UPCR’s client, a Federal Credit Union, wanted to manage their unclaimed property compliance processes in an automated, user-friendly, and streamlined way. Realizing the impact that having an unclaimed property compliance software solution would have on their business, the Credit Union compliance team decided to take action.
Overview:
Unclaimed property compliance is a common challenge for credit unions of all sizes and geographic reach. The process is time-consuming and keeping up with the ever-changing regulations, dormancy periods, lookback periods, and due diligence notification requirements that vary on a state-by-state basis is complex and overwhelming.
Challenge
The Credit Union was looking for a robust technology solution to help them streamline their entire unclaimed property compliance process. Additionally, as an organization dedicated to the best possible experience for their members, the Credit Union was looking to create an elevated customer experience by having a fast, trusted way to reunite their valued members with their money.
Solution
The Credit Union turned to UPCR and our UPNavigator compliance solution software as their one-stop-shop for navigating the complexities of unclaimed property reporting.
The UPCR platform was easily tailored to the Credit Union’s unique business requirements, integrating seamlessly into their existing systems and processes, and facilitating a faster, more efficient process for processing due diligence letters.
To date, the Credit Union has successfully leveraged UPNavigator to automate their unclaimed property reporting, keep up with developing state regulations, track unclaimed property data in real-time, and prioritize their resources to provide better member experiences, ensuring that members receive their unclaimed funds.
“UPCR’s UPNavigator gave us a one- stop-shop for all-things unclaimed property compliance.”
“UPCR’s UPNavigator gives us a nice snapshot view of what we are looking at and what we are facing. That has been a game changer for us, having everything in one place.”
“UPNavigator has really helped us with the compliance aspect of knowing of what is due, when is due, where is due – all in an automated and smooth way.”
~ Assistant VP Account Services
“UPNavigator is very easy to use. That helped us get things done faster – like due diligence letters. It has been a significant game changer.”
“Kudos to UPCR for the UPNavigator app because we only had to request one custom field, they have everything you need.”
~ Account Services Operations Manager