Since the launch of Wescom Resources Group’s (WRG) eStatement solution last September, Matanuska Valley Federal Credit Union has experienced a decrease in member calls and an increase in online usage. The Palmer, Alaska-based credit union uses WRG’s eStatement technology to provide online statements integrated with draft images, allowing members to retrieve important account information at their convenience.
According to Bill Khoe, information systems manager for the $200 million, 32,000 member credit union, eStatements have already eliminated about 150 member requests per month. Those requests include obtaining copies of checks and statements, which previously called for staff to research, retrieve, print, and mail documents to members.
“With members accessing their eStatements online, the staff that used to do these tasks are freed up to do other things within the credit union,” Khoe said. “Obviously, we are saving hard costs with decreased statement processing. But we are also saving soft costs in decreased member requests that used to require our staff to perform printing, researching, and retrieving tasks.”
Currently, about 15 percent of the credit union’s home banking users use eStatements, but Khoe has his sights set on increasing that number to 50 percent. To succeed, he plans a major marketing push this fall. “You think we’re saving money now,” he said. “We will see a huge cost savings when this happens.”
Khoe continues, “eStatements are an integral part of our Internet services package to further empower our members to manage their accounts anytime, anywhere. Members can see their statements in real-time at their convenience. Who wants to wait until copies can be mailed, especially when there is some sort of dispute? eStatements enable members to know exactly what is going on in their account.”
Matanuska Valley FCU launched WRG’s eStatement solution along with a redesign of Symitar’s MemberConnect-Web™ (MCW) product, integrating the two in a seamless package with a “single-sign-on” feature for easy access. Members can access their statements online on the first day of the month.
“Not only have we provided Matanuska Valley with eStatements integrated with Symitar’s MemberConnect-Web but their members can also receive tax forms and other financial documents,” stated Kevin Sarber, president of Wescom Resources Group. “We believe this integrated, online delivery package, provided at a flat fee, is a solution that’s hard to beat. It’s clear that Matanuska Valley and it members are already benefiting from it.”
About Wescom Resources Group
Backed by Wescom Credit Union, one of the nation’s largest credit unions with nearly $3 billion in assets and 234,000 members, Wescom Resources Group provides credit unions with reliable, competitive and timely software solutions and services. Services provided include Symitar (Episys™) Hosted Service Bureau Processing, ATM Deposit Balancing, Item Processing and Disaster Recovery Services. Software Solutions include Home Banking & BillPay, Automated Lending Solution, eStatements, eAlerts, Online Membership Application, and more. WRG provides credit unions with all the benefits of today’s technology, leaving financial institutions free to focus on their core financial offerings. For more information, visit: http://www.wescomresources.com.