Nutmeg State Federal Credit Union (NSFCU) has a long history of financial service and innovation. This Connecticut-based credit union was originally started in 1935 by employees of Southern New England Telephone which is now part of AT&T. Even in the best of times, credit unions must steadily grow membership to survive, and over the years NSFCU has continually expanded its scope and services. In addition to opening its doors to AT&T, NSFCU also serves over 215 select employee groups, and the communities in and around Hartford County. For nearly seventy-five years the credit union has continued to exceed the expectations of its members.
Less Paper, More Service
You would think a financial institution with such a long history would be buried under stacks of paper, but just the opposite is true. NSFCU recently started on the path to eliminate paper by offering electronic statements to its members. Once members opt-in to e-statements they are given access to a fully customized portal where they can view, download, and print their statements, and peruse a complete history of their activities and transactions.
According to Carmelo Roldan, NSFCU's Vice President of Information Technology, the move to electronic statements has not only helped reduce the printing and mailing costs associated with members statements, but it has also enhanced the level of service the credit union can offer.
Business Benefits – turnaround, adoption and archive
In addition to relieving the paper burden, NSFCU is enjoying a number of other important benefits as a result of offering e-statements:
e-Statements are Faster
Carmelo Roldan is quick to point out that members receive their electronic statements more quickly than they do the printed and mailed version. "They generally receive their items on the second day of the month…which is a phenomenal turn-around time. It could take anywhere between seven and ten days to get the printed version into the members hands. We are able to get the e-statement prepared much faster – typically within 48 hours or less; which is dramatic."
E-adoption on the Rise
NSFCU currently has about 5,000 e-banking members, and the adoption rate of electronic statements is steadily growing. "The numbers are definitely increasing," says Carmelo, "and the fact that we get an e-mail every day letting us know how many members have signed up lets us keep track of that very well." Rising rates are encouraging, since the credit union has just begun to ramp up member incentives and promotional efforts to increase e-statement adoption. "We are marketing our electronic statements a lot more to our members now," says Carmelo, "increasing the frequency in which we tell people that have paper statements to convert. Eventually we will provide an incentive for those members that use all of our electronic services where we give them a higher savings rate or a lower interest rate on a loan."
As head of IT for NSFCU, Carmelo Roldan is also impressed with the archive abilities, "We have the ability to archive statements for a much longer time. Typically in a banking environment you usually have statements for 30 – 90 days, and it's valuable to have a lot more than that."
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