Shastic, the leading provider of workflow automation solutions for financial institutions, has announced the launch of Mago™, an innovative AI-Workflow-Automation platform designed to transform operations at community-based financial institutions. This all-encompassing automation platform promises to significantly enhance workforce efficiency, allowing institutions to achieve unprecedented productivity without hiring additional staff.
Expanding Workforce Capacity Without Additional Hiring
Unlike conventional platforms that automate a single process, Mago offers end-to-end workflow automation, enabling institutions to streamline entire workloads. This means banks and credit unions can augment their existing teams and replace time-consuming, manual tasks with automated processes, eliminating the need to increase full-time equivalent (FTE) positions.
Mago enables organizations to scale their workforce exponentially without growing headcount. This dramatic increase in productivity addresses the most important and critical challenge faced by financial institutions in 2024 — delivering more value to customers and members despite staffing limitations and operational constraints.
Shastic’s Vision: Moving Beyond Automation
Mago is not just about automating tasks; it is about enhancing productivity and moving our industry forward. By integrating Generative AI with workflow automation, we have created a solution that delivers ten times more efficiency, transforming everyday work life for financial institutions and giving time back to their teams to focus on more meaningful interactions with members.
Shastic envisions Mago as a game-changer, empowering financial institutions to reallocate their staff’s time to more valuable work — such as building relationships with customers, deepening engagement with members, and driving long-term growth.
Accelerating Financial Operations with Mago
Mago delivers impressive performance metrics, cutting processing times by 85% across various financial operations. This efficiency makes common processes 6.7 times faster compared to traditional workflows. The platform’s automation capabilities extend across key operational areas, including:
- Lending processes – Automates tasks from loan applications to funding, with the exception of underwriting.
- Onboarding new members – Streamlines the member intake process, creating a smoother customer experience.
- Collections practices – Facilitates automated follow-ups and repayment reminders, helping manage overdue accounts efficiently.
- Mass marketing campaigns – Automates outreach efforts, ensuring personalized, large-scale communication with minimal manual input.
Unlocking Time for Meaningful Work
The flexibility of Mago ensures that institutions no longer need to be limited by manual bottlenecks. Employees can shift their focus from administrative tasks to more impactful roles — such as personalizing services, consulting with clients, and developing innovative financial products.
Gomez believes this shift is essential for the industry’s future: “AI-enabled automation creates opportunities for financial institutions to engage with customers in new ways. By minimizing time spent on routine operations, banks and credit unions can strengthen relationships, improve service quality, and unlock new growth opportunities.”
Meeting the Needs of a Rapidly Evolving Industry
Financial institutions, particularly smaller ones like community banks and credit unions, often operate with limited resources. Mago equips these organizations with the competitive edge they need to thrive in an increasingly complex market. By automating labor-intensive tasks, these organizations can reduce operational costs, stay compliant with evolving regulations, and maintain high service levels.
Furthermore, as customer expectations shift toward faster, more seamless experiences, Mago ensures institutions can keep pace by enhancing efficiency and reducing delays. This capability is especially valuable in areas like loan processing, where speed and accuracy are crucial to maintaining customer satisfaction and retention.
A New Era for Banking Automation
Shastic’s introduction of Mago marks a significant milestone in the evolution of financial technology. As GenAI continues to reshape industries worldwide, platforms like Mago demonstrate the potential of AI-Workflow-Automation to streamline banking operations. With its ability to reduce FTE needs while increasing productivity exponentially, Mago sets a new standard for what financial institutions can achieve through automation.
In summary, Shastic’s Mago offers more than just operational improvements — it democratizes access to AI-Workflow-Automation for community-based financial institutions. By freeing up human capital and enabling financial institutions to scale effectively, Mago helps banks and credit unions unlock new possibilities and meet the challenges of tomorrow’s financial landscape.
As the financial sector embraces digital transformation, Mago positions Shastic at the forefront of innovation, ensuring its clients are equipped to lead in a rapidly evolving market.
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Joseariel Gomez, Founder and CEO
Joseariel Gomez is the founder and CEO of Shastic, an AI Workflow Automation solution that allows financial institutions to automate and significantly speed up banking processes while maintaining a personal touch. As CEO, Gomez oversees all departments at Shastic and takes part in designing Shastic’s platform itself. Gomez founded Shastic in 2009 and has directed its growth for over a decade. Gomez’s design of Shastic’s platform combines workflow automation with artificial intelligence to deliver thousands of highly specialized banking jobs without requiring an increase in headcount. The platform democratizes access to a state-of-the-art AI-driven Workflow Automation for community-based financial institutions. Gomez has spoken at several industry events and conferences, including MeridianLink User Forum, Access Softek Client Conference and TruStage, formerly CuneXus Symposium. Before founding Shastic, Gomez worked at Merrill Lynch as a Financial Advisor Assistant. Gomez earned his bachelor’s degree in financial management from Tecnológico de Monterrey. His ideas have been featured in Bank Director, Bank Automation News, Credit Union Times, The Credit Union Connection, PROGRESS in Lending, Scotsman Guide, CUBroadcast and The BIGCAST.
