PORTLAND, Maine -

Paper and forms sometimes still are a major part of auto financing, especially in connection with servicing and loss mitigation processes that are normally handled by people in the middle and back office who rely on manual processes and green-screen technology.

Constant is leveraging its latest partnership to help modernize those operational segments.

On Wednesday the provider of digitized, self-service technologies for banks and credit unions, announced a partnership with Alkami, a leading digital banking solutions provider.

Constant and Alkami are working together to deliver a “transformative” solution to enhance digital loan servicing and loss mitigation for banks and credit unions across the nation.

Despite the digitization of the front office, Constant explained that back-office practices sometimes can result in a delay in response times, costly errors, lost files, and increased non-compliance risk. With regard to hardship relief, Constant pointed out that clients and borrowers would need to call their banks, visit a branch or send an email to get payment assistance when experiencing financial hardship.

Constant and Alkami acknowledged wait times can be extreme, depending on the volume of requests. 

“Our partnership with Constant is an exciting venture and one that will give us the opportunity to offer banks and credit unions in our client community a platform that digitizes antiquated, manual, back-office processes so borrowers can access debt payment relief and financial wellness information around the clock,” Alkami co-founder and chief strategy and sales officer Stephen Bohanon said in a news release distributed by Constant.

“Constant will help us deliver an enhanced digital experience that will empower our clients and their customers or members to obtain debt payment assistance seamlessly. We are thrilled to have them as a member of our Gold Partner Program,” Bohanon continued.

Constant, through the partnership with Alkami, will offer its hardship relief and financial wellness solutions to Maine-based cPort Credit Union. Constant’s self-service features will be available to cPort members as an extension of their existing online banking experience.

As the first credit union in Maine to offer expanded, digital loss mitigation services to its members, executives said cPort is delivering on its commitment to operate responsibly and generate long-term value and stability for those that need it most in the local community.

“When it comes to financial hardships, asking for help can be difficult. We care deeply about the communities we serve so making it easy for our members to connect and get the help they need was important to us,” said Kelsey Marquis, senior vice president and chief financial officer for cPort Credit Union.

“Constant allows us to deliver on our commitment to continuously drive innovation and provide leading-edge solutions to meet our members’ changing needs with the honesty, respect and fairness our members expect from us,” Marquis continued in the news release.

Constant chief executive officer Catherine York Powers reiterated the company’s mission while adding how the partnership with firms such as Alkami can result in client relationships like the one with cPort Credit Union

“With increased consumer protection scrutiny and borrowers demanding faster turnaround, servicers will need to refresh their strategies for managing customer and member interactions, retention and sustained financial hardships,” York Powers said. “As payment assistance, forbearance, and foreclosure relief come to an end, there is urgency to make those preparations to prepare for increased delinquency trends and avoid unnecessary consumer harm wherever possible.

“We are both encouraged by Alkami’s decision to tackle that responsibility proactively and are excited to support them and their clients,” she went on to say.