How EPL’s i-POWER Creates Efficiencies in Lending

As credit unions and other financial institutions know all too well, loan origination and servicing are critical components of doing business. It is increasingly important to be able to provide competitive, compliant loans and quickly respond on loan approvals. All lending professionals know that member expectations are constantly changing as the market shifts and new technologies are developed, and it’s highly unlikely that members are entering your branch and filling out applications like they used to. In order to meet members where they are, it is vital to adopt the right technology and develop efficient processes which address their needs quickly.
 
Our core solution, i-POWER®, makes the lending process less cumbersome. i-POWER is a robust system that encompasses many facets of a credit union’s business, from transactions to member relationship management to cutting-edge lending capabilities. i-POWER supports consumer, indirect, home equity, mortgage and business loans, as well in-house credit cards. It services both investor loans and escrow management for mortgages. 

Here are several ways in which i-POWER streamlines lending:

1. Custom loan origination. i-POWER has three loan origination system options which offer varying features, enabling credit unions to select the system that best meets their specific needs. Each system is user-friendly and integrated, which eliminates the time-consuming process of rekeying data. 
2. Time-saving features.  At loan origination, i-POWER has many features available that simplify the lending process, such as automated decisioning, integrated credit reports, automated document generation, queue management, integrated task lists and e-signature capability, enabling your credit union to close loans in minutes. Information is readily available for loan servicing, including ongoing management of loans (e.g., escrow analysis and management). i-POWER also has the ability to create, document and track subsequent action activities such as extensions, skip-a-payments, changes in due dates, among other capabilities.
3. Easily accessible information for both staff and members. Credit union staff can view key loan information on the Member Profile screen, and can drill down to see specific information, such as collateral information, documents, payment history and more. Members can access their loan application and documents 24/7 via online or mobile applications – a necessity in the digital age in which we live.
4. Integration to third party solutions. Integration to other components of EPL’s system, as well as third party solutions, is key to innovation. Not only does it provide credit unions with additional options, but a seamless integration further streamlines your loan processes and allows you to customize your member experience. 
5. Management reporting. EPL’s i-POWER core system provides various management reports for credit unions to effectively manage their loan origination and loan portfolio. Through reporting, management can ensure loan requests are being processed promptly, and can access various analytics to determine the quality of loans requested. These reports also provide insight into loan portfolio performance and other key metrics.

With i-POWER®, credit unions can make the lending process more efficient, thus closing more loans and ensuring member satisfaction. Access to competitive loans is a key driver of credit union business, so an investment in a solution that makes it easier is a no-brainer.

Yvonne Sambrano

Sr. Lending Solutions Product Manager

EPL, Inc.

‘Tis the season for fraud

The holiday season is upon us, and we all know what that means—shopping. Lots of shopping. Unfortunately for us all, our friends and family aren’t the only ones excited about the upcoming gift-giving festivities—fraudsters are waiting in the shadows, giddy at the thought of purchases being made by people who never learned how to protect their personal and financial information.

Just two years ago, over 40 million holiday shoppers were outraged to find that hackers had stolen their credit and debit card information as they swiped their cards at Target retail locations—one of the largest hacks of its kind. Since then, the prevalence of online shopping has grown exponentially and we should expect instances of fraud to increase accordingly due to hackers’ growing abilities to infiltrate online stores. In fact, a recent ACI research study revealed that fraudulent transactions on e-commerce sites increased in 2015, with one out of every 86 transactions found to be a fraudulent attempt.

Additionally, financial institutions and retailers are in a time of transition as they switch to EMV technology, making them vulnerable to fraud. The move to switch to more secure chip cards for in-store purchases, which seeks to decrease fraud long-term, is likely to increase fraudulent attempts during the transition period. Merchants who are still running magnetic strip transactions are significantly more vulnerable, as fraudsters will target their facilities in an accelerated manner before time runs out.

Members rely heavily on credit unions to protect their data and safeguard financial transactions, but that is only half of the equation. Credit unions have a responsibility to arm their members with educational tools and practical advice on how they can decrease their chances of becoming victims of holiday fraud. Below, we’ve compiled several tips that can help keep your members safe when shopping online:  

• Beware of mobile checkouts. While e-commerce certainly makes life more convenient, online technology has an abundance of loopholes
• “Buy Buttons” are too new to trust. The addition of click-to-purchase technology to social media is transforming it into an online marketplace, but the concept is still so fresh that retailers may not have sufficient protections in place.
• Avoid opening emails you don’t recognize. As mobile technology permeates nearly every facet of our lives, phishers now are attempting to steal consumers’ financial information and inconspicuously request money through phishing attempts online, such as emails.
• Keep a close eye on your accounts. Members should pay close attention to ACH items and outgoing wires on each of their cards and accounts to ensure there is no unauthorized activity.
• Make your credit union aware of travel plans. Encourage your members to inform your credit union if they plan to travel out-of-state for the holidays. If they are not traveling, it will be simple to flag purchases made in an unusual location.
• Consider lowering daily limits. Especially during the holiday shopping season, it can be a wise move for members to lower their daily spending limit to decrease risk should their information be compromised.
• Stay educated, stay safe. Teach your members about anti-fraud measures your credit union has in place to protect them so that they better understand their own responsibilities.
• Keep the lines of communication open. It’s easier for members to pick up the phone and ask questions when there is an ongoing dialog with their credit union about online security. Perhaps someone is unsure about a charge but won’t investigate further because they are afraid to ask or don’t know who to talk to. Make your credit union a place where members feel comfortable coming to ask questions they might think are silly.

It’s important to note that there is no way to guarantee 100 percent safety for anyone. Hackers inevitably find ways to exploit system weaknesses as fast as merchants can fix them – especially online. Fortunately, by following a few simple safety precautions, your members can greatly reduce their risk of becoming another fraud statistic. So play it safe, stay smart and stop fraud before it starts.  

John Freeman

Senior VP of Compliance and Security

EPL, Inc.