Time and cost savings: Redstone now generates a journal voucher for qualified disputes. The JV is automatically credited, and an email is sent to members that informs them of the credit. All of this happens within 30 minutes of a dispute being submitted. This saves the credit union more than 5,100 hours — the equivalent of more than three full-time employees — per year. “It’s really kind of shocking how far the benefit has gone,” Appleton said.
Elevated member experiences: Going from five or more business days to a provisional credit being issued within minutes equates to a cumulative annual wait-time reduction of 33,557 business days for Redstone’s members. Another key stat for the credit union: Funds recovered went up an astounding 329% over a three-year period.
Improvements in fraud protection and compliance: Redstone can now automate the detection of repeat dispute requestors. Another significant gain is the process automation has supported the credit union’s efforts to comply with regulatory requirements to issue provisional credits within set time frames.
“It helped make the department more efficient and reduced losses. Now we can have our fraud analysts doing fraud analyst work instead of having to jump in on card disputes. This has greatly improved our
recovery rate,” Smith said.
A revitalized operation: Using OnBase to automate the dispute process “has totally changed how we operate, and there would be no way to do it without this because of the volume,” Redstone Manager of Security and Investigations Alethea Lawson said.
Redstone is implementing the last phase of its plan. The credit union plans to automate the closure of cards impacted by fraud, and a card replacement strategy will be set into motion.
Redstone is also evaluating how to best use Hyland RPA to assist with its high-volume, manual tasks. Early options include updating collections notes of outside repo activity and multiple maintenance tasks in OnBase.
“Hyland enables me to be able to almost always say yes, and that’s extremely important when we’re trying to automate, streamline and improve processes,” Appleton said.