Constant, a fast-growing provider of digital self-service technology for banks and credit unions, today announced its partnership with Alkami, a leading provider of digital banking solutions, to provide a transformative solution to better serve digital loans and reduce losses for banks and banks. credit unions across the country.
Despite the digitization of the front office, for example, loan applications, loan servicing and mitigation processes are usually handled by people in the middle office and back office who rely on manual, paper-based processes and green screen technology. This can lead to delayed response, costly errors, loss of files, and increased risk of non-compliance. In terms of relief, clients / borrowers will need to call their banks, visit a branch, or send an email to get help paying when they are in financial difficulty. The waiting time can be very long, depending on the volume of requests.
“Our partnership with Constant is an exciting venture that will enable us to offer banks and credit unions in our client community a platform that digitizes outdated manual support processes so that borrowers can access information on debt relief and financial well-being around the clock.” – said Stephen Bohanon, co-founder and director of strategy and sales for Alkami. “Constant will help us deliver an enhanced digital experience that will enable our clients and their clients or members to receive debt relief assistance seamlessly. We are very pleased that they became members of our Gold Affiliate Program. “
“With increased consumer protection scrutiny and borrowers demanding faster processing, service companies will need to update their strategies for managing customer and member engagement, retention and sustainable financial hardship,” said Catherine York Powers, CEO of Constant. “As payment assistance, abstinence and foreclosures come to an end, these preparations are urgently needed to prepare for rising delinquency trends and avoid unnecessary consumer harm where possible. We are both encouraged by Alkami’s decision to proactively take on this responsibility and are happy to support them and their customers. ”
Constant, in partnership with Alkami, will offer its solutions to ease hardship and financial well-being to the Maine-based cPort credit union. Constant self-service features will be available to cPort members as an extension of their existing online banking experience. As the first credit union in Maine to actively offer advanced digital loss reduction services to its members, cPort is committed to acting responsibly and delivering long-term value and stability to those who need it most in the local community.