Product Spotlight: Business Accounts

Credit unions know all too well that various types accounts require unique service models – a business account has different management, reporting and regulatory requirements compared to members’ individual accounts. That’s why EPL has a solution specifically designed for business accounts – with the small business owner in mind. Credit unions help small businesses run smoothly each day, and our Business Accounts solution has the tools your credit union needs to support them.

EPL’s Business Accounts include:

1. Tracking of critical financial information. Knowing where a business stands financially is critical for credit unions to make informed decisions on their accounts. i-POWER® enables credit unions to analyze a business’s financial information, allowing them to determine the status of the business and track financial review dates. Screens designed specifically for business accounts help the credit union and the business stay on the right path.
2. Assessment of risk. Managing risk is critical in working with business accounts. With EPL’s Business Accounts, you can track risk assessment scores and dates, as well as past and future review dates. You can also easily identify all account owners and loan responsible parties.
3. Comprehensive reporting tools. For the specific reports business accounts require, you need a solution that manages all of them seamlessly. It is also crucial to keep member and business account reporting separate. Business Accounts separates business account totals from member account totals, making reporting much simpler for credit unions.
4. Fraud prevention. Business accounts make BSA compliance much easier. Business account data can be shared with your BSA provider for regulatory reporting and to monitor for fraudulent activity. Monitoring capabilities allow your credit union to spot any potentially alarming account activities or transactions that are amiss.
5. Integration for deeper understanding. Business Accounts are seamlessly integrated with EPL’s i-KNOW solution to inform effective marketing and member relationship management. With Business Accounts, you can manage the relationship with your small business customers and empower them with the products and services they need to be successful. 

Successful management of business accounts is critical in order for credit unions to contend with banks in a competitive financial marketplace. If you wish to grow your credit union’s Business Account Portfolio, check out EPL’s Business Accounts module – a custom solution to fit your needs.

Katie Brackett

Director of Client Services

EPL, Inc.

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.