Digital overhaul requires rethinking credit union's entire approach
As part of a three-year strategic plan to modernize delivery and service levels, Nutmeg State Financial Credit Union added a new core system and digital banking platform, which has increased mobile adoption rates significantly and doubled its remote deposit capture (RDC) channel intake.
“The greatest need was...to evolve and leverage the delivery of technology focused products and services,” said Nutmeg State CEO John Holt. The multi-tiered initiative includes a fully integrated teller capture platform with fraud prevention, mobile deposit and merchant capture solutions.
“This change in strategy also called for a change in thinking, managing and governing,” said Holt. “This is part of the credit union’s overall strategy of leveraging new technology to create new and better financial services for our members.”
To ensure a smooth transition, the Rocky Hill, Conn.-based CU partnered with the San Diego, Calif.–based Alogent. Nutmeg State used a suite of services, including its Integrated ImagePoint Teller, ImagePoint Hub, ImagePoint Fraud Module, ImagePoint ATM, QwikDeposit ToGo mobile capture with Mitek MiSnap and QwikDeposit Pro merchant capture.
“As a partner, we share in their vision of using today’s modern technology in the delivery of their member experience, even if it means doing things differently and trying new ideas,” said Alogent Regional Account Manager Sean Flynn. “They think outside the box and they’ve challenged us to do the same.”
The proof is in the statistics, Holt said. Adoption and usage in both mobile and online banking “soared” with an increase of 5,000 users at the end of 2016 — a 90 percent monthly usage rate. “By December 2016, we processed over 3,300 items, which is twice any previous month, and $1.5 million through RDC channels, which is also twice any previous month,” said Holt, adding there’s been 50 percent decrease in check deposits coming in through the branches since July.
Those results earned Nutmeg State Financial a 2017 Best Practices Award.