Chevron Federal Credit Union Cuts Its Time To Offer Mortgages by 97%
INDUSTRY & MARKET
Financial Services (not-for-profit)
# OF EMPLOYEES
and many unique to the solar lending sector
Case Study:Chevron Federal Credit Union Cuts its Time to Offer Mortgages by 97% Read More
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CHEVRON FEDERAL CREDIT UNION
The California financial institution integrated 19 disparate systems with Boomi Integration and Boomi Flow, and created a seamless process for members while delivering crucial real-time information to employees.
For 90 years, Chevron Federal Credit Union has helped Chevron Corporation employees achieve their economic goals.
The company’s IT team has been working hard to digitally transform the business. When the company acquired Spectrum Credit Union, it brought new revenue streams, like solar lending, and it gave IT the opportunity to look for ways to improve the efficiency of its infrastructure. IT decided to modernize its technology stack to deliver differentiated services, like mortgage refinancing and solar lending, more seamlessly.
The digital transformation was well underway, but the biggest barrier to delivering better member and employee experiences was backend complexity. When business requirements changed, IT had to rearchitect entire applications.
That meant that slow, manual processes and labor-intensive applications were standing in the way of Chevron’s digital transformation. The team needed a robust cloud-based integration solution to improve the member experience and increase agility so the company could take advantage of opportunities to retain members and attract new business.
How Boomi Helped
Chevron considered MuleSoft and Jitterbit, but Boomi was the clear choice. IT used Boomi Integration and Boomi Flow to integrate applications and create a clean front-end in a low code environment – all without an implementation partner.
It’s now easy for IT to make adjustments as business processes change, and members appreciate the simplicity of the online solar lending workflow. All they see is a simple interface that’s powered by 19 applications integrated on the back-end and 14 flows created.
Chevron now delivers the seamless experience members expect. Before, it used to take 90 days for results after members applied for mortgage refinancing. Now, members get results 45x faster.
Using Boomi helped the company eliminate manual processes for solar lending applications, cutting processing time from 60 days to just a few days for its Sunlight Financial workflow.
The company now has access to real-time data, leveraging Boomi to push real-time updates from its core banking systems into Salesforce, for example.
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