7 minutes
Sponsored by Fiserv.
CUES member Ronaldo Hardy, CEO of $30 million/3,200-member Shell Geismar Federal Credit Union, Geismar, La., and his management team were acutely aware of the changes the credit union needed to make to excel in the current financial environment and to attract and retain members, especially millennials.
Branch traffic had been waning as members adopted new ways of conducting financial transactions, and the credit union needed to serve those members’ needs or risk losing them. Because not everyone can get to the branches when they are open, online and mobile applications were becoming the choice of more and more members, including millennials, who are a key demographic for the credit union.
CUnify, a real-time account processing system with integrated digital solutions, proved the right combination because it makes web banking easy for members and offers responses in less time than ever. The credit union cited the member-centric relational database and automated processing as major factors in its selection of CUnify.
Looking Toward the Future
Shell Geismar FCU had done all it could with the account processor it had been using, but the credit union wanted to grow – to scale from about $30 million to $500 million in assets. Because of its aggressive goal, the ideas management had for the future and the changes in the population in its Louisiana location, Shell Geismar FCU needed to find a more advanced credit union-focused account processing platform. Hardy said he and the management team made sure the next account processor would keep up with their credit union and help it grow to the next level.
CUnify has the features and functions Shell Geismar FCU sought, all in a modern, member-centric system that gave the credit union confidence it could grow swiftly and strongly. The access to web banking, bill-paying capabilities and quick response times were in line with the credit union’s needs.
The staff was especially impressed with CheckFree® RXP® from Fiserv, which gives retail locations the ability to offer walk-in bill payment services to members, and Popmoney® from Fiserv, which enables members to make person-to-person payments electronically.
Implementing digital technology has helped the credit union attract younger members. The average age of Shell Geismar FCU members has dropped by two years, and 80 percent of new members are millennials.
Still, the acceptance rate of new technologies has been high across all generations. Shell Geismar FCU took the time to thoroughly train staff to help members with its products, and even non-tech-savvy members and older generations now embrace these products and engage with the credit union in multiple ways.
Understanding Members’ Needs
By taking advantage of the built-in relational database inherent in CUnify, Shell Geismar FCU was able to easily extract and analyze its data to gain a complete view of its membership. The credit union realized that members who use digital solutions are more profitable. Also, those who use digital channels are more likely to see their credit union as their primary financial institution.
Life-stage products also are important to the credit union. In evaluating options for such transactions as first mortgages and personal loans, Shell Geismar FCU saw that CUnify could help it expand by supporting members at major milestones in their lives. When the options are fully implemented, the platform’s built-in marketing capabilities will make it easy for the credit union to promote its solutions to members using product demographics and transactional behavior.
As an added benefit, the inherent lending support in CUnify helps improve loan department efficiency, because so much processing is automated rather than manual. Automated lending decisions apply to 40 percent of all loans at the credit union, enabling faster decisions and requiring only a few clicks to complete paperwork.
In fact, loan transactions used to take several hours or even a whole day, but one member finished the entire loan process in just 10 minutes. The e-sign feature for automatically and securely embedding signatures in documents is especially appealing to staff and members alike. This increase in efficiency gives employees more time for conversations with members.
Partners for Growth
Although Shell Geismar FCU has been growing at a slow pace over the past 46 years, it does not intend to remain small. As Hardy says, “Small is a mindset, not an asset size.” The credit union considers the implementation of CUnify a strategic step in positioning itself for growth and success.
“We wanted to partner with an organization that would keep up with the evolving industry, making sure that we partner with the leader in the industry,” Hardy sags. “As we are an innovative organization, we like the fact that Fiserv is the same, and that relationship comes together very nicely.”
Hardy and his staff knew that Fiserv offers efficiency and flexibility in step with the way people live and work today, yet the company keeps in mind the traditional solutions credit unions still employ. The management team likes the idea that credit unions can retain their focus on being people who help people, connecting with members to give them a sense of belonging, and still operate like a 21st-century business.
The management team now consists of four members – ranging in age from 32 to 55 – who embrace the motto “innovating to achieve more.” The CU’s multigenerational board, with members in their 30s through their 60s, helps provide a balanced perspective for the credit union.
Easy Access
The capability through CUnify for integrated electronic payments, fraud monitoring and credit card processing enables members to view their information online as often as they like. As a result, the number of calls to the two branches has declined, and the calls that take place are of higher quality than time allowed earlier.
Hardy believes the always-available electronic access shows members their credit union is concerned about them and responsive to their needs. In the background, the system’s automation makes back-office processes more efficient as well.
The Best Fit
Hardy said CUnify is amazing at analyzing data. It helps the credit union build targeted marketing campaigns, and the cross-sell feature can promote offers based on specific criteria. The Shell Geismar FCU model is based on technology in every way, ensuring the credit union provides robust applications to meet members’ expectations on all fronts.
CUnify has the added benefit of equipping Shell Geismar FCU to compete successfully against alternative lenders in the market. Because Hardy and his staff know the industry needs to be proactive rather than reactive to attract and retain members, they sought and found solutions that will last and help the credit union survive in the long term, regardless of the competition.
Client Profile
Shell Geismar Federal Credit Union, founded in 1969, serves about 3,200 employees and family members of the Shell Chemical Plant in Geismar, La. The $30 million credit union serves members from two branches – in Gonzales and St. James – providing checking and savings accounts, loans and credit cards. Shell Geismar FCU’s mission is to help its members “achieve more.”
Challenge
In recent years, Shell Geismar FCU strategically expanded its brand, community presence and services in correlation with its strong growth in assets, loans and membership. To continue the momentum, it needed to upgrade its account processing technology and launch integrated digital services that increase value and convenience for members. The credit union also knew it needed to meet consumers’ growing demand for digital payments, especially if it wanted to attract and retain millennials as members.
Solution
Shell Geismar FCU selected CUnify with the integrated solution suite to modernize its account processing platform and enhance member services. With the member-centric relational database, the credit union can target loan and service offers. In addition, the functionality of CUnify enables Shell Geismar FCU to streamline back-office capabilities, moving from manual processes to a real-time, automated system. Popmoney lets members send anytime, anywhere payments electronically to other people, and CheckFree RXP enables them to receive and pay bills electronically from the credit union's website.
Proof Points
- Providing access to banking functions through digital technology has helped increase the portion of new members who are millennials to 80 percent
- Automated lending decisions now apply to 40 percent of all loans, enabling faster decisions than with manual processes and freeing staff to engage in cross-selling products and services.
- In some cases, the time to complete the loan process has dropped from nearly a full day to a mere 10 minutes.
- The number of phone calls to branches has greatly declined as members take advantage of the always-available access to information online.
For more information about CUnify, call 800.872.7882, email getsolutions@fiserv.com or visit www.fiserv.com.
