Headquartered in Boulder, Colorado, Elevations Credit Union (ECU) is a member-owned, nonprofit credit union. The organization provides a wide range of financial products and services, including checking and savings accounts, auto loans, student loans, mortgages, home-equity lines of credit, business loans, credit cards and financial planning.
They use the Business Process Management (BPM) methodology to foster improvement and innovation throughout the credit union. BPM enables ECU management, employees and members to design work processes that meet stakeholder requirements and are integrated with innovation efforts.
As a result of BPM, some of the following improvements have been made as measures of process efficiency:
- Mortgage lending cycle time has decreased from 49 days to 37 days
- Mortgage loans per closer per month have increased from 90 to 100
- Mortgage market production volume increased from 1,123 loans to 2,307
- Provides lending for energy efficiency and renewable energy upgrades for homes and businesses
- ECU senior leaders use a systematic sequence of integrated monthly forums To communicate with and engage its workforce and members
Read the entire article at https://www.nist.gov/baldrige/elevations-credit-union