FWS Helped a Member-Owned Credit Union to Solve Labor Attrition Threating Business Continuity

The Client

One of our clients is a member-owned credit union founded in 1938. With 200+ employees and as one of the fastest-growing credit unions, they strive to be more than just a great place to park client money. Headquartered in Westbury, NY, the client provides superior financial products, attentive service, and unrivalled business ease powered by the credit union spirit.

The Requirement

Owing to the vast scale of operations, the client needed a steady influx of talented and skilled employees to streamline and automate business processes. They needed an outsourcing partner that would allow them to scale up or dial down at ease.

The Challenges

Retaining employees was the biggest challenge for the client since they were a non-profit organization. They hire and train people who eventually move on to better opportunities. The labour attrition prevented the organization from growing, despite the tremendous market opportunities. It added to their operational cost as the hiring and training process never stopped. They were unable to scale, and as a result, their top line continued to increase.

Our Solution

We provided the client with enhanced scalability at cost-effective rates. Also, we leveraged our streamlined business model to identify the skillsets required by the client to fulfill the scope of work. From designing process documents to managing heavy-lifting operations that require rigorous planning, we provided end-to-end solutions. Apart from solving the core issues, we suggested process improvements, quality control, and reporting mechanisms.

Scope of the Project & Support Metrics

Consumer Lending Support

• Auto Loans

• Underwriting - We reviewed credit reports and searched for Fraud/SSN & MLA warnings. We looked for delinquencies or bankruptcies reported during the last one or two financial years. We calculated the DTI within the consumer lending system. Our experts verified if the loan provided was within the approved range in the consumer lending system or based on the DTI available compared to the monthly payments. They reviewed the terms and conditions in lease agreements to ensure compliance.
• Funding - We followed a quick funding checklist and approved loans as per the process within the consumer lending system.

Business Impacts We Delivered

• 40% less operational cost
• Higher profitability to serve their community better
• Higher retention of the knowledge base than ever before
• Faster turn times & improved quality.

The Final Outcome

We provided outstanding services to the client; they were exceptionally happy with our performance. Their biggest gains were in terms of saving time and costs in hiring and training. Thanks to our dedicated staff, who worked in coordination with their in-house staff at lower costs, the client was no more worried about labour attrition issues.

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