Apollo Infinity - New Features - Automating Success

Author: Luke
Monday, September 2 2019

Apollo Launchpad has blasted off in 2019! Read this to get up to speed on our new service for credit unions facing challenges processing loan applications, authenticating members, onboarding new members and more. This service integrates seamlessly with the other services in the Apollo ecosystem.

Introducing Apollo Launchpad

Apollo Launchpad has been developed to transform the way credit unions process loan application forms through to decisioning, and how they provide member services ranging from onboarding new members to processing withdrawal requests over the phone. Launchpad is saving time and effort, improving response times, and raising service levels at the same time.

The modern and streamlined Launchpad user interface sits atop a series of calibrated work streams and decisioning rules for your organisation. Cloud native, it is available to all credit unions on the Apollo Infinity programme.

Launchpad has been in development for months, but 2019 is the year the service has come out of 'beta' and made a big impact for several Apollo Infinity programme credit unions. This is why we are keen to share an illustrative handful of the new features and recent successes here, to encourage more credit unions to reach out to us about trying Launchpad.

Specially developed for financial institutions as a 'middle office' work queueing system, Launchpad sits between your current back office software and the member facing front end access (via mobile app or website).

The following content includes experiences in uplifting credit unions who used our earlier Apollo services onto the system, as well as advances in Launchpads Esign functionality, Automatic Loan Decisioning, and increased efficiencies in onboarding new members.

We hope that after reading, you will reach out to us for more information as we are delighted to answer questions on Apollo Launchpad.

Launchpad Overview

No installation or setup on your servers is required. After sharing your current work streams for loan processing, authenticating members etc. with our specialists, we use this information to configure Launchpad for you. When the service is ready to use it is as simple as navigating to the cloud login.

Credit unions who begin to use Launchpad notice three modules, or main parts to the system when they begin using it: The first is a secure cloud based interface to the members information called 'Members', for use by your staff members who address member queries and calls.

  • As the member gradually authenticates themselves (i.e. through passwords or two-factor authentication routes), more information is revealed and more actions may be undertaken.
  • Actions may include revealing a balance, or making a withdrawal request, or changing personal information.
  • Some actions do not require full authentication so a balance is maintained between functionality and security.
  • You can also limit staff groups to certain sections or actions only.

Contrast this to some other work streams where all staff members see all information on a member before any authentication has taken place, and the potential associated vulnerabilities with this approach. Full access logs are kept for auditing purposes.

The second part is called 'loan processing', and is a fully customisable, advanced event driven workflow. This system is already processing thousands of applications per month.

  • Automates credit searching, e-signing and importing into your back end system.
  • Automates the process of applying for a loan from the requesting of certain proofs all the way through to automatic declines or refers.
  • Seamless handoff of appropriate applications to a human with all of the leg work and scoring done.

Easily filter the information you want to see.

The third and newest module 'New Members' concerns the onboarding of new members and uses the same framework as loans processing. Includes automation for:

  • ID verification
  • Importing into back office systems
  • Work streams including document capture.

Its purpose is to save time and make more efficient the experience of joining your credit union, both for the member and your staff.

Esign Implementation Success

This year we have successfully integrated Launchpad with multiple Esign providers for real world credit union situations. Launchpad allows not only Esign requests to be automatically sent out under certain (credit union dictated) circumstances, but also automates what happens upon the return of the signed document, again in line with the credit unions workstreams. Typically automatic Esigning fits within either membership or loan application processes, which are common and critical workstreams to all credit unions.

Automating Loan Decisioning

Launchpad automates the loan decisioning process. A tailor-made array of 'scorecards' for your credit union are used to regulate incoming applications. In particular, they look for opportunities for automatic declines. The decisioning algorithms will always either refer or decline currently, however depending on the decisions Launchpad makes, it can take other steps such as requiring more information be supplied automatically, or sending out automated status update messages to members. Example items which are checked on some current scorecards include looking at:

  • CCJ's.
  • Existing loans.
  • Defaults.
  • Members date of joining.
  • Number of seperate loans.
  • Credit score.

These checks are run before a staff member has to even look at the application.

August Feature - Team coordination

Launchpad features are coming in thick and fast and an example from this month is the introduction of a feature that is helping team members to coordinate on Launchpad by visually displaying which staff member is looking at which case, account, or member. We are finding this helps the larger credit unions we work with to successfully scale Launchpad across their larger organisations and teams.

Summary

For credit unions interested in:

  • Automatic Decisioning
  • Automated Workstreams
  • Reducing paperwork
  • Improving member response time
  • Ensuring fair and transparent processing
  • Scaling up your promotions and lending

Apollo Launchpad warrants your careful consideration.

Easy to begin using, working hand in hand with the rest of the Apollo services and your current back office software.

This service is demonstrable via webinar if required. If you are an existing Apollo Infinity credit union you are already eligible to begin using this service.

Please contact us to be put in touch with happy credit unions using Launchpad for their testimony, or if you have any queries on next steps.

Find out more

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