As credit unions rush to beat postage hikes in a souring interest rate environment, electronic delivery
Callahan recently predicted that 70% of CUs that don't offer e-statements plan to do so in the next year. But there's a
With a $7,500 homespun e-statement product going live next week, MacDill FCU's has made the technology itself
Electronic delivery can save anywhere from 10 to 40 cents per statement. With cost savings in mind, the $900-
While the sizable initial investment for in-house purchased solutions can be recovered as the program becomes more
And the initially affordable ASP model also cuts postage costs but quickly loses its attraction. "Vendors charge on a
Instead, the 132,000-member MacDill FCU forged its own path, copying the existing code from its paper statement
"It really wasn't all that labor-intensive," reported Slawin. "We had already done all the hard work by producing the
With a $5,500 dedicated PC and $2,000 in software, the the credit union has saved a bundle. In addition, the
To top it off, the MacDill FCU version is entirely customized. "None of the vendors offered the total solution we
By retaining control over the program, MFCU was able to have its cake and eat it too: the application incorporates
Projected Savings of $125,000
Slawin expects about 10,000 members to elect electronic delivery by 2003, eventually capping out at a user base of
Slawin is quick to point out that enhanced member service, not just increased savings, is a strong force behind the
"While the cost savings should be great, that was not our motivating factor," Slawin said. "It was to provide better
The 190-member beta test is showing all systems go; however, the trial has raised a legal dilemma.
"The only issue we're wrestling with is whether or not to attach the monthly newsletter to the e-statement,"said
Before live deployment Feb. 1, the credit union will either push the newsletter, "or come up with another mechanism
Marketing opportunities are another matter still under discussion. E-statements are touted as revenue generators-CUs
"We've discussed it but we haven't come to any firm conclusion. E-statements are a great opportunity to