Case Studies
Saying Yes More Often:
QualiFile® at Credit Union ONE
What if you could cut the amount time spent on applicant verification
and segmentation to just one-fifth of the time it takes now? Sound like a
dream? Michigan-based Credit Union ONE—a newer ChexSystemsSMSM
member using QualiFile®, our scored, automated account opening solution—is
seeing this dream turn in to a reality.
Credit Union ONE is the largest cooperative credit union in Michigan,
with 19 branches in three metropolitan areas throughout the state. Many of
Credit Union ONE’s 100,000 members and $750 million in assets result
from select employer programs with some larger hospitals and over 800 other
employers. As a cooperative credit union, says Mary Jane McCarty, director
of public relations, "Credit Union ONE draws a diverse applicant base
through open membership as well as our select employment programs."
Because Credit Union ONE serves employees of select employers that
are outside of their geographic footprint, and because of their open membership
charter, the credit union wanted to allow prospective members to automatically
open accounts through their website—something their previous provider
of account verification services could not provide. Enter ChexSystemsSM.
Credit Union ONE decided to accomplish this goal using QualiFile®, which
can easily be incorporated into member's websites to automate the online
account opening process.
"Since we want to offer uniform delivery across our channels—be
it a branch, our web site, or our phone centers," explains Sabryna Washington-Smith,
Credit Union ONE's online/retail marketing coordinator, "we made the decision
to replace the service we used at our new accounts desks with QualiFile®,
as well." And the benefits go far beyond seamless delivery. Prior to QualiFile®,
member service representatives had to check four sources of information in
order to decide whether or not to open an account. "This re-keying of
information took up so much time, that by the time we were able to make a decision
on the checking account, the new member was ready to leave and we didn't have
time to focus on building the relationship," Sabryna recounts. "Our
member service representatives really enjoy using QualiFile®, as they are
able to spend less time entering and verifying consumer data and more time
focusing on building a financial relationship with the member."
In addition to limited opportunities to increase relationships, using
just credit data and returned check information meant that a high percentage
of applicants were turned away. Sabryna describes Credit Union ONE as "fairly
risk averse."
However, "with QualiFile® we are able to approve the majority of
our applicants—our approval rate is on the rise with QualiFile®,
but we're doing it without increasing the overall risk of our portfolio.
Employees don't like turning people away, so they really like this aspect
of the service as well."
The credit union’s director of reengineering, Cheryl Knott, considers
QualiFile® one of the best member service and back office improvements
in the credit union's 65-year history.
Sabyrna chuckles when asked about training employees on the new QualiFile® service. "Our
employees love it—it is so much easier to enter information just once
and have a few lines of text returned rather than interpreting scores and
reports. 'This is too good to be true' and 'This is so easy, there has to
be something I'm missing' are two of the most common comments coming out
of training."
While Credit Union ONE is still in the process of rolling out QualiFile® to
all of their branches, call centers, and their web site, there is palpable
enthusiasm across the institution.
"We've really enjoyed working with everyone at ChexSystemsSM,"
adds Sabryna. "Geary Baniak, our account executive, as well as our strategy
consultant and installation manager have been great to work with. They have
really helped us through the process, and even more importantly, they are
giving us the opportunity to better serve our members—and that is what
it is all about."
|
