LAUREL, Md. -
For members needing assistance, the traditional strategy had been to greet the member, sign them in by hand, and note the time and requested service. When finished with each member, MSRs would initial each entry and write down a completion time. At the end of the day, an employee would calculate the wait and service times and manually enter the data into a spreadsheet. Even with hours of inputted data, Tower Federal managers still couldn't determine average member wait time without more work.
With some 117,000 members, the $1.6-billion credit union had both internal and external reasons for wanting to improve its processes. Seeking a solution that would address the issues and deficiencies it had identified, the $1.7-billion Tower Federal turned to Financial Management Solutions, Inc. (FMSI), of Alpharetta, Ga., for help. FMSI provides a Lobby Tracking System tool provides data on when, where, how and why members were coming to each branch.
"It automates the member traffic," explained VP Steve Camp.
Specifically, the Lobby Tracking System that Tower FCU deployed in mid-May monitors the number of members visiting for non-teller services, the purpose of their visit and their wait time (including in real time), who is serving them, what products are being sold and the length of each session. Camp said LTS is displayed on screen for all credit union employees to see, allowing them to quickly react if a member waits too long and to greet them by name. The user interface for MSRs and lobby staff includes drop down menus with various products and services for potential cross-sells. Camp noted that he can "sign into each branch and see which members are there."
Camp said Tower Federal has also tested the solution at a branch that doesn't have a full-time receptionist. Members can access a kiosk near the reception desk to enter their name and account number and the reason for their visit.
"With a kiosk, they can help themselves if the receptionist is too busy. A member service representative might get to them before the receptionist," Camp said.
According to Camp, Tower Federal is also using the Lobby Tracking System to assist with better staffing at the branch level, as management can track traffic levels in each of Tower's 12 branches to determine which members are going where and if more tellers or MSRs are necessary and during what time of the day. In fact, Camp said one branch that had been operating with extended hours until 8:00 p.m., but the Lobby Tracking System showed only two members typically visiting the branch during the 7 p.m. to 8 p.m. hour. Camp said management has recommended to the board that the branch close at 7 p.m., a move that could potentially save the credit union $100,000 per year.
"LTS showed how many members were visiting. It's amazing that someone hasn't rolled something out like this before. It's definitely needed," he said.
Camp said TFCU paid approximately $20,000 to launch the LTS software and achieved a positive ROI in about five months. Moreover, the software has shown the credit union where it can cut on position. "That will pay for it right there," he said.
Camp added that an additional benefit of LTS is that if a member isn't satisfied with a visit even two months prior, he can use the system to learn when they visited and which MSR met with them, to determine a proper course of action.
FOR MORE INFORMATION
www.towerfcu.org
www.fmsi.com
