Despite the digitization of the front office, such as with loan applications, the loan servicing and loss mitigation processes are normally handled by people in the middle and back office who rely on manual, paper-based processes and green screen technology. This can lead to a delay in response times, costly errors, lost files, and increased non-compliance risk. With regard to hardship relief, clients/borrowers would need to call their banks, visit a branch or send an email to get payment assistance when experiencing a financial hardship. Wait times can be extreme, depending on the volume of requests.

“Our partnership with Constant is an exciting venture and one that will give us the opportunity to offer banks and credit unions in our client community a platform that digitizes antiquated, manual, back-office processes so borrowers can access debt payment relief and financial wellness information around the clock,” said Stephen Bohanon, Co-Founder and Chief Strategy and Sales Officer, Alkami. “Constant will help us deliver an enhanced digital experience that will empower our clients and their customers or members to obtain debt payment assistance seamlessly. We are thrilled to have them as a member of our Gold Partner Program.”

“With increased consumer protection scrutiny and borrowers demanding faster turnaround, servicers will need to refresh their strategies for managing customer and member interactions, retention and sustained financial hardships,” said Catherine York Powers, CEO of Constant. “As payment assistance, forbearance, and foreclosure relief come to an end, there is urgency to make those preparations to prepare for increased delinquency trends and avoid unnecessary consumer harm wherever possible. We are both encouraged by Alkami’s decision to tackle that responsibility proactively and are excited to support them and their clients.”

Constant, through the partnership with Alkami, will offer its hardship relief and financial wellness solutions to Maine-based cPort Credit Union. Constant’s 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 proactively offer expanded, digital loss mitigation services to its members, cPort is delivering on its commitment to operate responsibly and generate long-term value and stability for those that need it most in the local community.