TechSolutions4CUs
This is the official Finopotamus podcast. It focuses on credit unions and how they have leveraged technology to solve problems, enhance the member experience and drive growth. TechSolutions4CUs features working credit union technologists, as well as industry experts from around the globe.
TechSolutions4CUs
Algebrik's Pankaj Jain and the Modern, AI-Powered LOS
According to Jain, the primary challenges credit unions face with outdated loan origination systems boil down to three main issues:
- Integration difficulties
- Member experience
- Cost
Older systems struggle to integrate with modern application program interfaces (APIs) and services like Plaid, fraud detection tools, and alternative data sources. This lack of integration slows down loan processing, increases manual work, and frustrates members, especially younger, tech-savvy Gen Z members who expect seamless digital experiences. Trying to piece together multiple systems and vendors for things like point-of-sale (POS) lending and digital banking also drives up costs and creates further inefficiencies.
Jain told host John San Filippo that Algebrik’s new LOS seeks to solve these problems by offering a cloud-native, AI-powered platform that’s designed to be flexible and easy to deploy.
