At Ballincollig Credit Union, lending was very much paper based and still relied mainly on staff input on the rationalisation on lending. Therefore, they needed a system that would reduce the need for excessive manual data entry and calculations, and which could also assist with the decision-making process.
In Summer 2021, they worked with Wellington IT and loans automation tool, Visualyse, on a pilot scheme that would help them automate their loans process, saving them 10 hours a week on loan applications!
Visualyse is an end-to-end loan decisioning system for Personal, Agricultural, Mortgage and SME loan applications that can fast-track approval recommendations on loans with detailed rationale. The integration of this tool with Wellington IT’s core system, Scion, facilitates a seamless lending experience for both Credit Unions and their members, providing a quick loan decision recommendation on member applications.
When we’re underwriting loans, the best decisions can be a combination of both statistical and behavioural underwriting. Whilst our staff have vast experience with behavioural underwriting, the statistical underwriting needed improvement. The Visualyse product, integrated with Wellington IT, allows us to automate the decision on loans, therefore providing smarter lending and giving staff members time back to focus on borderline case loans and larger loans”
Former Manager
Ballincollig Credit Union
The automation of the lending process in Scion through the Visualyse tool makes it quicker than ever to grant member loans and encourage better-informed lending decisions.
Since the Visualyse tool was implemented, Ballincollig are already saving 10 hours per week on loans with room for further efficiencies! (Based on 60 applications per week)
With much of the decisioning provided by Visualyse, using data from Scion, the lending team now have time to focus on other types of loans to grow their loan book.
Before going live, a pilot system was set up for Ballincollig Credit Union to allow their lending team to undertake user testing of the system. This process helped flag any process flows which were fed back to Visualyse for improvements.
“Staff love the new tool! They are very happy with the simplicity of the information and how user friendly the system is. Staff time is freed up to deal with bigger loans and borderline cases. The Visualyse integration enables us to take further comfort in our lending decisions and also allows us to concentrate and take the necessary time to develop our lending suite, as well as mortgages. Even more importantly the system flags any issues/risks/inconsistencies with data provided by the members.
From a compliance perspective, it ticks all the boxes for us and will be particularly important for audits.’’
Former Manager at Ballincollig Credit Union.
The integration of the Visualyse loan decisioning tool provides a great addition to the existing range of features in Scion that allow Credit Unions to make faster, better informed loan decisions. With the Visualyse loan decisioning tool in place and now ready to be rolled out in other Credit Unions, the next step will be to develop fully automated loan decisions.
Wellington IT are now working towards the next phase of the integration which is where Visualyse will automatically update Scion with the loan decision to enable automated payout. This integration evidences our ongoing commitment to the development of open APIs and working with partners to promote choice for our customers.
This was my first experience of working on a project like this with Welington IT and I was very happy with it. I felt truly listened to. The engagement from the team at Wellington IT and Visualyse was fantastic.
The fact that we can customise the tool to define our own parameters, as well as call on CCR data, allows us to make a quick loan decision and continue to provide a positive member experience. The tool further facilitates a comprehensive loan rationale and documenting of credit risk mitigation when assessing loans. We are hopeful that this process will lead to fully automated decision making within the credit union risk appetite, allowing us to truly compete with other financial institutions through out of hours lending”
Former Manager
Ballincollig Credit Union