The cost savings that can be realized from the ability to do e-Statements with the DOXIM ECM offering is the most obvious and tangible case for ROI. The ability to suppress printing and mailing of monthly statements represents a great opportunity to reduce operating costs, and the savings are easy to see. Somewhat more difficult to measure, though still great contributors to ROI, are the increased productivity and member value that result from better access to account information and a self-service approach to finding that information. When people are more productive, the credit union ultimately gets more value out of each employee’s work for the same money. And the net result of improved service is, of course, increased loyalty among existing members and a greater ability to attract new ones.
The e-Statement offering from DOXIM ECM can help the credit union employ recognized industry best practices to reduce the cost of printing and mailing monthly statements via print suppression for those members who opt out of print statements. For example, if a credit union has 100,000 members who receive 12 monthly account statements per year, 1.2 million statements per year must be printed, mailed and stored. This represents a major cost center and opportunity to lose, misplace or misfile information with no content management infrastructure in place.
Consider the savings of suppressing even 25% of the statements printed and mailed each month. This equates to cutting 300,000 statements per year from the print cycle and delivering them to customers at a fraction of the cost. As more members take advantage of the convenient e-Statement option, the savings increase. In fact, DOXIM’s current credit union clients have reported suppression rates of 32% - 8 times the industry average of 4% for e-Statement technologies.
The cost savings of suppression alone can easily pay for the investment in DOXIM ECM. But a huge savings can also be seen in the improved productivity of staff. Research indicates that the average employee spends about 15% of his or her time finding information. Considering the number of employees within the credit union and their individual salaries, this adds up to a rather considerable cost. Add in the inefficiency of paper-based processes, the ease with which papers can be lost or misplaced and the average of 25 hours per month each employee spends reproducing lost documents or creating redundant ones, and it becomes clear that an efficient means of keeping track of and storing information is a necessity.
DOXIM ECM’S centralized repository helps credit unions store and securely manage internal and member information in accordance with regulatory policies, providing self-service access to this information and reducing the time spent searching for or reproducing it. Reducing the time each employee spends searching for information by even 20% can free up 5 hours per employee per month, time that could be devoted to more valuable activities. When front-line service representatives can easily find information to respond to member needs or requests, the employees can serve more members throughout the day and members are satisfied by faster, better interactions with the branch.
Not only can credit unions improve the value of service in member interactions; they can reduce the number of calls a member must make to the branch by providing members with self-service access to their own account statements and cheque images. Members who have convenient access to their own account information and need only contact the branch for more valuable services and transactions. As a result, branch employees have more time to provide these more valuable services and members have a more convenient and hands-on approach to their banking, an option many seek as people continue to move toward online banking.
For those credit unions that provide online services to their members, DOXIM ECM provides another opportunity to leverage the investments made in online services. DOXIM ECM integrates well with a wide variety of systems, including online banking systems, account origination systems and loan origination systems used by credit unions. Adding e-Statements and cheque images to a member’s online portal is just one more way to drive the member to the site more frequently. One-stop access to all banking information ultimately adds value to the member’s online experience and enables the credit union to get more out of its self-service investments. An additional benefit of this easy integration is that it is no greater burden for the IT staff to manage than the systems already in place.
The DOXIM ECM solution provides a platform on which to share information internally and with members. DOXIM ECM is easy to integrate with various systems the credit union would already have in place, so that the existing infrastructure and processes need not change and mission-critical content and data are easily accessible. DOXIM ECM offers Web-based access to internal and member account information from an easy-to-use interface. Without having to address user questions and issues on a daily basis, there is more time available for the IT staff to devote to more valuable tasks.
DOXIM ECM has much to offer the credit union looking to reduce operating costs, increase productivity and provide better member service. The e-Statement capability demonstrates the most tangible cost savings to the credit union. Simply being able to pay only a fraction of the cost of printing and mailing for every statement that is suppressed can easily save the credit union enough to pay for the investment in DOXIM ECM. Because the system is so easy to deploy and manage, IT staff need not spend valuable time fighting fires when they could be working on more important projects. Credit unions can continue to drive down operating costs by reducing the time employees spend tracking down and re-printing lost account information, enabling them to easily access this information from the DOXIM ECM repository. Providing members with one-stop access to all of their financial information with the credit union ultimately increases the value of the service they receive. Members have the convenience of viewing their point-in-time account information on-demand and need only contact the branch for more valuable services, which front-line workers have the time and resources to provide thanks to greater internal efficiencies and information access. DOXIM ECM enables credit unions to better manage their internal and member-specific information, cut costs and ultimately improve the member experience.
