Credit Unions Tackle Paper, Boost Accountability and Compliance with ECM
In an ever-changing economic climate, more and more people are choosing credit unions over other institutions as their primary financial services partner. In fact, membership among 18- to 24-year-olds constitutes 9 percent of credit unions' total adult membership, up from 6 percent in 2006, according to the Credit Union National Association (CUNA). And use of credit union checking accounts continues to rise, suggesting that credit union membership is on the rise. Not to mention the $4.5 billion in new credit union accounts collected in one-month’s span (from Sept. 29 to Oct. 31, according to CUNA).
Credit unions also muster an amazing loyalty score 37 percent points above traditional banks, reports the survey. So for any credit union, maintaining that membership loyalty becomes paramount to retaining that membership. And that translates into stellar membership services.
Hard to do when membership files and financial documents are stored in massive vaults, dusty file rooms and rusty filing cabinets. Just ask Anheuser-Busch Employees’ Credit Union (ABECU).
“Our employees had to battle boxes and folders full of current and previous members’ documents to find what they needed,” says Stephanie Baker, LAN Services Coordinator and OnBase System Administrator for ABECU. “As a result, departmental processes – including lending, member service and HR – slowed down. Finding a single document could take up to five days. Our members deserved better.”
So do your members.
Giving Your Members More
If you’re bogged down with paper, your current systems can’t support your growth strategy, there’s a lack of accountability or compliance, and when you are undergoing systems evaluation, whether that’s searching for a new core banking system or during a merger or acquisition, it’s time to consider an enterprise content management (ECM) solution.
A smart, strategic ECM solution can help you improve member service, integrate with your core banking systems (as well as other software applications your employees use every day, like Microsoft Outlook), streamline records management and help you meet regulatory and compliance mandates.
Implementing Hyland Software’s OnBase document management solution, you can tie together disjointed, cumbersome business processes across your credit union, connecting your main branch and member files to all of your other branches. You can easily share information across departments and branch offices and automate time-consuming, repetitive tasks so that your employees can focus on delivering better service to your members. And OnBase seamlessly integrates with any core banking system, so you can rely on one application to manage all types of member content.
“(ECM) has become critical to serving members that signed up for an account in Missouri, but have moved to California,” says Baker. “And this is just one example of a business problem we encountered and were able to address because we had this ECM solution in place.”
Today, ABECU is able to communicate easier, automate reports processing and respond promptly to member needs.
Fast Facts:
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More than 550 credit union installs to date
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Have served the Financial Services industry for 20 years
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Are recognized by analysts as an industry leader
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