Organization: Cambrian Credit Union
Cambrian Credit Union is an innovative provider of a full menu of financial services — from mortgages to savings, commercial services to investment services. Cambrian has more than 46,000 individual and commercial members served through 11 branches in Winnipeg and Selkirk, Manitoba. Founded in 1959, Cambrian has doubled in assets in the last five years and continues to grow at a rapid pace, making it one of the fastest growing credit unions in Canada. In April 2005, Cambrian achieved a milestone when it became Winnipeg’s first credit union to reach $1 billion in assets, accumulating its first billion faster than another other credit union in Manitoba history. By helping its members build strong financial foundations, Cambrian expects to continue its growth in the years to come, growing stronger and building on their tradition of great rates, great service, community leadership, and the innovative use of technology.
With so many players in the financial services market, Cambrian is constantly seeking ways to differentiate its services. Offering the most competitive rates possible is a primary way for them to address this challenge. Streamlining their loan processes would allow them to reduce overall expenses and pass the savings on to their members.
Cambrian offers eight different loan and mortgage products, with an annual volume of approximately 8,500 loans. Mortgage loans alone, with their inherent complexity and paperwork, comprise some 3,600 loans a year. Providing a full range of financial management services, including access to more than 1,400 mutual funds, is also a challenge. Streamlining mutual fund applications and trading activities would provide straight-through processing.
Cambrian needed a Business Process Management (BPM) and workflow solution that would allow their front-office sales force to do what they do best: sell services — namely, loans and mutual fund investments. They wanted to tie front-office sales with a variety of existing back-office systems in a way that would eliminate bottlenecks, while allowing the back-office team to ensure compliance with policies and regulations.
The right choice in a BPM solution would mean improved overall member service levels and increased member satisfaction, maintaining and extending Cambrian’s differentiation in the marketplace with cutting-edge technology.
The BizFlow BPM Solution
Cambrian is long recognized as a market leader in providing technological innovation. “We do a lot more than other smaller financial institutions because of technology, and we knew that the right BPM solution would allow us to differentiate Cambrian even further,” said Lynne Mackan-Roy, Cambrian’s VP of Information Systems & Technology. After carefully considering several other workflow solutions, Cambrian chose to go beyond basic workflow with BizFlow.
The BizFlow Benefits
BizFlow has allowed everyone to do what they do best and do it more efficiently. The sales team can spend their time selling services instead of manually routing paperwork from branch to central processing. Sales and administrative teams know at a glance the status of all loan applications and mutual fund trades, and all parties are able to collaborate to keep the process moving. The BizFlow® processes allow them to get information directly from databases without
re-keying, saving time and money.
Mortgage fundings at Cambrian’s competitors could take up to three weeks or more. But, using BizFlow and Cambrian’s relationship with First Canadian Title, they can process a mortgage funding in as little as 72 hours. They’ve been able to process 300 mortgage loans per month using BizFlow, which is significantly more than 47 mortgages they were able to process just a few years ago. Their current goal is to process 400 mortgage loans a month, and they are able to do this without increasing the number of employees working on mortgage loans. The sales staff are able to focus on providing expert mortgage options, and the back office Loan Processing Assistants have clear, concise instructions — all of which has reduced the time required to process the lending products and has reduced the number of processing errors, resulting in very happy borrowing members.
Referrals are important to Cambrian; in fact, a large portion of their business comes through member referrals. With BizFlow, management can see referral business as soon as a referral sale is made.