How Mago’s AI Tools Helps Credit Unions Overhaul their Lending Programs

Since the end of 2022, the advances in generative artificial intelligence (GenAI) have been at the center of innovation in the financial services industry. The success of tools like OpenAI’s ChatGPT and other similar solutions have inspired banking and credit union professionals to implement AI solutions that can improve efficiency and create a better member experience. While many financial institutions have begun utilizing GenAI tools for customer-facing roles, such as chatbot services, many others are using AI in more expansive ways. AI technology has the ability to radically improve a number of processes for credit unions that range from the front end to the back office.

Shastic’s latest AI-Workflow-Automation platform, Mago, is like cloning your most efficient and experienced team members. Mago is an autonomous banking agent capable of executing complex banking processes in copilot or autopilot formats allowing teams to focus on high risk or high value transactions and offload the bulk of member requests to automation. Mago can execute the transactions faster, meeting the members where they are and is always compliant with preprogrammed policy. Scale your team using Mago and improve your member service while decreasing costs.

Shastic’s AI-Workflow-Automation combines the latest advances in Robotic Process Automation (RPA) and GenAI to deliver a true fully autonomous banking agent customizable to your processes. Mago’s technology increases efficiency by continually executing credit union processes, while its RPA capabilities streamline workflows and bypass legacy system limitations.

Mago offers a wide array of specialized capabilities for credit unions, including applicant recapturing, member onboarding, document data validation, cross-selling, loan processing funding and e-sign preparation. What sets Mago apart is its ability to customize automations to meet the unique needs of each credit union; when Mago collects stipulation documentation, it gauges the application based on pre-set parameters from the credit union just like your human processes would. Shastic has found that while it may take a human knowledge worker around 30 minutes under the best circumstances to collect and verify an applicant’s income, Mago can complete the same task in about three minutes saving time and money.

Mago delivers personalized experiences for members. Whether members receive a notification regarding an abandoned loan application or presenting auxiliary products, Mago sends a personalized message automatically. Mago also gives loan applicants a clear view of the progress of their loan from application through funding.

AI technology will only continue to grow more sophisticated in the coming months, and banks and credit unions will in turn seek to adopt AI solutions for their institutions. Mago offers a flexible infrastructure, allowing institutions to develop and integrate new AI solutions seamlessly into their current processes. Shastic’s white glove approach means that all innovations are tailored specifically for each institution. Every credit union faces unique challenges, and Shastic can identify them and ameliorate them with Mago. When there is a new breakthrough in AI technology, Shastic is ready to see how it fits into a credit union’s pre-existing processes. Mago represents the next step in AI technology for financial institutions, delivering cutting edge innovation to community-based financial institutions. If you are interested in how Shastic’s Mago can work for your credit union, visit Shastic’s website and schedule a call.

About Author:
Joseariel Gomez is the founder and CEO of Shastic, an AI Workflow Automation solution that allows financial institutions to automate and significantly speed up banking processes while maintaining a personal touch.

As CEO, Gomez oversees all departments at Shastic and takes part in designing Shastic’s platform itself. Gomez founded Shastic in 2009 and has directed its growth for over a decade.

Gomez’s design of Shastic’s platform combines workflow automation with artificial intelligence to deliver thousands of highly specialized banking jobs without requiring an increase in headcount. The platform democratizes access to a state-of-the-art AI-driven Workflow Automation for community-based financial institutions.

Gomez has spoken at several industry events and conferences, including MeridianLink User Forum, Access Softek Client Conference and TruStage, formerly CuneXus Symposium.

Before founding Shastic, Gomez worked at Merrill Lynch as a Financial Advisor Assistant. Gomez earned his bachelor’s degree in financial management from Tecnológico de Monterrey.


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