The credit union model is based around the needs of members, and providing personalized service that retains and grows the membership base. Recent years have brought on a number of factors — such as economic and technological disruption — that have resulted in major changes to members’ needs and expectations.

Luminus Financial, a credit union headquartered in Toronto, Ontario, with over 6,000 members, has navigated the vicissitudes with its members as its north star. With a membership that expects more digital offerings, the credit union is strategically innovating its operations, incorporating technology and business process automation across the organization.

“Even before the COVID-19 pandemic, we were already planning to lower our physical square footage in Ontario — becoming more virtual is in our roadmap,” said Adam Kirilo, vice president, operations and finance at Luminus Financial. “Laserfiche helps fulfill those needs with backend work and helps staff complete transactions that were historically done in person. We’re doing it much more easily in a more virtual environment today.”

A merger with another financial institution in 2015 sparked the need for an electronic records management system that would digitize all member documentation. Since then, the Luminus team has uncovered new efficiencies from having Laserfiche as its system of record, as well as building multiple automated workflows to support the increasingly virtual environment.

“As a credit union, we have lots of documentation for each of our members,” Kirilo said. “A typical long-term member can have upwards of 10,000 pages dedicated to them due to mortgages, loans or new accounts — and each type of document has a different retention obligation. From the get-go, our goal has been to get all of that documentation digitized and easily searchable, to make our staff’s jobs easier and so we can be more efficient in serving our members.”

That vision for digitization extended beyond going paperless, however. The Luminus IT team, working with Laserfiche solution provider Document Direction, also aimed to transform manual processes with Laserfiche — seeking to eliminate cumbersome, repetitive tasks through automation.

Member onboarding was an obvious target, as the process requires:

In Luminus Financial’s member onboarding solution, credit union employees gather the necessary member information and input it into a Laserfiche form, which is routed to another employee to review before the PDF is sent to the member for signature through DocuSign. The signed document comes back to Luminus and is automatically filed into the organization’s repository as well as into the core banking system.

“Laserfiche has revolutionized our ability to manage documentation and processes,” said Kirilo. “We have uncovered significant new efficiencies and reclaimed time from dealing with inconsistent information and manual processes.”

The team built on this success by automating the wire transfer request process, which has similar requirements.

“Wire transfers — specifically the instructions for them — can be very complicated, because a lot of them come from different countries from around the world,” said Tyler Ferris, manager, accounting and business intelligence at Luminus Financial. “For that reason, our staff collects the documents from the member up front and enters the necessary information into a Laserfiche form.”

Once the form is submitted, a PDF is generated and sent for signature before Laserfiche routes the document through the wire processing department. “Those employees get a Laserfiche Forms task saying that there’s a new wire transfer,” Ferris described. “They are able to see certain details, view the signed form in the repository, and once they process the wire transfer, they get a PDF receipt which they upload to the Laserfiche form. All information is kept together in the repository in the member’s folder, with the relevant metadata applied.”

“For wire transfers, for instance, sometimes our compliance team will need to review transfers over a certain dollar threshold,” Ferris said. “They can easily search between specific dates, for amounts or between amounts — all based off the wire transfer metadata.

“Audits are easy to administer for us; we don’t have to move documents to a different system,” he added. “It depends on the audit and who is conducting it, but we can provide a login to a repository that does not contain our members’ personal information, and revoke access when the audit is over. Or we’ve also done audits where we collect all the documents needed in a folder and upload them through a secure portal of a third party as required.”

The Luminus Financial team has seen a lot of success optimizing processes across the organization, including completely back-office processes that simply make everyday tasks a lot easier to manage. One such process that which allows board members to vote on motions virtually — a result of in-person board meetings coming to a halt during the pandemic. Executive management members can upload a document, send it out to the board for approval or for a vote, and then each board member can log into Laserfiche Forms and submit their vote.

The process, which used to be done via email, was cumbersome and lacking in standardization. “We wanted to automate it so we’d be able to provide a list every month, make sure motions were approved or voted on, and also put in the minutes for the meeting,” Kirilo said. “Also, the system needed to be able to retain that record in a secure manner, rather than sending it through email.”

The breadth of processes the team has been able to automate is also a testament to the usability of Laserfiche: “It’s very low-code,” Ferris said. “I picked it up very easily. Laserfiche provides great documentation and resources, and it’s easy to learn, especially when you understand how your organization’s data flows and where it needs to go.”

Today, every Luminus employee touches Laserfiche daily in some capacity, including:

The team’s digitization and automation efforts have laid a strong foundation for upcoming initiatives. Looking into the future, the credit union aims to create an omnichannel experience for members that continues to deliver high quality services in an efficient matter, no matter what channel through which a member prefers to interact with the organization.

Rehmann’s wealth management practice must coordinate a lot of moving parts across its offices in Michigan, Ohio and Florida. In addition to advisory services, the firm operates as a broker-dealer, a role which greatly expands its compliance obligations. Coordinating workflows across those services to ensure advisors across branches follow rules around conflicts of interest and suitability is only half the battle. Having documentation readily available to prove compliance adds another layer of complexity.

In Laserfiche Forms, the firm has found a flexible tool capable of streamlining data collection and reporting, as well as shaping the design of workflows in ways that make them less prone to human error and easier to audit. “Our biggest challenge with Laserfiche Forms tends to be keeping up with demand for new ones,” said Amy Flourry, Rehmann Wealth director of operations.

The ability to connect information across different parts of the client life cycle has enormous potential to improve processes throughout the business. Digital onboarding became an area of intense focus during the pandemic, when the ability to meet clients face to face became limited. For Marla Masters, strategic business analyst for the Wealth Management team, digitization was just the first step in a journey toward a more streamlined process.

“With the old system, our associates had to enter the same information multiple times to get it from the CRM and into Laserfiche,” Masters recalled. “Now, we’re able to use the same data, so when our associates enter information about a lead or a prospect, it’s still available as they transition to a client.”

The ability to automatically populate onboarding forms makes the process faster and easier for associates and clients alike. That streamlining means the firm can make the best impression possible on new clients right away, while giving support staff more time to put toward higher-value tasks. The firm can also use the information it collects to automatically file compliance documents, such as those identifying the beneficial owners of entity clients, yielding further back-office efficiency gains. With these integrations in place, Rehmann opened 600 new accounts and brought in $400 million in new assets in 2023 alone.

In addition to new account opening and onboarding, Rehmann has automated several other processes across the organization, including:

Compliance is a major concern for broker-dealers. Conducting audits used to be a resource-intensive process that involved harmonizing physical files in multiple locations. If the firm identified a compliance concern, it would then have to go back and fix things after the fact, which could be a complicated process.

Now, using Laserfiche Forms, Rehmann can put guardrails around processes that help the firm identify and fix problems while processes are still ongoing. As a result, many issues can be corrected on the fly, as opposed to having to go back and redo a process from scratch.

The firm has also leaned on the expertise of the consultants at CDI, a Laserfiche solution provider that offers training and technical resources to help implement large-scale system changes like the Salesforce transition. This ensures that organizations have the best available tools for their current needs. As a result, Rehmann’s success in building more efficient processes continues to build momentum. The low-code tools and solution templates available for Laserfiche Forms have made it possible for Masters to continue to refine the firm’s tools and processes further to make them more dynamic and user friendly. These solutions have reduced implementation time for new, automated processes from six months to approximately 30 days, freeing up IT resources to focus on strategy, rather than implementation.

In one recent example, Masters reconfigured the firm’s Excel-based trade ticket process to work via Laserfiche Forms. Rather than having to send emails to the right people and collaborate on a spreadsheet, associates can manage trade requests through a form-based system that requests information dynamically, driving an automatic escalation process to ensure trades are compliant and routing forms to the appropriate people for confirmation. At the end, trade tickets are saved automatically to client files.