To help members adversely affected by the COVID-19 health crisis, Corelation has stepped up its technology offering and service to help credit unions serve members during the pandemic.
Corelation proactively contacted its credit union partners to find out what they needed as they adapted to meet the changing needs of their members. There were common themes, especially questions around loan modifications.
Immediately, Corelation set up a COVID-19 related FAQ page on its help desk to provide answers and supporting documentation for those inquiries. While the KeyStone core already supports all the features clients need, Corelation wanted to streamline those common processes to make life easier for credit union staff.
Corelation did so by bringing together small focus groups of credit unions to workshop steps each was taking to serve their members. Once those business requirements were gathered, Corelation created automated workflows so a given representative only needed to perform a few keystrokes and the rest of the work was done by the system.
For example, one automated workflow made it so it took only a few seconds to defer one or more mortgage payments, flag the loan for future inquiries, and set aside accrued interest to be paid at the end of the term.
Once these programs were ready, Corelation provided them to all clients free of charge. Every second counts in a crisis like this, so Corelation created an internal process to flag and automatically expedite any coronavirus-related support questions or requests for programming services. Expediting automated workflows and custom reports to clients have allowed those credit unions to focus on meeting members’ needs quickly and safely.
Payments on all types of loans—consumer, lines of credit, credit cards and mortgages—have been modified or deferred entirely to alleviate the cash crunch so many now are facing.
Members also have been given penalty-free access to the funds they need to face this emergency by having certificate penalties waived and Reg D transfer limits forgiven.
Most important, members are seeing countless examples of the genuine, personal care offered by credit unions who know them and have their financial best interest at heart.
Corelation values its partnerships with its clients and saw the Coronavirus crisis as an opportunity to prove just how serious it takes its business approach. Corelation wants its credit union partners to know that they will always be here for them, will always listen to their needs, provide real solutions and will always try to do the right thing for credit unions and their members.