Credit Unions Finding A Way To Keep Up With New Member Growth During Economic Downturn

Many of the country's largest banks have realized considerable losses during the current economic crisis. Although most people think of these losses in financial terms, many banks are losing customers, too. And while financial times are also rocky for credit unions, many have seen dramatic increases in new member applications. In order to manage this growth – and improve service to existing members – they are looking to proven technologies. One specific solution that a number of the nation's leading credit unions are turning to is Hyland Software's enterprise content management (ECM) software suite, OnBase.

"It's a very interesting time for credit unions," said Jason King, director of financial services and insurance for Hyland Software. "They know that retaining a member costs much less than acquiring a new one. So, investing in technology that can make them more efficient and effective makes good business sense. But, to use any budget right now, they want an immediate return on investment. And, they want proven products from trusted vendors at a price they can afford. Established, respected and award-winning, OnBase delivers on all accounts, which is why it's the choice of a growing number of credit unions."

ECM has proven to be beneficial for credit unions because it allows them to do more with less. And at a time when many people are turning away from traditional banks in favor of credit unions, adding more members without adding more staff is important. Thanks to its ability to take paper out of processes and automate low-value tasks, staff have more time to service existing members and enroll new ones. It's no wonder that OnBase continues to be the go-to solution for credit unions.

Profiled below are a few of the latest credit union customers (in alphabetical order):

• Langley Federal Credit Union – Hampton, Virginia – www.langleyfcu.org
  Langley Federal Credit Union is a $1.2B financial institution and has been in business for over 72 years. The Credit Union serves over 160,000 members and ranks in the 100 top credit unions in the nation.
• Memphis Area Teachers' Credit Union – Memphis, Tennessee – www.matcu.com
  Memphis Area Teachers Credit Union is a member-owned, not-for-profit financial cooperative with $511M in assets and 54,000 members, serving as Tennessee's fourth largest credit union and the largest in the Mid-South.
• Premier America Credit Union – Chatsworth, California – www.premier.org
  With over $1.4B in assets and approximately 68,000 members nationwide, Premier America is one of the nation's leading credit unions, dedicated to the financial needs and concerns of its member-owners.

For more information about Hyland Software's credit union solutions, visit www.OnBase.com/creditunions.

About the Hyland Software solution, OnBase
One of the largest independent software vendors in the world of enterprise content management (ECM), Hyland Software is the developer of OnBase. An award-winning suite of document and process management solutions, OnBase has a proven record of solving problems resulting from time consuming, costly and error plagued manual tasks. Today, people at more than 8,000 organizations both large and small in 47 countries have the time to do the things that really add value thanks to OnBase. Available on-premises or as software-as-a-service (SaaS), OnBase installs quickly, cost effectively and is designed to grow with organizations. For more information, visit www.OnBase.com.

SOURCE: Hyland Software solution, OnBase