yes, bots -- but do not confuse them with chatbots, please.

Bots, or Internet robots, are digitally designed to perform repetitive jobs, saving organizations tons of time and labor in manual areas. The mortgage lending process is no stranger to process repetition.

To combat the current refi overwhelm, Gesa Credit Union employed a digital workforce of bots (thanks to the folks at Digital Align). These bots took over many of the manual steps in their mortgage lending process and, as a result, have saved them tons of time. For example, a 30- or 40-minute process can be reduced to three minutes, allowing Gesa to process more loans in less time with less labor -- 24/7.

Gesa Credit Union EVP Member Services and Support Raj Bandaru and Vice President of Products & Cards Chad Langford explain how their credit union implemented these bots to create mortgage automation that handles the high volume of requests during the coronavirus crisis situation.

Check it out and let us know your thoughts.

(NOTE: Zoom had a video failure in this interview. So there's no moving pictures except for the fine photos of Raj and Chad. Sound came out perfect, however.)