Technology CU Finds Cost Savings, Credit Union Commitment in Online Services

While Technology Credit Union (Tech CU) knows where to find good value in its online services, it also knows how to make use of that cost savings and technology expertise to take member satisfaction to the next level. Tech CU is using their insight in effectively serving the needs of technology-oriented members to promote a cooperative spirit among other technology-driven credit unions.

 

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While Technology Credit Union (Tech CU) knows where to find good value in its online services, it also knows how to make use of that cost savings and technology expertise to take member satisfaction to the next level. Tech CU is using their insight in effectively serving the needs of technology-oriented members to promote a cooperative spirit among other technology-driven credit unions.

Based in the San Jose, Calif. area, Tech CU serves more than 1,200 members from technology select employee groups (SEGs). More than 75,000 members make up those SEGs. And those are members who aren’t shy about using their credit union’s Internet-based services. For example, a whopping 65 percent of Tech CU’s members used home banking last year – a 26.5 percent increase over the year before. Bill payment usage increased by 55 percent from the year before. And eStatement adoption increased nearly 10-fold.

“Because our members are technology minded, we provide a comprehensive set of online capabilities,” said Michael Luckin, senior vice president of delivery systems. “We have to do that. One of the reasons for our increased success has been our ability to implement new capabilities and functionality more quickly and at a competitive cost.”

Luckin adds that this is due primarily to its conversion to the MemberBridge™ platform in October of 2002. “Before MemberBridge, we didn’t have as much flexibility or control,” he said. “The cost savings of doing our own customizations have been huge – and are a significant benefit to us,” said Luckin. “We were able to integrate a number of services ourselves that otherwise would have been costly had we not converted to MemberBridge.”

Available through corporates as part of the MemberStreet® product line, the MemberBridge software connects host systems to end-user Internet services such as home banking, bill payment and loan solutions. It acts as a translation gateway that supports and centralizes these applications.

Tech CU takes its success with online services to the next level by participating in a MemberBridge consortium. “In the cooperative spirit of the credit union community, we share best practices with other credit unions,” explains Luckin. The consortium frequently shares ideas and brainstorms to identify future initiatives.

The consortium even exchanges software code information from time to time. “We wanted that commitment,” said Luckin. “It’s hard to explain the credit union allegiance to a vendor who is not focused on credit unions. We know that our unique challenges and needs will be met by working with a provider that is a part of the tightly-knit credit union community.”

MemberBridge fosters a distinctively cooperative credit-union setting because its roots were established in the credit union community by the members of Open Financial Solutions (OFS). OFS is a credit union-originated association that was assembled to develop solutions to encourage economies of scale, and to share technology successes, exclusively for the benefit of the credit union community.

While Tech CU doesn’t know how technology will change in the future, it does know that technology will change. And it knows that MemberBridge will help it meet the changing needs of its members.


For more information contact Michelle Young  (888) 872-0440, ext. 6088

 
 

Feb. 9, 2004


Comments

 
 
 
  • We have been doing Vendor research and recently met with Memberstreet to discuss their product. This was very interesting.
    Anonymous
     
     
     
  • Need more information on specific changes that were done to implement high adoption rate. Article appeared to be a mere ad for MemberBridge.
    Anonymous
     
     
     
  • falquetra@yahoo.com
    Anonymous