Gaining Return on Investments: Tools for both Staff and Members

When debating the potential impact of the Internet five years ago, the two polar positions were: It's just another channel versus The Dot.com revolution will put the traditional financial service firm out of business.

 
 

When debating the potential impact of the Internet five years ago, the two polar positions were: ''It's just another channel'' versus ''The Dot.com revolution will put the traditional financial service firm out of business.''

Neither extreme has occurred. The Internet is continuing to change the way consumers access self-service solutions. U.S household broadband projections (Cable modem, DL, and other broadband connections) are expected to double to 40.8 million households in the next four years. As more and more members continue to access your credit union's website it has also changed internal processes in all channels through the efficiency of web-based applications.

Many of the new applications such as account aggregation and A2A transfers can be expensive, even if provided in an ASP model. Software fees plus installation costs can be tens of thousands of dollars per month. The key to achieving a satisfactory return on this investment is often a function of how quickly and extensively members will use the technology.

One strategy to minimize risk for new technology is to look for applications that can be used as a tool by both employees and members. For example a Knowledge Base Management solution with is an interactive encyclopedia of all your credit union's knowledge. Everything any of your members or staff might want to know, available 24 hours a day on the Internet, in one central, searchable hub.

Sheryl Lueckel, director of operations at HAPO Community, a $315 million credit union in Richland, Washington with 50,000 members, has been using a knowledge base soultion since January of 2003. HAPO first turned to a knowledge base application in order to provide an instantly accessible resource of policies for staff members. ''We had high hopes for it internally,'' said Lueckel, ''we just didn't realize it's external potential.'' ''Our number of users is unbelievable,'' she added. Only four and half months after launch, HAPO has responded to over 30,000 inquiries. Of those 30,000 inquiries, only 500 required a staff member's individual reply.

To learn more about Knowledge base and other emerging solutions turn to Callahan's 2003 Credit Union Technology Survey publication. In it's 11th annual edition the Technology Survey provides in-depth articles and case studies on important technology issues affecting credit union strategy including data processing and e-channel strategies. The e-strategies section of the Technology Survey also contains articles and case studies on Internet home banking, e-statements, bill pay, A2A transfers and more. The resource also features a comprehensive listing of vendors/providers who currently offer these solutions. Click here to learn more and pre-order your copy today!

 

 

 

July 7, 2003


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