Credit unions can achieve measurable benefits through reduced operating costs, improved branch efficiencies, and better user experience through implementation of paperless support of both member-facing and internal business processes and workflows.
Let’s take a look at the ease with which this transition can be initiated and the impact it can have on credit union and member alike through the eyes of a couple credit unions that started with paperless teller receipts.
Minimize Implementation Burden
The implementation for Pacific Transportation Federal Credit Union ($69.7M, Gardena, CA) and Diablo Valley Federal Credit Union ($30.7M, Concord, CA) was simplified by selecting Millennial Vision Inc.’s receipt capture system. MVi’s RCS is compatible with most core data processing systems, so they were able to maintain their existing core and provide a simple modification to receipt capture as a plug-in to their core. Both credit unions also added Wacom’s STU-530 natively supported color signature pads, which are natively supported by RCS, to capture member signatures.
Reduce Paper, Increase Member Convenience
For Pacific Transportation and Diablo Valley, the direct and indirect costs for them to print, handle and archive paper receipts were minimized. As part of the new process, members electronically sign receipts on Wacom STU-530 signature pads and choose a printed or emailed receipt. Receiving receipts by email is a benefit appreciated by the members, and since a majority of members choose this option, they are also contributing to the reduction in paper use.
PTFCU members have provided positive feedback about signing electronically and having the choice for receipts. Thomas Brown, IT Director for PTFCU says, “We wanted a modern, fresh look at the teller line to update the member experience. The signature pads met our objective of visual appeal and color messaging, and we found an interesting member benefit in the physical signing experience. Members say the new pads sign ‘just like wet ink on paper.’”
Maximize Investment, Promote The Brand
Diablo Valley wanted to get the most out of its paperless initiative. Diablo added an optional marketing module offered by MVi to augment the RCS and Wacom bundle. The add-on module utilizes the color LCD of the signature pad to stream current promotions and offers to members when not actively being used to collect a signature. This allows Diablo to have the signature pads working productively for them 100% of the time, providing better service to members and delivering greater ROI to the credit union.
When MVi’s RCS saves a receipt, it can save the entire receipt — including all the data, plus the member signature — as a single image file. This increases the robustness of an archival system and helps support compliance objectives.
Diablo Valley CEO John Pamer says, “The MVi marketing module added an extra visual impact that projects a consistent branding and marketing message.” And Joel Hess, senior member service representative, adds, “When members see how realistic their signatures are and how easy and flowing the digital pen is, they tend to take a little more time and provide signatures truer to their pen-on-paper signature. We are actually starting to see legible signatures on our documents once again which is great from a compliance and archival standpoint.”
In addition to the unique wet signature feel, the Wacom signature pads capture biometric data in the signature that can be used to verify signature validity because they create a profile as unique to each signer as their fingerprint.
Paperless Pushes On
Paperless workflows and the trend toward the paperless credit union continue to trend upward. Yet for some, there may be still be some concern about the potential complexities and the benefits of pursuing a paperless initiative. It may seem daunting, but it doesn’t have to be — some processes, like teller line transactions can be converted fairly simply. And the benefits extend well beyond just the cost savings of paper.
Wacom is the world’s leading manufacturer of signature pads, interactive pen displays and other digital input solutions. Wacom is the choice for many progressive financial institutions worldwide — addressing their needs in teller line transactions, new account openings and loan applications. For electronic signature capture and electronic forms completion, Wacom’s products improve cost and workflow efficiencies while providing a natural and engaging experience. For more information, please visit Wacom at signature.wacom.us
About Millennial Vision, Inc.
Salt Lake City-based Millennial Vision Inc. (MVi) was founded in 1996 with a mission to provide quality products and services in the document management sector. Its vision is to help organizations “go paperless,” committing to deliver technologies that empower staff members to create efficient document workflows. MVi offers more than imaging with a product suite that enables customers to replace paper-based processes with digital document management. For more information, visit www.mviusa.com or call 801-277-6686.