Source: Wolters Kluwer
SLO Credit Union announced today it has selected Wolters Kluwer Financial Services' ComplianceOne™ solution to help document consumer lending and deposit transactions quickly, accurately and in compliance with federal and state regulations.
Suzanne Leedale, CEO of the San Luis Obispo, Calif.-based credit union, said ComplianceOne has helped SLO increase operational efficiency by reducing loan application processing times and cutting data entry in half, even as the pace of regulatory change continues to intensify.
SLO chose ComplianceOne because it was looking for a one-stop compliance documentation solution to eliminate the time and effort required in using multiple systems.
"We wanted simplicity and ease of use, and we didn't want to have to go to many different places to document transactions," she said. "ComplianceOne has helped us consolidate and automate our workflow, so we're able to focus more time on the needs of our members."
Leedale also noted that the transition from the credit union's previous documentation solutions has been easy and seamless.
"The thorough onsite and follow-up training we received helped us quickly get accustomed to the features and benefits of ComplianceOne," she said. "We're confident Wolters Kluwer Financial Services and the ComplianceOne team will continue to provide a high level of service and support as our business and compliance needs change."
According to Leedale, ComplianceOne's ability to help SLO document a wide variety of routine and complex lending and deposit transactions will make expanding the credit union's business more convenient as it adds new products and business lines. The credit union primarily serves city, county, state and federal government employees in San Luis Obispo County.
ComplianceOne is a documentation solution designed to help financial institutions more effectively manage compliance for loan and deposit account transactions. The solution connects the major areas of an institution's business to its core processor through one, easy-to-manage user interface. These areas include deposit, consumer, commercial and mortgage lending, Individual Retirement Accounts (IRAs) and administration. Built upon the compliance knowledge and experience behind Wolters Kluwer Financial Services' Bankers Systems brand, ComplianceOne also offers institutions integrated access to many of Wolters Kluwer Financial Services' Wiz compliance analytics tools.