Paperless Alerts Save Credit Union Six Figures Annually Paperless Alerts Save Credit Union Six...

Paperless Alerts Save Credit Union Six Figures Annually Paperless Alerts Save Credit Union Six Figures
download Paperless Alerts Save Credit Union Six Figures Annually Paperless Alerts Save Credit Union Six Figures

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Transcript of Paperless Alerts Save Credit Union Six Figures Annually Paperless Alerts Save Credit Union Six...

  • Profile:

    The Challenge:

    The Payback

    The Proof

    $15,000

    $3,000

    Annual savings: approximately $150,000 Electronic alerts sent in Jan 2015: 34,167

    (855) 394-3969

    Paperless Alerts Save Credit Union Six Figures Annually

    About Cubus

    Alerts

    With more than $1.5 billion in assets, TTCU is one of the largest credit unions in Oklahoma. It offers a full array of services to more than 114,000 members accessing 16 branches in northeastern Oklahoma. The credit union offers the benefits of membership to school teachers and other education employees, students and their families, and select employee groups for most of northeastern Oklahoma’s counties.

    TTCU was sending the bulk of their alert correspondence on paper through the postal system. The printing and mailing, which was being fulfilled through a third-party vendor, was costing approximately $15,000 per month. The credit union had some aspect of electronic alerts, but they were being batched and sent at intervals throughout the day, which was less than desirable in an ‘instant’ world.

    “The original intent was to try to get our arms around the cost of printing and mailing all of our notices. We originally began looking at Cubus with a focus on another area of our operations, and during the discovery we learned about the Cubus Alerts module. We got a demo and light bulbs went off. We altered the scope of the project adding the Cubus Alerts system to the plan,” said Dan Bowling, Chief Information Officer with TTCU.

    The Cubus Solution: Alerts The Cubus Alerts solution lets a credit union automatically set up alerts they deem as important and necessary including regulatory compliance type messages, and also lets members set-up alerts such as debit card activity, account balance thresholds, loan payment reminders and much more. Members customize alert preferences such as when account balances go above or below a certain level, how many times a day to receive alerts, setup multiple email and mobile addresses and more. In addition, it provides another vehicle for marketing to members at practically no cost per impression, personally speaking to members while subtly marketing credit union services, and effectively cross-selling and up-selling without the cost of paper and postage.

    By eliminating the paper, printing and mailing, TTCU has seen the volume of printing, which was approximately 37,000 pieces monthly, go down to one tenth of that number or approximately 3,000 pieces per month.

    “Low balance, negative balance, transfer due to overdraft, regulation D and all the other things we needed to do with paper we were able to accomplish with the Cubus Alerts,” said Bowling.

    TTCU was able to automatically enroll its 30,000 online banking members into a set of alerts when it rolled out the Cubus Alerts in October 2014. Over time, this will decrease member calls to the credit union checking on transactions, balances, direct deposits, and others which will have a positive impact on operational costs. Setting up a plethora of additional alerts is easy for members through the credit union’s online banking platform. The credit union has also been promoting alerts through an email marketing campaign as well as publishing inserts into daily notices. As of January 2015, the credit union discontinued sending paper notices, which affected over 50,000 checking account holders.

    Within the first full month of implementing Cubus Alerts the credit union paid for its investment.

    Bowling stated that the credit union didn’t receive any complaints from their checking account holders when the switch was made. He noted that most of the members were happy to have the immediate and instant alerts associated with their checking account.

    in printing and mailing costs monthly prior to Oct 2014

    in printing and mailing costs monthly after Oct 2014

    Average 37,000 printed pieces monthly

    Average 2,000 – 3,000 pieces monthly

    Cubus Solutions is headquartered in Livermore, CA, and provides a powerful online banking platform for credit unions that integrate online banking, payments and finance management in one single interface. Cubus and its online banking platform were built by executives and engineers with decades of combined experience with core data systems and the banking industry. Cubus is a trusted solution provider with more than 10 years of proven success with its clients.

    About TTCU Established in Tulsa in 1934, TTCU is a $1.5 billion financial institution offering a full complement of products and services. TTCU takes pride in offering great rates and service to its membership. TTCU is one of the largest credit unions in Oklahoma, serving more than 114,000 members with 16 branch locations. TTCU is pleased to offer the benefits of credit union membership to school teachers, employees, students and their families for most of northeastern Oklahoma’s counties.

    For more information or to schedule a demo