Credit unions pride themselves on service, a key point of differentiation when compared to banks. Yet the person that most members interact with, the teller, has traditionally been relegated to heads-down, data entry tasks to process deposits.
The notion of transforming tellers into sellers and branches into marketing outlets to maximize "relationship value" has been around for decades. A significant impediment has been the transaction-processing tether that has limited the teller's role to data entry and greeting the next person in line.
The advent of Check 21 has enabled the automated processing of deposits through Teller Image Capture (TIC). Teller Image Capture software allows check images to be captured directly at the teller station, and then electronically sent to a central processing site. With TIC, members hand the checks they wish to deposit to the teller, who drops them into a small footprint scanner. TIC software activates image capture of both sides of the checks, automatically recognizes check amounts, and automates the reading of account and transit information from the MICR line on the bottom of the check. The software then ensures that the deposit is balanced while the member is still present in front of the teller.
The result is a significant reduction in keystrokes, which means the teller has more time to focus on member service. The extent to which the teller may spend time on service depends on individual credit union strategy. An excessive period of time with each member can increase queue length and have the opposite effect of reducing perceived service quality.
What astute institutions are doing is using the time saved from keystrokes to automatically pull down member profiles from CRM systems that prompt tellers to suggest alternatives, and refer members to others in the branch. Some tie teller compensation to the number and quality of such internal referrals. In addition, automated vetting and balancing of deposits at the point of entry virtually eliminates errors from manual data entry. Fewer errors mean fewer adjustments and notices sent to members, which again contributes to better member satisfaction.
The business case for TIC is not based on service benefits alone. There are significant savings from reduced transportation, eliminated back-office functions and accelerated float.
As credit unions increasingly compete with banks for "wallet share," they are wise to lead with their core competency of member service. Well-executed member service combined strategically with Teller Image Capture, succeeds in turning tellers into your most effective front-line sellers.
Vijay Balakrishnan is COO of VSoft Corporation. For info: www.vsoft.com.
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