IRONDALE, Ala.—Redstone Federal Credit Union had a problem.
Employees of the $3.8 billion institution here were spending too much time on paperwork. A technology turnabout, however, has resulted in decreased paper costs, increased employee efficiency and happier members.
"We had an archaic system in place and we needed a solution that was capable of growing with us," said Redstone FCU's Manager, eCommerce Application Support Kelly Gustafson. "We needed to automate processes. We were requiting a lot of man hours."
Gustafson explained that many of the CU's approximately 850 employees didn't like the old document management system because it was becoming increasingly difficult to quickly access critical documents.
After exercising due diligence, which included a lengthy vendor RFP process, Redstone FCU selected Hyland Software Inc.'s OnBase solution. The CU then connected OnBase with its core, The Complete Credit Union Solution (TCCUS), which was developed by Open Solutions Inc.
"Technology and member expectations are always evolving, that's why credit unions need an ECM solution (or document management solution) that has the ability to adapt and grow with the credit union, one that easily integrates with any core banking solution and other key line of business systems," said Hyland's Financial Services Global Marketing Portfolio Manager Michelle Harbinak Shapiro. Shapiro said that when a CU evaluates a document management or ECM solution, there are several questions to consider:
- How well does the product's functionality match specific business requirements?
- What is the expected return on investment?
- What other systems can this product integrate with?
- What are the costs required to implement and use the solution? How easy is it for employees to learn and use?
Before Redstone integrated its core with OnBase, Gustafson said users either had to sort through folders and file cabinets or log into OnBase separately to find the information they sought, which resulted in service delays.
"Now, we have a real-time, live interface for sending and retrieving documents from OnBase while employees are in the core system," said Gustafson. "OnBase helps our front line staff serve members faster. Statements, checks, death certificates—everything they need is right in front of them."
Once efficiencies increased, CU executives looked for other ways to expedite processes. Redstone, with 24 branches and more than 380,000 members, also linked its online banking system, Digital Insight from Intuit, and its customer relationship management system, IMC from Open Solutions Inc., as well as its accounting department.
The result was less waiting for members—whether they visit a branch office, call on the phone or access accounts online, noted Gustafson. "Employees don't have to call another department and ask for help any more. "They can serve themselves and members faster because they have so much information at their fingertips."
Shapiro said OnBase's scaleable solution has been used at financial institutions with assets ranging from $30 million to $72 billion. She added that OnBase is both hardware and core agnostic. The company also offers in-classroom training, instructor-led, interactive online education and self-paced courses.
From discovery to implementation and rollout, Schapiro said the process could take, on average, eight to 12 weeks. "It depends on the scope of the project and the credit union's internal resources. For instance, how many departments or business units are initially impacted, is there a back file conversion needed, etc."
For Redstone, Gustafson said the biggest benefit has been cost savings. Previously, the CU relied on paper and spreadsheets for contract approval. With more than 1,500 vendors, the system was cumbersome.
And before the TCCUS and OnBase integration, the loan-payoff process was manual and time consuming. On average, the CU has 100 pay offs each week. The old process required staff writing a letter to the member informing that there loan was paid off. Next, they had to print a second copy, scan it into OnBase and fill out multiple fields to confirm the payoff.
Today when a payoff occurs, TCCUS automatically generates a letter for the member that is printed and instantly stored in OnBase.
"The integration of our core system and OnBase completely eliminated the manual process of filling out paperwork, scanning and re-entering information," says Gustafson. "The team loves it."
