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Web Services CUConferences March 2011

Why should your financial institution look at Web Services? How can online account opening and lending attract new accounts to your institution? Can your staff use eServices to enhance and adapt your marketing message in-house?

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Web Services CUConferences March 2011

  1. 1. WEB SERVICES: It is not IF, it is WHEN! Spring Training Conference 2011
  2. 2. Agenda <ul><li>Survey </li></ul><ul><li>Technology Today </li></ul><ul><li>The Market </li></ul><ul><li>Web Services </li></ul>
  3. 3. Target Field
  4. 4. Survey <ul><li>How many have a web service at the credit union today? </li></ul>
  5. 5. Technology Today <ul><li>2010 – Est. 10% to 12% of Financial Institutions offer web account opening (Javelin) </li></ul><ul><li>May, 2010 – Javelin Report – 1400 Financial Institutions offer web account opening </li></ul><ul><li>2011 – 25% of all software will be delivered as “Software as a Service (SaaS)” – Gartner Group </li></ul>
  6. 6. Lieberman Research July 2010 <ul><li>Total Institutions Surveyed </li></ul><ul><ul><li>46% evaluating online applications today </li></ul></ul><ul><ul><li>63% plan to implement by 2012 </li></ul></ul>
  7. 7. Lieberman Research – July 2010 <ul><li>Credit Unions </li></ul><ul><ul><li>82% somewhat or very familiar with technology </li></ul></ul><ul><ul><li>20% of mortgage applications taken online today </li></ul></ul><ul><ul><li>31% of mortgage applications expected to be taken online by 2013 </li></ul></ul>
  8. 8. <ul><li>The Market Today </li></ul>
  9. 9. Members
  10. 10. Credit Union Membership <ul><li>1980 – 43.9 million </li></ul><ul><li>1990 – 61.6 million </li></ul><ul><li>2000 – 79.8 million </li></ul><ul><li>2010 – 91.4 million </li></ul>
  11. 11. U.S. Census Bureau Predictions
  12. 12. Where to look for Growth? <ul><li>Average age of credit union member is 47 (CUNA Mutual Group) </li></ul><ul><li>USSCO Federal Credit Union lowered the average age of its membership base from 45 to 38 by implementing youth and junior services programs. They invested in technology to provide the speed and convenience demanded by younger members. </li></ul>
  13. 13. Why Web Based Banking?
  14. 14. (negative) Economic Factors <ul><li>Outside forces impact on your bottom line: </li></ul><ul><ul><li>Share insurance </li></ul></ul><ul><ul><li>Corporates </li></ul></ul><ul><ul><li>Overdraft services </li></ul></ul><ul><ul><li>Interchange fees </li></ul></ul><ul><ul><li>Regulatory costs </li></ul></ul>
  15. 15. Implementation Reasons <ul><li>Better serve borrowers </li></ul><ul><li>Efficiency </li></ul><ul><li>Wave of the future </li></ul><ul><li>Increase volume </li></ul>
  16. 16. 2011 WEB SERVICES Is it the same as Online Banking, Or is it MORE??
  17. 17. Strategic Direction <ul><li>Online Banking – Convenience for the member </li></ul><ul><li>Web Services = GROWTH + EFFICIENCY </li></ul>
  18. 18. Online Banking vs. Web Services <ul><li>Online Banking </li></ul><ul><li>Account Transfer </li></ul><ul><li>Balance Lookup </li></ul><ul><li>Pay Bills </li></ul><ul><li>Account history </li></ul><ul><li>Online statements </li></ul><ul><li>Web Services </li></ul><ul><li>Gain new members </li></ul><ul><li>Gain new loans </li></ul><ul><li>Cross sell </li></ul><ul><li>Cost reduction </li></ul><ul><li>Marketing </li></ul><ul><li>BSA/AML </li></ul>
  19. 19. <ul><li>Cross Selling ROI </li></ul>
  20. 20. Cross Selling ROI   Annual Number of Loans Processed   3,000   Annual Number of New Relationships Processed   1,500   Values of Fields in Green Can Be Adjusted By You       Tangible ROI               Cross Selling Success     Projections   Additional Revenue     Anticipated Increase in Loan Volume 5% $150,000.00   Average Income per Loan $1,000.00           Anticipated Increase in Loan Revenue from New Relationship Transactions 5% $75,000.00   Average Income per Loan $1,000.00                     Consumer Protection Products/Insurance Participation       Anticipated Increase in Loan Insurance 5% $22,500.00   Average Income per policy $100.00               New Consumer Acquisition via Xpress Accounts       Additional Consumers via Online Channel 150 $75,000.00   Ave Income per Consumer $100.00     Average Length of Relationship 5  
  21. 21. Cross Selling ROI Reduced Labor and Processing Costs         Current Time to Process New Loan 35 $20,625.00   New Time to Process New Loan 10 $8,250.00   Current Time to Process New Consumer 35 $10,312.50   New Time to Process New Consumer 10 $4,125.00   Average Cost of Labor with Benefits $16.50       $18,562.50 Reduced Systems & Administrative Costs       Integrated Member &quot;Switch-Kit&quot;       Integrated Mortgage and Business Lending Module       Robust Reporting Capabilities       Paperless Workflow Costs Savings    
  22. 22. Cross Selling ROI       ROI Income/Savings       $322,500.00 At $8 Per Application Annual System Cost ( based on projected volumes ) $39,000.00       Bottom Line Net Revenue Gain from LoansPQ $283,500.00     Number of Cross Sold Loans Needed/Month to Cover System Cost 3.3
  23. 23. Account Opening
  24. 24. Disclosures
  25. 25. Data Collection
  26. 26. Identity Verification
  27. 27. Funding
  28. 28. Switch Kit
  29. 29. LENDING
  30. 30. Collateral Information
  31. 31. Borrower Information
  32. 32. Financial Information
  33. 33. Cross Sell
  34. 34. Cross Sell
  35. 35. <ul><li>MARKETING </li></ul>
  36. 36. Creative Customization
  37. 37. Creative Management
  38. 39. Customized Creative
  39. 40. Process Changes
  40. 41. Different Goals <ul><li>Yesterday </li></ul><ul><li>Complete the process </li></ul><ul><li>Collect the funds </li></ul><ul><li>Meet all of the requirements </li></ul><ul><li>Today </li></ul><ul><li>Grow the membership, deposits and loans </li></ul><ul><li>Cross Sell </li></ul><ul><li>Become a trusted advisor </li></ul>
  41. 42. Yesterday’s Process <ul><li>Stand Alone Personal Computers </li></ul><ul><li>Networked Personal Computers </li></ul><ul><li>Web Applications </li></ul><ul><ul><li>Print and Submit </li></ul></ul><ul><ul><li>Complete and Submit </li></ul></ul><ul><li>Paper and Physical Signatures </li></ul>
  42. 43. Today’s Process <ul><li>Web Banking </li></ul><ul><ul><li>Member data collection </li></ul></ul><ul><ul><li>Product selection </li></ul></ul><ul><ul><li>Member verification </li></ul></ul><ul><ul><li>Funding </li></ul></ul><ul><ul><li>Paperless </li></ul></ul><ul><ul><ul><li>Signature Key Pads </li></ul></ul></ul><ul><ul><ul><li>E - Signature </li></ul></ul></ul>
  43. 44. Credit Union Benefits
  44. 45. Credit Union Benefits <ul><li>Growth through: </li></ul><ul><ul><li>Web applications – available when your member needs them </li></ul></ul><ul><ul><li>Generation X and Y – Doing business in a manner familiar and preferred by them </li></ul></ul><ul><ul><li>Trusted advisor – helping your member improve their financial position </li></ul></ul><ul><ul><li>Cross selling – guaranteed, period! </li></ul></ul>
  45. 46. Credit Union Benefits <ul><li>Productivity Gains </li></ul><ul><li>Cost reductions </li></ul><ul><li>A system that pays for itself </li></ul>
  46. 47. Real Life Example <ul><li>Louisiana Federal Credit Union, LA. </li></ul><ul><ul><li>2004 to 2009 – tripled its mortgage volume </li></ul></ul><ul><ul><li>2 person staff – no increase in staffing </li></ul></ul><ul><ul><li>Web based application </li></ul></ul>
  47. 48. THANK YOU <ul><li>Gary Hess </li></ul><ul><li>President, RTE Financial Services </li></ul><ul><li>1-320-281-9765 </li></ul><ul><li>[email_address] </li></ul><ul><li>www.rtefs.com </li></ul>